BERKELEY HEIGHTS, N.J., March 13 /PRNewswire/ — A subsidiary of Palisades Safety and Insurance Association (“Palisades”) announced today that it has entered into agreement to acquire National Atlantic Holdings Corporation, including its subsidiary, The Proformance Insurance Company (“Proformance”). The Palisades Group is the fifth largest personal automobile carrier and second largest independent agency writer of automobile insurance in New Jersey.
“The merger of these two leading New Jersey property-casualty insurers will result in a stronger organization that remains exclusively focused on the New Jersey market,” said President and CEO, Ed Fernandez.
The merger will provide Palisades and its independent agents the opportunity to expand product offerings beyond private passenger auto. The benefit from the synergies and economies of scale by joining these two companies will lower costs that will be passed on to consumers.
Since its inception in 1992, the Palisades Group has completed nine consolidation transactions and two acquisitions. “Palisades has a proven track record to work through consolidations with minimal disruption to agents and customers,” said Fernandez.
Palisades has an extraordinary customer service record with only one valid complaint filed with the Department of Banking and Insurance over the last four years. Palisades maintains a 97% claim satisfaction level due to innovative claim services that include its pioneering Door To Door Valet Claim Service(R), 24/7 claim reporting and first in the nation, mobile claim appraisal service.
Palisades and Proformance have long shared a strong local presence and commitment to New Jersey drivers and the independent agent channel. “We are a unique company because our exclusive focus is serving New Jersey drivers. The merger with Proformance will strengthen that commitment as we add additional resources, talent and agents,” said Fernandez.
Commenting on the merger, Hal Belodoff, a founder and co-Chairman of the Palisades Group said, “This is a great opportunity for Palisades, its agents and policyholders. We started Palisades fifteen years ago with the belief that a company dedicated to and focused on New Jersey would become successful by providing unparalleled service, innovative products and a network of the best agents to safety-conscious drivers who wanted more from their auto insurance company. This transaction will strengthen Palisades’ position as a leading provider of auto insurance in New Jersey.”
The merger is subject to receiving regulatory and National Atlantic shareholder approvals.
Keefe, Bruyette & Woods, Inc. is acting as financial advisor to Palisades in this transaction.
Palisades (http://palisades.com/) a New Jersey-only, independent agency company is committed to providing competitive rates for safe drivers and exceptional customer service to New Jersey drivers. Insurance is underwritten by Palisades Safety and Insurance Association and Palisades Insurance Company. Palisades Safety and Insurance Management Corporation is a Plymouth Rock managed company.
Palisades Safety and Insurance Association
CONTACT: John Peppas of Palisades, +1-908-219-5440,[email protected]
Web site: http://palisades.com/