Philadelphia Consolidated Holding Corp. Announces Acquisition of Gillingham & Associates, Inc.
11 March 2008 - 10:59PM
PR Newswire (US)
BALA CYNWYD, Pa., March 11 /PRNewswire-FirstCall/ -- Philadelphia
Consolidated Holding Corp. (NASDAQ:PHLY) today announced that it
has acquired Gillingham & Associates, Inc. ("Gillingham") a
program manager specializing in commercial property and casualty
insurance for the outdoor recreation and hospitality industries.
Through this acquisition, PHLY expands its product offering for the
outdoor recreation and hospitality industries. In addition to
Campgrounds, RV Parks and Guides and Outfitters products, coverage
will now also be provided for Fishing & Hunting Lodges, Resorts
and Lodges, Dude and Guest Ranches, Hunting Preserves, Rod and Gun
Clubs, Hunting Leases, Bed and Breakfasts, Shooting Ranges,
Whitewater Rafting, ATV and Snowmobile Tours, and Trap, Skeet and
Sporting Clay Ranges. James J. Maguire, Jr., President and CEO,
commented: "Gillingham has been a market leader in outdoor
recreation and hospitality insurance since 1991 and we welcome
their talented group of professionals to the PHLY team. With
approximately $50 million of in-force premium, the acquisition of
Gillingham presents a unique opportunity to expand PHLY's product
portfolio and strengthen our position in this growing market
segment." Thomas A. Gillingham, President of Gillingham added:
"PHLY has been a long-standing and respected competitor in the
outdoor insurance marketplace, with a unique understanding of niche
insurance programs. Joining forces will bring added financial
strength, marketing resources, and expanded products and services
to our agents and customers, allowing The Great Outdoors Insurance
Program to continue to be a leader at providing superior insurance
and risk management services to the outdoor recreation and
hospitality industries." In operation since 1962, PHLY designs,
markets, and underwrites commercial property/casualty, professional
liability and personal lines insurance products incorporating value
added coverages and services for select industries. The Company,
whose commercial lines subsidiaries are rated A+ (Superior) by A.M.
Best Company, and A1 for insurance financial strength by Moody's
Investors Service, is nationally recognized as a member of Ward's
Top 50, Forbes' Platinum 400 list of America's Best Big Companies,
and Forbes' 100 Best Mid-Cap Stocks in America. The organization
has 45 offices strategically located across the United States to
provide superior service. To locate your nearest office or for more
information, visit us on the web at http://www.phly.com/ or contact
Paula Negro at 800-873-4552 ext. 3227. DATASOURCE: Philadelphia
Consolidated Holding Corp. CONTACT: Media: Paula Negro, Assistant
Vice President, Marketing, +1-610-766-3227, , or Investor
Relations: Joseph Barnholt, Assistant Vice President,
+1-610-617-7626, , both of Philadelphia Consolidated Holding Corp.
Web site: http://www.phly.com/
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