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Pennsylvania Lumbermens Mutual Insurance Co. has sold its Indiana Lumbermens Insurance Co. subsidiary to HDI Global Insurance Co.
The acquisition of ILIC, which is widely licensed and holds a Treasury listing (T-listing), is a strategic move for HDI to broaden and strengthen its business products offering in the U.S. with the initial focus on surety. The acquisition will expand HDI’s U.S. footprint to two admitted carriers and one non-admitted carrier.
John K. Smith, PLM president and CEO, said, “The sale of ILIC allows us to strengthen our operating position and continue to focus on service offerings to the lumber businesses across the country as the oldest and largest carrier in the niche.”