Philadelphia Insurance acquires Ignyte’s collector car division for $615 million
Philadelphia Insurance Companies has acquired the Collector Vehicle Division from Ignyte Insurance , a Carlyle-backed portfolio company, in a $615 million deal.
The acquisition adds four established collector car brands—American Collectors Insurance, J.C. Taylor Insurance, Condon Skelly, and Heacock Classic—to the PHLY group. The business is based in Mt. Laurel, New Jersey.
The acquired brands insure a wide range of specialty vehicles, including antiques, hot rods, exotics, motorcycles, and classic trucks, and together serve hundreds of thousands of policyholders nationwide. More than 250 employees will join PHLY as part of the transaction.
The deal expands PHLY’s role in the collector and specialty vehicle market and complements its existing relationship with the James A. Grundy Agency, another Philadelphia-area leader in collector vehicle coverage.
Ignyte Insurance, led by Geof McKernan, Bill McKernan, and Marc Castellucci, focuses on developing and scaling specialty and embedded insurance brands across niche markets. It is now focused on “accelerating its strategy to expand world-class consumer and embedded insurance offerings worldwide.”
“We have tremendous respect for what these collector vehicle brands have built and the trust they’ve earned amongst collectors. As part of PHLY, they will continue that legacy with the full strength of a leading carrier behind them, combining authenticity and expertise with innovation, superior claims support, and sustainable capacity for the long term.” – John Glomb, President & CEO of Philadelphia Insurance Companies.
“This is an exciting next chapter for these beloved brands. Our team, originating from NSM Insurance Group, spent years scaling these collector car programs into market leaders. PHLY is a longtime specialty powerhouse with the resources, relationships, and stability to support continued growth and investment. We are thrilled to see this business positioned for enduring success with a carrier that truly understands specialty insurance.” – Geof McKernan, CEO of Ignyte Insurance.
