and Information.com The progressive commercial insurance company PEKins has announced it will be buying Progressive Insurance, a small commercial insurance group which has an annual turnover of about $1.3 billion.
Pegins chief executive officer Andrew Pekin says the two will work together to help build and manage the next generation of the company.
“PegIns will bring its experience in providing comprehensive commercial insurance and high-quality product to a new generation of customers, including those who require low-cost, affordable and quality coverage in a range of markets,” Mr Pekin said.
“The PEKIns acquisition of Progressive Insurance will give us access to the full breadth of our business and will allow us to continue to build our own highly-competitive, innovative and highly-respected products in the commercial and small commercial space.”
Mr Pekin is also set to announce a new commercial insurance business which he says will provide a broad range of products, including high-end health care, financial products, property, and energy products.
He says the acquisition is part of a broader effort to expand into the commercial market.
“We are a global business, so the acquisition of a large and globally recognized business is not the only reason why we have been able to expand our footprint.
It is a reflection of the success we have had and the strength of our brands, the depth of our portfolio, and the quality of our services,” Mr Pekins said.PEGINS is also investing $3 million into the development of a new technology for financial products.”
It will enable us to deliver high-value, innovative products that are accessible to a broader customer base, with a broad product base, at lower cost,” Mr Meo said.
The PEKKINS acquisition is the latest in a series of acquisitions that have occurred this year as PEKKins looks to further expand its business.
The acquisition will also see Mr Pekins focus on two new areas of focus: financial products and commercial insurance.
The company will be the first to operate a new business called PEKKIns Commercial, which will provide high-volume, high-margin commercial insurance products.PEPINS has been working on the new product for more than a year, Mr Peasins says, and has secured more than $5 million in funding.
“While our growth is slowing, our product portfolio has been growing at an extraordinary pace,” he said.
Mr Peaskins said the PEKK Ins products would offer consumers lower premiums and lower deductibles than those offered by commercial insurers.
“Our premium offerings are a great complement to our existing commercial offerings,” he says.
“And we are committed to making our new product offering even better than the current one.”
The PEKIins purchase will not affect PEKK Insurance’s existing customers.