A Somerville-based insurer of auto transporters and other commercial vehicles has been acquired by an Ohio-based property and casualty insurer.
Norman-Spencer, based in Dayton, Ohio, announced Wednesday that it has completed the purchase of Northern Star Management Inc. Northern Star, which was established in New Jersey in 1997, will complement Norman-Spencer’s existing product lines, the company said in a news release.
“We are proud to join Norman-Spencer’s team as a nationwide insurance agency that shares our same corporate values and customer focus,” George Karlis, president of Northern Star, said in a prepared statement. “Northern Star Management’s customers will continue to receive the same level of individual attention and personalized service that they have become accustomed to for the better part of two decades.”
Northern Star’s four lines of insurance — specialty haulers, auto transporters, towing and collateral recovery — will join Norman-Spencer’s marine, construction and select specialty insurance markets. Norman-Spencer said the deal will expand its carrier network and add 1,000 agencies to its current network of more than 3,000 independent agencies.
“We are very excited to welcome Northern Star Management to the Norman-Spencer family and about the opportunities this brings to our customers and partners,” Brian Norman, president of Norman-Spencer, said in a statement. “In addition to incorporating Northern Star’s programs into our existing offerings, the Northern Star team will improve our ability to serve the needs of our retail agent network by enhancing our management, underwriting and service capabilities.”
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