Delaware Life Insurance Company (DLIC) purchased all of the issued and outstanding capital stock of Lackawanna Casualty Company, Lackawanna American Insurance Company and Lackawanna National Insurance Company, each of which is a Pennsylvania-domiciled stock insurance company, from Brynfan Associates, LP and Pagnotti Enterprises, Inc for $152.2 million. Our firm represented DLIC in the transaction.
The parties signed the stock purchase agreement (SPA) in November 2018 and received regulatory approval from Pennsylvania and Delaware in March 2019 due to the contemplated change in controlling interest of the Lackawanna entities.
Simultaneously with the closing of the SPA on April 1, 2019, Group One Thousand One Services, Inc., an affiliate of DLIC, purchased the membership interests of PSA Realty Company from Freya Land Company, an affiliate of Brynfan Associates, LP and Pagnotti Enterprises, Inc., for $7.8 million.
