Permanent General Sold To New York Investment Group
Monday, December 4th, 2006Nashville Business Journal - December 2, 2004
Permanent General Companies has been acquired by Capital Z Financial Services Partner and PGC Holding Corp., a newly-formed insurance holding company based in New York.
Nashville-based Permanent General was previously owned by Ingram Industries Inc. The company employs about 600 people and specializes in underwriting the sale of auto insurance and related products in the non-standard auto insurance market. Terms of the sale were not disclosed.
Permanent General maintains licenses in 35 states and is currently active in seven, including Tennessee. Through the first 10 months of 2004, Permanent General had revenues of more than $196 million.
Capital Z is a private equity investor focused solely on the financial services industry in the United States and Europe. Since 1990, Capital Z has invested more than $2.2 billion in more than 53 transactions.
“We believe that PGC has the management team, distribution strategy and operating capabilities in place to generate an attractive returns profile for our investors and our management team. In addition, Capital Z is excited to make this investment in the Nashville community,” says Eric Rahe, Capital Z partner.