New York-based Magna Carta Companies insurance group announcedtoday that the firm has entered into an agreement to assume thecommercial lines book of business of Palisades Property andCasualty Insurance Company.

The company, which did not disclose financial details, said itsdeal does not include acquisition of the Berkeley Heights,N.J.-based insurer's personal and commercial auto business.

Magna Carta said the strategic partnership will grow its NewJersey producer plant threefold by adding approximately 195 NewJersey-based independent agents.

The initial focus, said Magna Carta, will involve a renewal bookof business comprised of approximately $20 million in combinedpremium for commercial lines and dwelling fire. Subject toregulatory approval, the firm said it expects renewals will begintransferring as early as October of this year.

In addition, Magna Carta Companies said it will use the expandedproducer plant in New Jersey to write new commercial business inall of its core lines.

On Aug. 1 Palisades acquired the National Atlantic HoldingsCorp., including its subsidiary, the Proformance Insurance Company.Proformance was subsequently re-named Palisades Property andCasualty Insurance Company.

Palisades, Magna Carta said, is now the largest independentagency writer of personal automobile insurance in New Jersey.

Andrew L. Furgatch, Magna Carta Companies chairman and chiefexecutive officer, said, “We are pleased to be partnering withPalisades in underwriting these commercial lines of business andlook forward to expanding our writings through the network ofPalisades independent agents in New Jersey.”

Ed Fernandez, Palisades president and CEO, said his firm shares“the same commitment to outstanding service, competitive productsand independent agents. Their [Magna Carta] commercial linesofferings will be a perfect complement to the Palisades commercialauto product, and we are excited to grow our businesstogether.”

Magna Carta Companies is a property-casualty insurance groupoperating through Public Service Mutual Insurance Company,Paramount Insurance Company and Western Select InsuranceCompany.

The company said that since its founding in 1925, its group hasgrown to become “one of the largest mutual insurance organizationsin the United States.”