New York-based Magna Carta Companies insurance group announced today that the firm has entered into an agreement to assume the commercial lines book of business of Palisades Property and Casualty Insurance Company.

The company, which did not disclose financial details, said its deal 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 New Jersey producer plant threefold by adding approximately 195 New Jersey-based independent agents.

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