Granada Financial Group to buy majority stake in Topa

Granada Financial Group and Anderson Holdings, the parent company of Topa Insurance Group, have entered into a definitive agreement for Granada to acquire the controlling interest in Topa.

While Granada will assume majority control of Topa, Anderson Holdings will retain a minority stake in the business following the transaction.

Founded in 1981, Topa Insurance Group is the parent company of Topa Insurance Company, a property-casualty insurance carrier, and Dorchester Insurance Company, the second-largest P&C carrier in the US Virgin Islands.

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Granada is the parent company of Granada Insurance Company, a Florida-based specialty commercial insurance company that has operated for 40 years. Granada’s principals also own and manage Granada Indemnity Company, a New York-based domestic insurer that writes multi-peril coverages in the Northeastern US.

“As proud owners of Topa Insurance for over three decades, our family and board of directors were most interested in finding the right long-term partner who will continue to grow the business,” said William Anderson, chairman of Anderson Holdings. “We believe that Granada will be an excellent steward of Topa Insurance, and we look forward to collaborating with them in the years to come.”

Topa Insurance Company was named an IBA Top Insurance Employer for 2022.

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