Holman, a global automotive services organization, announced the acquisition of Park Wood Managers, an underwriter and insurance provider for commercial trucking fleets. According to Holman, the addition of Park Wood Managers and the company’s portfolio of business assets allows Holman to expand the scope of its commercial underwriting and alternative risk services to offer automotive liability insurance coverage for high-hazard medium-duty, heavy-duty, and extra heavy-duty commercial vehicles.
“The Park Wood Managers team has a profound understanding of this extremely complex niche of the market and brings to Holman a well-established underwriting operation with an impressive track record of success,” said Rob Bartholomew, general manager of Insurance Services, Holman. “This acquisition is poised to be an integral element of our long-term strategy for sustained growth and allows us to leverage Holman’s extraordinary financial stability to provide comprehensive risk mitigation solutions for fleet operators in this segment of the industry.”
What Does the Acquisition of Park Wood Managers Mean to Fleets?
With the acquisition of Park Wood Managers, Holman is now the program manager of the Park Wood Risk Retention Group (RRG), which will be rebranded as Holman Transportation Risk Retention Group. Holman is now able to provide comprehensive automotive insurance coverage and commercial risk mitigation services for the entire range of commercial fleet vehicles, regardless of:
- Fleet size.
- Asset type.
Additionally, through this acquisition, Holman is now able to offer its customers the added protection of an A-minus rated cut-through endorsement backed by one of the industry’s leading carriers.
“For owners and operators of commercial fleets with high-hazard vehicles, finding affordable and reliable liability coverage is often a significant challenge,” said Bartholomew. “As a result of this acquisition, we’re now positioned to combine our extensive insurance and risk mitigation capabilities with Holman’s unsurpassed fleet management expertise to offer fleet operators a seamless, all-inclusive solution for protecting their vehicles, their people, and their business while also controlling their total cost of ownership. We believe this innovative solution fills a significant gap in the transportation insurance market and offers something truly unique to fleet operators.”