U.S.-based insurance holding company Group1001 intends to purchase insurer Lackawanna Casualty Company and its subsidiaries for approximately $120 million.

Under terms of the transaction, Group1001 will acquire 100 percent stake in Lackawanna Casualty and all its units including Lackawanna American Insurance Company and Lackawanna National Insurance Company, together known as Lackawanna Insurance Group.

With the acquisition, Group1001 will expand its Clear Spring Insurance brand of insurance companies.

Lackawanna Insurance Group will continue to operate out of its current offices and all of its employees will remain in their current roles.