A Pennsylvania-based umbrella organization that provides education and research for the property and casualty insurance industry is in talks to acquire the Insurance Information Institute, the news site Business Insurance reported Thursday.

The Institutes is exploring acquiring the New York City-based III as the latter struggles with financial troubles caused by the departure of several member companies in recent years, according to the news site. If the deal goes through, it would be the latest in a series of mergers among associations representing the insurance, with the largest occurring in 2019 when the American Insurance Association and Property Casualty Insurers Association of America joined together to form the American Property Casualty Insurance Association.

Neither group commented to Business Insurance on the alleged talks. However, III dismissed accusations it was financially unstable.

"Our organization remains a vibrant and financially sound one, with its membership drawn from a broad cross-section of the insurance and reinsurance industries," the group said in a statement.

III reported $9.1 million in revenue in 2018, according to the most recently available tax records. The Institutes, which is based in Malvern, Pa., encompasses multiple brands and events, including the International Insurance Society, Insurance Research Council and the National Workers' Compensation and Disability Conference & Expo.

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