Great American Insurance Group has completed a renewal rights agreement with Selective Insurance Co. of America to acquire Selective’s Self-Insured Group book of business.
The business, amounting to $38 million in gross written premium in-force, relates to direct excess policies and assumed reinsurance agreements for public entity pools.
Upon renewal of accounts, all these policies will be renewed and serviced by Great American’s Public Sector division, according to the announcement.
Terms of the deal were not disclosed. The deal took effect on Mar.27, 2014.
Scott Rohr, president, Great American Insurance Group, Public Sector division, said that the staff from Selective will join the Great American team.
Carl H. Lindner III, chairman, Great American Insurance Co. and Co-CEO, American Financial Group, said the deal represents a strategic opportunity to excess capital.
Source: Great American Insurance Group
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
NAIC Victim of Cyber Incident Via PeopleSoft System 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
Viewpoint: Why Florida Property Insurance Rates Might (and Might Not) Keep Falling 
