Company Website:
http://www.gaig.com
CINCINNATI -- (Business Wire)
Great American Insurance Group announced that it has completed a renewal
rights agreement with Selective Insurance Company of America
(“Selective”) to acquire Selective’s Self-Insured Group (“SIG”) book of
business, effective March 27, 2014. The subject business of
approximately $38 million in in-force gross written premium represents
direct excess policies and assumed reinsurance agreements for public
entity pools. Upon renewal of accounts, all Selective SIG policies will
be renewed and serviced by Great American’s Public Sector Division.
Terms of the transaction were not disclosed.
Scott Rohr, President, Great American Insurance Group Public Sector
Division, commented: “Our focus and deep specialty knowledge of the
public entity pooling community enables us to provide specialized
insurance solutions that meet its unique business needs. We look forward
to providing a seamless transition of this business and the opportunity
to serve these customers and producers well into the future. We are
especially pleased to welcome the experienced staff from Selective who
will join our Great American team.”
Don Larson, President and Chief Operating Officer of Great American’s
Property and Casualty Insurance Group, added: “This transaction further
demonstrates Great American’s commitment to the Public Sector
marketplace and strengthens our position as a leading market for
reinsurance and excess insurance in this segment.”
Carl H. Lindner III, Chairman, Great American Insurance Company and
Co-CEO, American Financial Group, stated: “I am excited about this
strategic opportunity to use our excess capital. We believe this book of
business will expand our presence in the Public Sector marketplace in a
meaningful way.”
About Great
American’s Public Sector Division
Formed in August 2012, the Public Sector Division’s management team has
[nearly 30] years of experience serving the Public Entity community.
This division offers a comprehensive list of coverages in the
reinsurance and excess insurance markets for Pools, Trusts, Joint Powers
Authorities (JPAs ), Reciprocals and Captives in the Public Entity
space. Targeted classes include: municipalities, schools, counties,
housing authorities, and other special service districts with minimum
self- insured retentions of $100,000. Coverage is available in all 50
states.
About Great
American Insurance Group
Great American Insurance Group’s roots go back to 1872 with the founding
of its flagship company, Great American Insurance Company. Based in
Cincinnati, Ohio, the operations of Great American Insurance Group are
engaged primarily in property and casualty insurance, focusing on
specialty commercial products for businesses, and in the sale of
traditional fixed and fixed-indexed annuities in the retail, financial
institutions and education markets. Great American Insurance Company has
received an “A” (Excellent) or higher rating from the A.M. Best Company
for over 100 years (most recent rating evaluation of “A+” (Superior) as
of February 21, 2014). The members of the Great American Insurance Group
are subsidiaries of American Financial Group, Inc. (AFG), also based in
Cincinnati, Ohio. AFG’s common stock is listed and traded on the New
York Stock Exchange and NASDAQ Global Select Market under the symbol AFG.
Contacts:
Great American Insurance Group
Scott Rohr, Divisional President,
Public Sector Division, 804-396-6010
sarohr@gaic.com
or
Websites:
www.GreatAmericanInsurance.com
www.AFGinc.com
Source: Great American Insurance Group
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