Great American Insurance Group’s Public Sector Division Acquires Renewal Rights
04 4월 2014 - 3:53AM
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.
Great American Insurance GroupScott Rohr, Divisional President,
Public Sector Division,
804-396-6010sarohr@gaic.comorWebsites:www.GreatAmericanInsurance.comwww.AFGinc.com
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