Great American Insurance Group announced Thursday that it completed a renewal rights agreement with Selective Insurance Company of America to acquire Selective’s Self-Insured Group book of business.
The subject business, amounting to roughly $38 million in gross written premium inforce, relates to direct excess policies and assumed reinsurance agreements for public entity pools.
Upon renewal of accounts, all these Selective Self-Insurance Group policies will be renewed and serviced by Great American’s Public Sector Division.
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, noted that Great American’s “focus and deep specialty knowledge of the public entity pooling community enables us to provide specialized insurance solutions that meet its unique business needs.”
Rohr said that the experienced staff from Selective will join the Great American team.
Carl H. Lindner III, Chairman, Great American Insurance Company and Co-CEO, American Financial Group, noted that the deal represents a strategic opportunity to excess capital.
Source: Great American Insurance Group