Farmington, Connecticut-based Darwin Professional Underwriters, Inc. reports it will acquire renewal rights to Great American’ Insurance Co.’s roughly $20 million of small, standard market lawyers professional liability insurance business and related assets.
Darwin currently has more than $20 million of in-force premium, a mix of surplus lines and small, standard lawyers liabilty business. This transaction broadens its national presence in the small law firm market.
Darwin’s renewal rights are expected to start with policies effective October 1, 2008. No liabilities associated with Great American’s existing policies are being transferred to Darwin in this transaction.
Specialty insurer Darwin is in the process of being acquired by Bermuda-based Allied World Assurance Co., Ltd., a global provider of insurance and reinsurance with offices in Bermuda, the U.S. and Europe. The transaction is expected to be completed during the fourth quarter of 2008 and is anticipated to be accretive to Allied World’s earnings in the first full year after the closing.
Great American is based in Cincinnati, Ohio.
Sources:
Darwin Professional Underwriters, Inc.
www.darwinpro.com
Great American Insurance Group
www.gaic.com
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