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