Great American Insurance Group announced today that the Mexican Insurance Commission has granted formal approval to extend the license of its local company, El Águila Compañía de Seguros, S.A. de C.V., to establish a specialty property & casualty operation in Mexico.
Ydhelio Espinosa, a well-known executive with 30 years of experience in the insurance industry, has been appointed as divisional president of the new operation.
Great American Insurance Group, through its member company, El Aguila, has been operating in Mexico since 1994 as a specialized insurer in the automobile market.
“The new P&C division will bolster the company’s strategy in delivering insurance solutions that meet the needs of the P&C commercial insurance market for small and medium-size enterprises and corporate risks,” the company said in a statement.
With the expansion of El Aguila’s license, the new division will focus on providing specialty insurance solutions offering a commercial package policy and selected monoline products through a network of independent agents and brokers. It plans to begin underwriting risks effective July 1, 2016.
“With the expansion of El Aguila’s license, we are pleased to launch our 33rd specialty P&C business unit and grow our footprint in Mexico,” said Carl H. Lindner III, chairman, Great American Insurance Co., and co-CEO of American Financial Group.
Source: Great American Insurance Group
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