The Hartford Financial Services Group and Reliance Group Holdings have signed a definitive agreement to purchase Reliance’s financial products and the majority of its excess and surplus line.
The Hartford announced June 19 its intentions to acquire the in-force, new and renewal business from Reliance, which is expected to result in approximately $250 million in additional annual gross premium for the company’s specialty operation.
The transaction will expand The Hartford’s portfolio with directors and officers liability products, along with errors and omissions coverages for its business customers. Directors and officers liability covers directors and officers of a company for negligent acts or omissions. Errors and omissions insurance is professional liability coverage for negligent acts and/or omissions that may harm clients.
Reliance’s financial products and A&S staff of more than 100 employees will join The Hartford’s Specialty subsidiary and will remain in New York to manage the business being assumed in this transaction.
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