In a letter addressed to American Equity agents and brokers dated March 27, president & CEO Eugene Keating announced the termination of operations of Scottsdale, Ariz.-based American Equity Insurance Company (AEIC) under parent company Travelers Property Casualty.
Keating further stated that AEIC’s book of business was not a strategic fit for Travelers.
Keating had no comment on the record in regards to the impending termination.
AEIC, an excess and surplus lines carrier specializing in liability covering areas such as commercial property, inland marine, products, umbrella/excess, and commercial auto, with commercial programs specializing in childcare centers, convenience stores, restaurants and bars, and others.
AEIC currently markets primarily on a non-admitted basis in all 50 states and on an admitted basis in four states through MGA’s, excess & surplus lines brokers.
AEIC grossed $235 million in premiums for 2000.
According to the letter, Travelers Property Casualty will begin a phased withdrawal from AEIC’s markets shortly. The withdrawal will occur on a ‘non-renewal’ basis, subsequent to state rules and regulations.
The letter further announced Keating’s intentions to resign from the company, effective March 29.
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