CINCINNATI--(BUSINESS WIRE)--Great American Insurance Group announced that it has completed a renewal rights agreement with Selective Insurance Company of America (“Selective”) to acquire Selective’s Self-Insured Group (“SIG”) book of business, effective March 27, 2014. The subject business of approximately $38 million in in-force gross written premium represents direct excess policies and assumed reinsurance agreements for public entity pools. Upon renewal of accounts, all Selective SIG policies will be renewed and serviced by Great American’s Public Sector Division. Terms of the transaction were not disclosed.
Scott Rohr, President, Great American Insurance Group Public Sector Division, commented: “Our focus and deep specialty knowledge of the public entity pooling community enables us to provide specialized insurance solutions that meet its unique business needs. We look forward to providing a seamless transition of this business and the opportunity to serve these customers and producers well into the future. We are especially pleased to welcome the experienced staff from Selective who will join our Great American team.”
Don Larson, President and Chief Operating Officer of Great American’s Property and Casualty Insurance Group, added: “This transaction further demonstrates Great American’s commitment to the Public Sector marketplace and strengthens our position as a leading market for reinsurance and excess insurance in this segment.”
Carl H. Lindner III, Chairman, Great American Insurance Company and Co-CEO, American Financial Group, stated: “I am excited about this strategic opportunity to use our excess capital. We believe this book of business will expand our presence in the Public Sector marketplace in a meaningful way.”
Formed in August 2012, the Public Sector Division’s management team has [nearly 30] years of experience serving the Public Entity community. This division offers a comprehensive list of coverages in the reinsurance and excess insurance markets for Pools, Trusts, Joint Powers Authorities (JPAs ), Reciprocals and Captives in the Public Entity space. Targeted classes include: municipalities, schools, counties, housing authorities, and other special service districts with minimum self- insured retentions of $100,000. Coverage is available in all 50 states.
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for over 100 years (most recent rating evaluation of “A+” (Superior) as of February 21, 2014). The members of the Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange and NASDAQ Global Select Market under the symbol AFG.