Great American Insurance Group Acquires the Renewal Rights to Service Lloyds Insurance Company’s Texas Nonsubscription Insurance Business
CINCINNATI -- May 10, 2016 -- Great American Insurance Group and Service Lloyds Insurance Company are pleased to announce Great American’s acquisition of Service Lloyds’ Texas Nonsubscription book of business, effective April 29, 2016. The subject business represents approximately $5 to $7 million in inforce gross written premium.
Great American has been providing employers’ primary indemnity coverage for employers that opt out of the Texas Workers’ Compensation system since 2009. In 2012, Great American purchased Employers Comp Associates, Inc. (“ECA”), a leading provider that has offered alternative Workers’ Compensation programs in Texas for more than 20 years. The Service Lloyd’s transaction represents Great American’s ongoing commitment to the Texas Nonsubscription marketplace.
Great American Insurance Group Divisional Senior Vice President Mary D. Ford stated: “We are excited to have successfully completed this transaction with Service Lloyds. This acquisition is a great complement to our existing Texas Nonsubscription business. Our team’s years of experience in underwriting, claims administration and cost containment will continue to benefit employers in Texas.”
G. Steven Collier, CPCU, Managing Director and Vice President of Service Lloyds stated: “Due to our long standing commitment to building relationships and providing quality service to our policyholders and partners, we were pleased to select Great American Insurance Group to continue our legacy in the Texas Nonsubscription market. Our vision and long-term plans for building Service Lloyds’ core business portfolio are unchanged. With the acquisition of the Nonsubscription business by Great American, Service Lloyds is positioned to successfully execute on our plans for growth and expansion.”
To learn more about ECA and the Texas Nonsubscription product, visit GAIG.com/ECA.
About Great American Insurance Group
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company, which 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) affirmed on March 20, 2015). 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. The members of 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 under the symbol AFG.