Great American’s Mid-Continent Group Acquires Renewal Rights to Tank Owner Members Insurance Company (TOMIC)
CINCINNATI — January 03, 2018 — Mid-Continent Group, a member of Great American Insurance Group, is pleased to announce that it has completed a renewal rights agreement with Tank Owner Members Insurance Company (TOMIC) to acquire TOMIC’s book of business. The transaction is effective January 2, 2018 for all renewal policies with effective dates of January 1, 2018 and after. The subject business of approximately $9 million of in-force gross written premium represents direct pollution liability policies and assumed reinsurance for underground and above ground storage tanks. Mid-Continent Group has contracted with PRO Managing General Agents, Inc., to assist with the transition of TOMIC policies and producer relationships to Mid-Continent in 2018.
James Davis, President, Mid-Continent Group, commented: “Mid-Continent has been insuring businesses with underground storage tank pollution needs for over 20 years, and has specialized expertise in this segment of the market. The TOMIC book of business is a great strategic fit with our current book of tank owners business and will allow us to diversify our portfolio into many other states. We are looking forward to providing current TOMIC customers and producers with a seamless transition to Mid-Continent and are excited about the opportunity to serve these customers and producers well into the future.”
Bob Ferguson, President, TOMIC, added: “The advantages of selling TOMIC’s business to a larger, financially strong, experienced insurer that has a long-term commitment to the company’s agency force and policyholders were key factors in our decision to sell this business to Mid-Continent.”
About Mid-Continent Group
Based in Tulsa, Oklahoma, Mid-Continent Group underwrites specialty commercial insurance and contract surety products with an emphasis on general liability for the construction, energy and difficult-to-place industries. With a long history of financial strength and stability, the Mid-Continent Group of companies is rated “A+” (Superior) by A. M. Best (affirmed on August 11, 2017). As a wholly-owned subsidiary of Great American Insurance Company, Mid-Continent Group benefits from the backing of one of the largest insurance and financial services providers in the United States. The companies of Mid-Continent Group include: Mid-Continent Casualty Company, Oklahoma Surety Company, Mid-Continent Assurance Company and Mid-Continent Excess & Surplus Insurance Company.
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. 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 more than 100 years (most recent rating evaluation of “A+” (Superior) affirmed on August 11, 2017). 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.