IAT Insurance acquires casualty renewal rights from State Auto
IAT Insurance Group is acquiring the renewal rights and certain associated assets for a book of surplus lines excess and umbrella insurance business from Rockhill Insurance Group, a subsidiary of State Auto Mutual Insurance Company.
The deal is expected to close on May 1, 2018.
As part of the transaction, IAT will consolidate Rockhill’s Kansas City, Missouri excess and umbrella operations into its own office in the city, including the current Rockhill employees. The Rockhill portfolio consists of approximately $40 million of in force premium and focuses on providing unsupported umbrella and excess coverage for low-to-medium hazard, middle-market commercial risks.
IAT chief executive officer Bill Cunningham, said: “Securing renewal rights to Rockhill’s established surplus lines excess casualty portfolio, along with several of their experienced employees, will significantly support our efforts to expand our middle-market presence. This business is a nice addition to our existing excess product offerings for the small commercial market available through our IAT Specialty business unit.”
Mike LaRocco, president and CEO of State Auto, noted: “We’re pleased we’ve reached this agreement with IAT, which upon closing will complete State Auto’s previously announced divestiture of its Specialty lines of business. I wish the team and IAT great success going forward.”
Coy Rudd, senior vice president of a new excess casualty – mid market E&S unit at IAT, commented: “When I joined IAT last year, this was the kind of focused acquisition I felt would truly kick-start the expansion of our excess liability business. The profile of this book of business fits very well within our target market.”
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