Great American Insurance Group has established a specialty property & casualty (P&C) business in Mexico.
The company secured approval from the Mexican Insurance Commission to extend the license of its local firm, El Águila Compañía de Seguros, S.A. de C.V., (El Aguila)for establishing a specialty P&C operation in Mexico.
The new P&C division will strenghten the company’s strategy in providinginsurance solutions that meet the needs of the P&C commercial insurance market for small and medium-size enterprises and corporate risks.
Via a network of independent agents and brokers, the division will provide specialty insurance solutions, including commercial package policy and selected monoline products.
Great American Insurance has appointed Ydhelio Espinosa as divisional president for the new P&C unit. The company will start underwriting risks from the next month.
Since 1994, El Aguila has been operating as a specialized insurer in the automobile market of Mexico.
Great American Insurance chairman Carl Lindner III said: "With the expansion of El Aguila’s license, we are pleased to launch our 33rd specialty P&C business unit and grow our footprint in Mexico."
Great American Insurance president and COO Don Larson said: "We are confident that Mr. Espinosa’s specialty insurance knowledge and established relationships, coupled with the financial strength of Great American Insurance Group, will be instrumental in providing specialty P&C insurance solutions that meet the unique needs of the local markets."
Great American Insurance provides specialty commercial products for businesses, as well as traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets.
Separtely, Great American Insurance Group has acquires the renewal rights to service Lloyds Insurance Company’s Texas nonsubscription insurance business.
The subject business represents about $5m to $7m in inforce gross written premium.
Image: Great American Insurance has established a new property and casualty unit in Mexico. Photo: courtesy of renjith krishnan / FreeDigitalPhotos.net.