Heritage and Safeco will jointly work to help AIG customers with renewal, and Heritage will offer renewals in 16 of its 17 licensed states
Heritage Insurance has agreed with American International Group (AIG) and Safeco Insurance to enable AIG’s Private Client Group (PCG) agents to transition their upper-middle market personal insurance business to Safeco and Heritage.
AIG PCG intends to focus on its personal lines business on the high net worth segment. As part of which, Heritage will provide policy renewals to certain sections of AIG PCG’s personal lines business, providing upper middle market clients with homeowners coverage.
Heritage chairman and CEO Bruce Lucas said: “We’re excited to partner with Safeco on this opportunity and look forward to developing relationships with new agents and providing a seamless transition for policyholders. Most of the premium is located outside Florida, furthering our multi-state growth initiatives and providing reinsurance synergies.”
Heritage Insurance is a super-regional property and casualty insurance holding company
Under the terms of the agreement, Heritage and Safeco will jointly work to help AIG customers with renewal, and Heritage will offer renewals in sixteen of its seventeen licensed states. Majority of its licensed states are in the northeast region.
The company said that the transition will benefit portfolio diversification, as more than 90% of its portion of transition is represented by policies outside Florida. The first renewals are expected in the fourth quarter of 2020 and continue over the successive 12-month period.
Heritage is expected to expand its current distribution force by providing appointments to the AIG distribution partners with impacted policies, and handling all quoting and policy issuance for the transition.
Heritage Insurance is a super-regional property and casualty insurance holding company, offering personal and commercial residential premium across its multi-state footprint.
Heritage Property & Casualty Insurance, Narragansett Bay Insurance and Zephyr Insurance are the company’s subsidiaries.