Oklahoma’s Mid-Continent to Acquire Tank Owner Members Insurance Renewal Rights

Tulsa, Oklahoma-based Mid-Continent Group, a member of Great American Insurance Group, has completed a renewal rights agreement with Tank Owner Members Insurance Company (TOMIC) to acquire TOMIC’s book of business.

The transaction is effective Jan. 2, 2018, for all renewal policies with effective dates of Jan. 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.

“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,” Mid-Continent Group President James Davis said in the company’s announcement.

Based in Tulsa, 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).

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.

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/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 Co. 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.

Source: Great American Insurance Group

Topics Mergers & Acquisitions Oklahoma