Darwin to buy Great American's lawyers professional liability business

Aug 26, 2008 (Datamonitor via COMTEX) -- GTAM | Quote | Chart | News | PowerRating -- Darwin Professional Underwriters and Great American Insurance Company have entered into an agreement whereby Darwin will acquire renewal rights to Great American's roughly $20 million of small, standard market lawyers professional liability insurance business and related assets.

According to Darwin, it currently has over $20 million of in-force premium, a mix of surplus lines and small, standard lawyers professional liability (LPL) business. Darwin believes that this transaction strengthens its LPL franchise and broadens its presence in the small law firm market.

Darwin's renewal rights are expected to commence with policies effective October 1, 2008. No liabilities associated with Great American's existing LPL policies are being transferred to Darwin in this transaction.

Nicole Haggerty, senior vice president and national errors and omissions practice leader at Darwin, said: "This purchase allows Darwin to dramatically increase our small law firm book, by bringing our existing expertise and strong service capabilities to the small, standard law firm market. Darwin is very much in the lawyers business, so this is an excellent fit that we are confident will provide significant benefits not only for Darwin, but also for both producers and policyholders."

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