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The purchase price wasn?t disclosed, but the business is worth about $20 million, Great American said in a statement.
Darwin?s renewal rights will begin with policies effective Oct. 1, the companies said. No liabilities associated with Great American?s existing policies are being transferred to Darwin as part of the deal, the insurers said.
Farmington, Conn.-based Darwin (NYSE: DR | Quote | Chart | News | PowerRating) is a specialty insurer that focuses on professional liability insurance.
Earlier this summer, Bermuda-based Allied World Assurance Co. Ltd. (NYSE: AWH) said it would purchase Darwin from Alleghany Corp. (NYSE: Y) of New York for $550 million. The deal is expected to close by the end of the year (BestWire, June 30, 2008).
Cincinnati-based Great American is a unit of American Financial Group (NYSE: AFG).
Great American Insurance Cos. and Allied World Assurance Co. Ltd. each currently have a Best?s Financial Strength Ratings of A (Excellent).
The Best?s Financial Strength Rating of A- (Excellent) for Darwin Insurance Group was placed under review with positive implications after its sale to Allied World was announced.
In afternoon trading on Aug. 26, shares of Darwin Professional Underwriters were selling at $31.44, up 0.16% from the previous close; shares of American Financial Group were at $27.66, up 1.36% from the previous close; shares of Alleghany Corp. were at $314.26, down 0.11% from the previous close; and shares of Allied World Assurance Co. were selling at $37.30, down 1.74% from the previous close.
(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)
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