NU Online News Service, July 12, 3:47 p.m. EDT
Selective Insurance Group Inc., through its subsidiaries, has purchased the renewal rights for commercial-lines excess and surplus policies written under contract binding authority (CBA) by subsidiaries of Alterra Capital Holdings Limited.
Selective Chairman, President and CEO Gregory E. Murphy says the company has been looking to expand into new areas. “As we execute on our strategy to introduce more products into our portfolio, we believe E&S is a natural extension of our current commercial-lines small business,” he explains. “Historically, the contract binding authority E&S business has been more profitable than the standard commercial-lines business, and this creates an opportunity to improve our revenue and underwriting margin.”
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