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 was effective January 2, 2018 for all renewal policies with effective dates of January 1, 2018 and after.
The book of 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 said in a statement.
It added that it has contracted with PRO Managing General Agents, Inc., to assist with the transition of TOMIC policies and producer relationships to Mid-Continent in 2018.
James Davis, the president of Mid-Continent Group, commented, "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. We are looking forward to providing current TOMIC customers and producers with a seamless transition to Mid-Continent and are excited about the opportunity to serve these customers and producers well into the future."
Bob Ferguson, the president of TOMIC, added, "The advantages of selling TOMIC's business to a larger, financially strong, experienced insurer that has a long-term commitment to the company's agency force and policyholders were key factors in our decision to sell this business to Mid-Continent."