Financial Services Industry
Industry: Email Alert RSS FeedTravelers to buy reliance, frontier renewal rights
Rough Notes, Sep 2000
Travelers Insurance reached an agreement in principle with Reliance Group Holdings, Inc., to purchase the renewal rights to a portion of Reliance Insurance Group's commercial lines middle market book of business. Subject to execution of a definitive agreement and underwriting review, Travelers plans to offer renewal policies for many of Reliance's middle market accounts at terms and conditions similar to those in place.
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Gulf Insurance Group, a member of Travelers Insurance, and Frontier Insurance Group, Inc., reached an agreement in principle whereby Gulf and its subsidiaries will acquire the renewal rights to Frontier's environmental and excess-surplus lines casualty business as well as certain classes of surety. The agreement includes the transfer of certain key staff from Frontier to Gulf.
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