Hartford will acquire reliance E&S, financial products business

Hartford will acquire reliance E&S, financial products business

The Hartford Financial Services Group, Inc., agreed to acquire the inforce, new, and renewal business of Reliance Group Holdings, Inc.’s, financial products business, as well as the majority of its excess and surplus lines. As a result of this transaction, Hartford expects to write approximately $250 million of additional gross premium. Key products among the business to be acquired are Reliance’s directors and officers liability and errors and omissions writings.

Reliance’s financial services and E&S staff of more than 100 employees will join The Hartford’s subsidiary, Hartford Specialty Company, and will remain in New York to manage the business being assumed in this transaction. David H. McElroy, executive vice president of Reliance and head of its financial products and excess and surplus divisions, will join The Hartford to manage the business.

Copyright Rough Notes Co., Inc. Sep 2000

Provided by ProQuest Information and Learning Company. All rights Reserved