AmTrust Financial Services, Inc. and Safeco Insurance, a Liberty Mutual Insurance company, have entered into an agreement around the transfer of the renewal rights for AmTrust’s Republic Personal Lines business in six states.
AmTrust has announced that, pending regulatory approval, it has decided to exit personal lines products written through its Republic carriers.
The company notes that it has entered into the agreement in order to provide personal lines agents appointed with Republic General Agency a “compelling opportunity” to transfer their Republic policies to Safeco, commencing in the third-quarter of 2020.
According to AmTrust, the agreement with Safeco provides a smooth transition for Republic personal lines policyholders across Texas, Louisiana, Oklahoma, Arkansas, Mississippi, and New Mexico.
Jeffrey Fenster, EVP, Head of North American Specialty Risk at AmTrust, said: “AmTrust is focused on our core lines where we are an industry leader and have decided to exit our personal lines business written directly through Republic. We selected Safeco as our carrier partner given what we consider to be their world-class book transfer capabilities and a proven track record for smooth transitions.”
Safeco is based in Boston and sells personal automobile, homeowners and specialty insurance solutions through a network of more than 10,000 independent insurance agencies across the U.S.
Gary Fischer, Senior Vice President of IA Channel Growth and Engagement at Safeco, commented: “We have an unwavering dedication to our independent agency partners and look forward to bringing our best-in-class products, people, programs and service capabilities to Republic agents and policyholders.”