The Hartford Financial Services Group has completed the purchase of the financial products and excess and surplus lines from Reliance Group Holdings. The acquisition, first announced June 19, has cleared all regulatory hurdles.
The purchase includes the in force, new and renewal business of Reliance, resulting in approximately $250 million in additional annual gross premium for the company’s specialty operation. The former Reliance financial products and E&S staff of approximately 150 underwriting and claim personnel, now employees of Hartford Specialty, will remain in New York to manage the business assumed in this transaction.
The claims related to this business will be managed by the new unit, which will offer policyholders consistency and a high level of experience. David H. McElroy, formerly head of Reliance’s financial products and excess and surplus divisions, is now senior vice president of Hartford Specialty and president of its Financial Products Division. McElroy, who joined Reliance in 1987 after serving with the Chubb Group, had managed Reliance’s directors and officers liability, excess and surplus, and property custom casualty departments.
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