We are extremely pleased to announce the closing of the renewal rights transaction between Great Falls Insurance Company and Eastern Alliance Insurance Group, effective September 18, 2017.
As announced on June 8, 2017, Eastern Alliance Insurance Group purchased the renewal rights to Great Falls Insurance Company’s book of workers’ compensation business. Eastern Alliance is also a monoline workers’ compensation specialist, and a member of the ProAssurance family of companies. The acquisition of the rights to renew Great Fall’s book of business expands Eastern Alliance’s operations into Maine and New Hampshire. Eastern Alliance assumes Great Falls’ contracts with its agency partners. Maine regulatory approval for the transaction was received on September 8, 2017.
All Great Falls employees have now joined the Eastern Alliance organization as its newly established New England Region, based out of Great Falls’ current location in Auburn, Maine. Gary Hall is now Eastern Alliance’s Regional Business Executive for New England. Effective September 18, 2017, Great Falls’ renewal and new business will transition to Eastern Alliance’s operating platform.
“We believe Great Falls will be an excellent strategic and cultural fit for our organization given their talented employee base, loyal agency partners, and established book in the small business market segment,” said Michael Boguski, President of Eastern Alliance. Boguski continued, “Gary Hall and his team have built a strong and well-respected service franchise with business strategies that are consistent with Eastern Alliance’s dedication to individual account underwriting, developing and maintaining excellent agency relationships, and a short-tailed claim philosophy. Great Falls’ agency partners and customer base will further benefit from Eastern Alliance’s financial strength as evidenced by its “A” (Excellent) A.M. Best Company financial rating, broad workers’ compensation product spectrum, medical cost management strategies, return-to-wellness programs, comprehensive risk management approach and excellent reinsurance programs. I am extremely pleased to welcome Gary Hall, his team, agency partners, and customers to the Eastern Alliance family.”
Gary Hall, President of Great Falls, said, “All of us at Great Falls are extremely pleased and proud to join the Eastern Alliance and ProAssurance organization and to contribute to the profitable growth of the Eastern Alliance workers’ compensation platform. This transaction provides us with the capital, financial rating, products, and operating platform to continue the successful expansion of our business in the New England Region.”
To learn more about Eastern Alliance Insurance Group, please visit Eastern Alliance Insurance Group. For more information regarding the ProAssurance family of companies, please visit ProAssurance family of companies.