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Eastern Alliance Insurance Group, a wholly owned subsidiary of ProAssurance Corp., said Thursday it will purchase the renewal rights to Great Falls Insurance Co.'s book of workers compensation business.
Terms of the deal were not disclosed.
Great Falls is an Auburn, Maine-based mono-line workers comp insurance company that writes business in Maine and New Hampshire, Eastern said in a statement.
Great Falls will serve as the foundation for Eastern's New England Region, which will be based in Maine. Eastern will assume Great Falls’ contracts with agency partners, and all Great Falls employees led by the company’s president, Gary Hall, will join the Eastern organization at closing.
In 2016, the workers comp business represented $13.3 million of direct written premium to Great Falls, according to the statement.
Birmingham, Alabama-based ProAssurance acquired Lancaster, Pennsylvania-based Eastern Insurance Holdings Inc., parent company of Eastern Alliance Insurance Group, in 2013.
Workers comp insurer the MEMIC Group announced that Michael Bourque will replace retiring President and CEO John Leonard.