Insurer acquires workers comp opt-out business

Great American Insurance Group on Tuesday said it has acquired Austin, Texas-based Service Lloyds Insurance Co.'s Texas nonsubscription book of business.

Terms of the deal were not disclosed. The Service Lloyds business represents approximately $5 million to $7 million in gross written premium, Great American said in a statement.

Cincinnati-based Great American provides primary indemnity coverage for employers that opt out of the Texas workers compensation system, Great American said in the statement.

“This acquisition is a great complement to our existing Texas nonsubscription business,” Great American divisional Senior Vice President Mary D. Ford, said in the statement.