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The Mexican Insurance Commission has granted formal approval to extend the license of Great American Insurance Group's local company, El Águila Compañía de Seguros, S.A. de C.V., to establish a specialty property/casualty operation in Mexico.
Ydhelio Espinosa has been named divisional president of the new operation, Cincinnati-based Great American Insurance Group said Monday in a statement.
The new division, based in Mexico City, will focus on providing specialty insurance solutions offering a commercial package policy and selected monoline products through a network of independent agents and brokers to small and medium-size enterprises, according to the statement.
“With the expansion of El Águila's license, we are pleased to launch our 33rd specialty P&C business unit and grow our footprint in Mexico,” Carl H. Lindner III, chairman of Great American Insurance Co. and co-CEO of American Financial Group Inc., said in the statement.
The U.S. property/casualty industry marked its third straight year of profitability in 2015 with $6.2 billion in underwriting income, A.M. Best said Wednesday, but pre-tax operating and net income dropped from the prior year due to lower underwriting income and an 11.2% decline in net investment income.