Insurer adds specialty property/casualty to Mexico operation

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.