Core Specialty Announces Purchase of Security & Alarm Business Renewal Rights and Related Unearned Premium Reserve from Conifer Holdings, Inc.
The Security & Alarm Business provides general liability, excess/umbrella, and selected other coverages to the niche Security Guards, Alarm Contractors, Private Investigators, and Trade Contractors markets.
- The Security & Alarm Business provides general liability, excess/umbrella, and selected other coverages to the niche Security Guards, Alarm Contractors, Private Investigators, and Trade Contractors markets.
- Policies for the Security & Alarm Business will be issued by Core Specialty insurance subsidiaries, which are rated A- XII (Excellent) by AM Best, effective with the Transaction closing.
- The claims staff currently servicing the Security & Alarm Business have become employees of Core Specialty as part of the transaction.
- Conifer Insurance Company will enter into a quota share reinsurance agreement with a Core Specialty insurance subsidiary to assume 100% of Conifer’s unearned premium reserve portfolio of approximately $31 million related to the acquired Security & Alarm Business.