CHARLESTON, W.Va. — Charleston-based BrickStreet Mutual Insurance announced Monday it finalized an agreement to acquire the workers’ compensation block of business from Pittsburgh-based HM Insurance Group.
The purchase involves workers’ compensation policies and accounts for approximately $120 million in premium.
“We are opening a regional office in downtown Pittsburgh and are excited to welcome the workers’ compensation employees from HM. We are dedicated to maintaining the current local service delivery model that agents and policyholders have come to expect,” said BrickStreet CEO Greg Burton. “We will continue to use HM’s established agent distribution in Pennsylvania to deliver on the BrickStreet promise of superior solutions and service.”
HM’s current workers’ compensation employees will become BrickStreet employees and remain in Pennsylvania, effective Aug. 1.
“The sale of HM Insurance Group’s workers’ compensation business to BrickStreet is the classic win-win scenario,” said HM president and chief operating officer Matt Rhenish “Our customers will benefit from BrickStreet’s singular focus on workers’ compensation. Our workers’ compensation employees will move over to BrickStreet, bringing with them deep knowledge of the market, ensuring both continuity and a smooth transition.”
BrickStreet currently writes business in 12 states, including Pennsylvania and the District of Columbia.