Gainsco to Offer Personal Lines Umbrellas
McRae (Mac) Johnston, president of Gainsco's Florida-based Personal Lines Division, has announced the company's product expansion in the nonstandard personal lines insurance arena with the hiring of Ann Boman to head the personal umbrella liability operation.
"We are focusing our efforts on expanding our personal lines niche businesses from the nonstandard private passenger automobile insurance platform to include both personal umbrella liability insurance and additional future product offerings in the personal lines property arena," said Johnston.
"Ann Boman is recognized in the industry as a leading underwriter of specialty personal umbrella, and we are delighted she has come on board to lead the efforts in developing the excess umbrella niche business," Johnston said. He added that her hiring "adds a key arrow to our quiver as we broaden our targets in nonstandard personal lines."
Boman said, "The personal lines umbrella insurance program is up and running.
"We have geared the product specifically toward an underserved sub-segment of the nonstandard market," she said. "There is customer demand in the nonstandard marketplace for umbrella liability insurance. We plan to focus on risks that, in the past, have been precluded access to the preferred markets for their umbrella protection. These risks may have some activity on their driving record or may have multiple underlying carriers.
"This has been a historically profitable market niche," she added. In keeping with Gainsco distribution strength, the company will be marketing these products through the wholesale agency system, according to Boman.
Most recently, Boman was vice president Personal Lines for Underwriters Insurance Group in Los Angeles. She had prior experience in underwriting, sales, and systems with Arizona's National Colonial Ins. Co. and with several California- and Maryland-based general agencies and retail agencies. She is a licensed Property & Casualty Broker in California and holds active Broker/Agent credentials.