ALPS Insurance acquires Ohio Bar Liability Insurance

ALPS Insurance has announced its acquisition of the Ohio Bar Liability Insurance Company (OBLIC), a provider of legal malpractice insurance for attorneys, under undisclosed terms. The deal, negotiated with the Ohio State Bar Association (OSBA), aims to sustain professional liability insurance for Ohio's legal professionals.

This acquisition will maintain OBLIC's longstanding service within Ohio’s legal community while leveraging ALPS Insurance’s national capabilities and expertise in the legal insurance sector. OBLIC, established in 1978 under the OSBA's auspices, has been a fixture in providing legal malpractice coverage during a period when such offerings were limited in the state.

Mary Amos Augsburger, CEO of OSBA, emphasized the strategic importance of the deal, citing the necessity for scale and specialization in an evolving insurance marketplace. She highlighted ALPS' robust understanding of the legal profession as pivotal for future growth. David Bell, President and CEO of ALPS, expressed intent to enhance OBLIC's offerings by investing in underwriting and technology, ensuring continued high-quality service and coverage for Ohio attorneys.

OBLIC will retain its brand identity post-acquisition, with no immediate changes to policyholder coverage or conditions. The OSBA will continue to endorse OBLIC exclusively for its members' professional indemnity needs. ALPS plans to integrate its national infrastructure to fortify operations in the Midwest, with Ohio being pivotal in its expansion strategy.

The transaction's completion is subject to customary regulatory approvals and conditions. Legal representation for OSBA is provided by JRW Esquire LTD, while ALPS is advised by McDermott Will & Schulte, with Howden Capital Markets & Advisory serving as ALPS’ financial consultant. Subsequent steps hinge on regulatory clearance, setting the stage for ALPS to solidify its position in the regional legal insurance market.