ALPS Insurance, a U.S. specialty insurance company focused on providing professional liability coverage to legal professionals and law firms, has entered into a definitive agreement to acquire Ohio Bar Liability Insurance Company, a provider of legal malpractice insurance to attorneys, the company confirmed with the Ohio State Bar Association, the professional body representing Ohio attorneys.
Both organizations positioned the deal as a long-term initiative to support the continued provision of professional liability coverage to Ohio attorneys.
It combines OBLIC’s established position and long-standing service to the state’s legal community with ALPS’s broader national reach, operational capabilities and expertise in serving the legal insurance market.
OBLIC has been part of the Ohio Bar structure since its creation in 1978, when the company was formed to provide malpractice insurance before such products were widely available to attorneys in the state.
Mary Amos Augsburger, CEO of the Ohio Bar, commented, “This is a strategic, forward-looking decision rooted in what is best for the legal profession, Ohio Bar members, and OBLIC policyholders in the long term.” She added, “The insurance market continues to evolve, and scale and specialization are increasingly important. ALPS brings both of these things, along with a deep understanding of the legal profession and a commitment to serving attorneys and firms of all sizes. We believe in OBLIC “
ALPS President and CEO David Bell added, “OBLIC has built an outstanding reputation for providing integrity and dedicated service to Ohio’s attorneys, and we are honored to have the opportunity to be the new steward of that legacy,” and continued, “This partnership allows us to make deeper investments in underwriting, claims support, risk management and technology to ensure Ohio attorneys continue to have access to high-quality, responsive insurance in an increasingly complex legal and insurance environment.”
Upon completion, OBLIC is expected to continue operating under its existing brand identity and policyholders will see no immediate changes to its coverage, terms or service arrangements. The Ohio Bar Association will continue to have exclusive recognition of OBLIC to serve members’ professional indemnity needs, and ALPS plans to leverage its national infrastructure to enhance capabilities and expand its presence in the Midwest, with Ohio remaining an important base of operations.
The Ohio Bar Association will continue to focus on its core activities of supporting attorneys through advocacy, training and membership services, while working with ALPS as the arrangement evolves. Completion of the transaction is subject to customary closing conditions, including regulatory approvals.
Legal counsel to the Ohio State Bar includes JRW Esquire LTD of Columbus, Ohio, while international law firm McDermott Will & Schulte serves as legal counsel to ALPS. Howden Capital Markets & Advisory served as ALPS’s exclusive financial advisor in connection with this transaction.