The Ohio State Bar Association and ALPS Insurance have signed a definitive agreement for ALPS to acquire the Ohio Bar Liability Insurance Company (OBLIC), which provides professional liability insurance for attorneys in Ohio, US.
The deal is intended to support the long-term provision of legal malpractice insurance to lawyers in Ohio by bringing together OBLIC’s position in the Ohio market with ALPS’ national platform and infrastructure.
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OBLIC was founded by the Ohio Bar in 1978 to respond to a shortage of legal malpractice insurance providers for Ohio attorneys.
The company has since built a statewide policyholder base.
According to the agreement, OBLIC policyholders will experience no immediate changes to their coverage, terms or service.
OBLIC will keep operating under its current brand and remain focused on serving Ohio attorneys.
Ohio State Bar Association CEO Mary Amos Augsburger said: “The insurance marketplace continues to evolve, and scale and specialisation are increasingly important. ALPS brings both, along with a deep understanding of the legal profession and commitment to serving lawyers and firms of all sizes.
“We are confident OBLIC will be well positioned for continued success under ALPS’ leadership and we look forward to the partnership ahead.”
ALPS said it plans to increase the resources available to policyholders and expand its presence in the Midwest, using Ohio and OBLIC as a regional base.
After the transaction is completed, the Ohio Bar will continue to exclusively endorse OBLIC for the malpractice insurance needs of its members.
According to a press statement, the Ohio Bar will remain focused on its core activities including advocacy, education and member services, and will maintain a relationship with ALPS once the transaction closes.
The deal is still subject to customary closing conditions including regulatory approvals and is expected to close after those approvals are received.
ALPS president and CEO David Bell added: “This partnership allows us to invest more deeply in underwriting, claims support, risk management and technology – ensuring that Ohio attorneys continue to receive high-quality, responsive coverage in an increasingly complex legal and insurance environment.”
