Max Specialty Insurance Co., of Richmond, Virginia, the U.S. excess and surplus lines unit of the Bermuda-based Max Capital Group Ltd., has agreed to acquire a U.S.-based admitted insurance company licensed to write business in all 50 states plus the District of Columbia. The name of the company, and the seller have not yet been disclosed, nor were the terms of the transaction.
“Upon completion of the transaction, which is subject to regulatory approval, Max Specialty’s underwriting team will be able to write both admitted and non-admitted business,” the bulletin noted.
The operation that Max Cap is acquiring will “primarily support the Max Specialty team’ s previously announced entry into inland and ocean marine underwriting,” said the announcement. Max Specialty, the non-admitted company, is licensed in Delaware and currently approved in 46 other states.
Arthur J. Gallagher, Healthcare Risk
Illinois-based Arthur J. Gallagher & Co. has acquired Healthcare Risk Solutions, LLC headquartered in Fort Washington, Pennsylvania. Terms of the transaction were not disclosed.
Founded in 2002, Healthcare Risk Solutions, LLC is a property/casualty retail insurance broker providing professional liability insurance products, associated risk mitigation consulting services and specialized program management exclusively to the medical community in the mid-Atlantic and Northeast states. The firm specializes in insurance products for all healthcare providers.
William Carey, Edmund Lynch and their associates will continue to operate from their Fort Washington office, with a satellite location in each of Connecticut, Massachusetts and New Jersey, under the direction of Douglas Brown, Northeast regional manager of Gallagher’s property/casualty brokerage operations.
J. Patrick Gallagher, Jr., chairman, president and CEO, said the new acquisition’s specialization will complement his firm’s professional liability insurance product niche strategy.
The Wellesley, Mass.-based insurance organization Renaissance Alliance has added six independent agencies representing $36 million in additional premium to its group.
The new member agencies include five in Massachusetts: Quinn of Lynn Insurance, Lynn; Lawler Insurance Agency, Inc., New Bedford; Norwood Insurance Agency, Groveland; Frank X. Perron Insurance Agency, Fall River, and J.H. Slattery Insurance Agency, Inc., Abington. Newberry Insurance Associates, Inc., South Windsor, Conn. has also joined.
According to J. Bruce Cochrane, president of Renaissance Group, agencies from across New England maintain autonomy as independent agencies while gaining access to additional insurers, insurance products, marketing expertise and shared technologies.
Mutual Marine, Excel Underwriters
New York-based Mutual Marine Office Inc. said it has acquired from Excel Underwriters Alliance Inc. a book of professional liability insurance covering insurance agents, brokers and related professionals. Mutual Marine is a subsidiary of NYMagic Inc.
As part of the agreement, Mutual Marine will work with Excel’s affiliate, Spirit Underwriters, under which Spirit will act as the company’s agent to further develop professional liability business.