Rockhill Holding Company has raised $145 million in capital and completed the acquisition of United Coastal Insurance Company, an excess and surplus lines company which is authorized in most US jurisdictions.
United Coastal Insurance Company has been renamed Rockhill Insurance Company and has obtained an “A-” Financial Strength Rating from A.M. Best.
Rockhill Insurance intends to focus on six key lines of commercial property and casualty E&S lines insurance business including: professional liability; umbrella; general liability; wind; primary property; and excess property.
Rockhill Insurance said it would take advantage of what it believes are current market conditions within the E&S lines commercial insurance that are favorable.
The company has been capitalized by a consortium of investors including funds advised by HBK Investments L.P. and Northaven Management, Inc. and certain members of Rockhill’s senior management team. All institutional investor groups will have representation on Rockhill’s board of directors.
Terry Younghanz, previously chief underwriting officer of RLI Insurance Group and GE Commercial Insurance will serve as chairman and chief executive officer for the company.
Colin Mayo will serve as senior vice president of property underwriting. Mayo has 25 years of insurance industry experience, having spent over four years with GE Insurance Solutions. Prior to joining GE Insurance Solutions, Mayo spent over three years with ACE USA.
Richard T. Parks, senior vice president and chief marketing officer, has 18 years of insurance industry experience within the “specialty” arena, and was most recently with t American Safety Insurance in Atlanta.
Benfield Advisory Inc. served as financial advisor to the company.