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.
Excel is an underwriter specializing in errors and omissions insurance. Its founder, David Wash, has been producing profitable business on behalf of Mutual Marine for more than six years, the company said.
As part of the agreement, Mutual Marine has entered into an agreement with Excel’s affiliate, Spirit Underwriters, under which Spirit will act as the company’s agent to further develop its professional liability line of insurance
Mutual Marine is a subsidiary of NYMagic Inc.
Source: NYMagic Inc
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