Bermuda-based Max Re Capital Ltd. announced plans to establish a U.S.-based excess and surplus lines platform. The new entity will “will complement the company’s existing insurance and reinsurance operations based in Bermuda and Dublin, Ireland,” said the bulletin.
Max Re intends to officially launch the new subsidiary in the first quarter of 2007. It will be named Max Specialty Insurance Company and will be based in Richmond, Virginia, with regional offices in Atlanta, San Francisco and Philadelphia.
Stephen J. Vaccaro, Jr., a thirty-year insurance industry veteran, is slated to become Max Specialty’s President and CEO. He is “best known for his leadership role in the dramatic growth and performance of the Essex Insurance Company, an affiliate of the Markel Corporation, from 1993 to 2004,” said the announcement. “During his tenure there, Mr. Vaccaro helped grow Essex revenues five-fold, from $100 million to more than $500 million, achieving a nine-year combined ratio of less than 80 percent while significantly expanding the company’s product base.”
Max Re Chairman and CEO W. Marston Becker commented: “We look forward to the launch of Max Specialty, which will add a significant new distribution channel and base of potential clients to Max Re Capital’s global insurance and reinsurance businesses, and enable us to provide a broader range of insurance products and services to customers in the United States and around the world.
“We are particularly delighted to welcome Steve Vaccaro and his talented team of underwriting professionals to our organization. Steve has a proven ability to lead insurance operations and consistently deliver underwriting profits in both soft and hard market conditions.”
Vaccaro stated: “I am pleased to be joining the Max Re Capital organization and look forward to working with them and my team of underwriting professionals to launch Max Specialty as a first-class excess and surplus lines insurance company early next year.”
The announcement also indicated: “Max Specialty is expected to operate across two divisions, Brokerage and Managing General Agency (“MGA”). Brokerage, to be headed by Jonathan Hahn, and MGA, to be headed by Bryan Sanders, will both offer property, inland marine, casualty, excess liability, and umbrella insurance products.
Mr. Hahn has more than fifteen years of insurance industry experience; since 1995, he has been associated with the Markel Corporation, where he was responsible for the profitable growth of a significant excess property book. Mr. Sanders has more than twenty-five years of experience in excess and surplus lines insurance, and particularly in building and developing a national wholesale operation.”