Vesta Capital Insurance Syndicate Inc., a wholly owned subsidiary of Vesta Insurance Group of Birmingham, Alabama, was approved by the INEX Board of Trustees and Illinois Department of Insurance prior to year-end.
Vesta Capital Insurance Syndicate was initially capitalized at $30 million. It will concentrate on securitization transactions and available alternative market opportunities.
Additionally, INEX has purchased RCA Syndicate No. 1 Ltd., by American Safety Holdings Corp., a member company of the American Safety Insurance Group.
INEX is a surplus lines marketplace currently comprised of seven underwriting members whose policyholders surplus exceeds $100 million. INEX members have authority to transact business in more than 40 states and jurisdictions. INEX is also a world marketplace including investors, brokers and customers seeking sound, cost-sensible solutions for insurance and financial risks worldwide.
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