New Age Brokerage Makes Apartment Program Available in 10 Eastern States

May 23, 2005

New Age Brokerage LLC, a Morristown, N.J.-based provider of insurance programs for habitational real estate risks, announced the availability of a comprehensive apartment building insurance product, now available to insurance agents and brokers in New York, New Jersey, Pennsylvania, Maryland, West Virginia, Virginia, North Carolina, Tennessee, South Carolina and Georgia.

New Age Brokerage offers property and casualty programs to meet the needs of owners and managers involved in the commercial apartment building market. Coverage for this program is provided by Boston, Massachusetts based, Aspen Specialty Insurance Company, rated A- (excellent) VIII by A.M Best.

According to Richard Trezza, president of New Age Brokerage, “The addition of Aspen is a major step in our strategy to expand our apartment programs to new geographic territories. Aspen makes an excellent partner as they understand this segment of the market and share our underwriting philosophy and goals.”

Richard Bryant, of Aspen Specialty, added that “collaborating with New Age helps Aspen attract small and middle market business that would be more difficult to obtain through our current open brokerage network. Further, we are very confident in their ability to profitably underwrite this class of business.”

New Age Brokerage’s program can be written on either a multi-peril commercial package policy including property and general liability coverages or on a monoline property basis. The program offers property limits up to $5MM and general liability limits of $1MM per occurrence/$2MM general aggregate

This new Aspen program is available using New Age’s online application and real-time quoting system, named UnderRight.

Established in 1990, New Age Brokerage is a program manager that specializes in working with independent insurance agents in the placement of habitational risks. On March 16, 2005 Primary Group Inc (www.primary-group.com), a Bermuda based insurance distribution organization acquired New Age Brokerage LLC. The transaction involved a 51 percent purchase of the company with an option to purchase the remaining shares at a later date.

Insurance producers should contact Laura Acquadro or Richard Trezza at 800-834-2109 for more information.
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