GMAC Insurance Group announces the formation of a new operating unit, Strategic Risk Specialists. The new unit will commence operations on Jan. 1, 2006, and will specialize in excess and surplus lines property business, focusing specifically on large property schedules and/or complex risks that are difficult to place in the traditional markets. Strategic Risk Specialists will become a business unit of GMAC RE Corporation, a member of the GMAC Insurance Group.
Steve Brett, formerly the chairman and CEO of Special Risk Operations at Fairfax, will become the leader of the new unit. Strategic Risk Specialists will be headquartered in Napa, Calif., with offices in Hazlet, N.J., and Richardson, Texas.
With the cooperation and agreement of Fairfax Financial Holdings Limited, a financial services holding company, and Clarendon Insurance Group, a U.S. based property and casualty insurance company, the Fairfax Special Risks Operations Property team will become full-time employees of GMAC RE.
Fairfax will support the Strategic Risk Specialists team as a quota share reinsurer and will also assist in transitioning the operations to GMAC RE. Clarendon will also play a critical role in facilitating a smooth transition of qualifying business from Clarendon to Integon Specialty Corporation or MIC Property & Casualty Insurance Corp, both part of the GMAC Insurance Group.
GMAC RE, based in Mt. Laurel, NJ, is a subsidiary of GMAC Insurance Holdings Inc., a part of GMAC Financial Services.
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