New York-based Delos Insurance Company launched a new excess and surplus (E&S) lines company, Naxos Insurance Company, which will be a wholly-owned subsidiary of Delos. Naxos operations will be managed under terms of an agreement with Delos.
Incorporated and licensed in Delaware, Naxos will immediately move to obtain licenses in several key states with the ultimate goal of obtaining full licensing in all 50 states over the next two years. According to Delos, the rate and form flexibility of the E&S business will allow a more creative and responsive approach to the overall market and will assist in the success of managing their general agents.
“We believe in the program business model and are proud to be able to offer the E&S platform to our partners,” said Detlef Steiner, chairman of the board of Delos Insurance. “Risks that fall into the surplus lines market are, generally, unique and require specialized knowledge. Our staff has significant experience and expertise managing unusual coverages, and businesses found in the surplus lines market. We are looking forward to the new opportunities that lie ahead,” Steiner continued.
Naxos Insurance Company has an initial capitalization of $20 million and the company will petition A.M. Best for a group financial strength rating.
“At Delos, we focus on providing coverage for even the most unique programs,” said Bill Davis, CEO of Delos Insurance Company. “With Naxos, our goal is to provide the best service to the excess and surplus lines insurance marketplace the same way we have in the program market.”
Source: Delos Insurance
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