Max Specialty Insurance Co., of Richmond, Virginia, the U.S. excess and surplus lines unit of Max Capital Group Ltd., reports it has acquired Commercial Guaranty Casualty Insurance Co., an insurance entity licensed to write business in all 50 states plus the District of Columbia.
Max Specialty expects that, after filing of the required corporate amendments and after regulatory review, Commercial Guaranty’s name will be changed to Max America Insurance Co. Financial terms of the transaction were not disclosed.
With the acquisition of Commercial Guaranty, Max Specialty said its underwriting team can now write both admitted and non-admitted business. The acquired operation will primarily support the Max Specialty team’s previously announced entry into inland and ocean marine underwriting.
Max Specialty Insurance Co., the non-admitted company, is licensed in Delaware and currently approved in 46 other states. Both Max Specialty and Max America will accept submissions only from properly licensed and appointed agents and brokers.
SOURCE: Max Specialty Insurance Co.
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