A subsidiary of Ryan Specialty Group will administer a new transactional liability and tax insurance facility after entering new trading relationships with three carriers.
Concord Specialty Risk will have the capacity to insure risks up to $55 million and access to at least $20 million additional capacity for anything larger.
Concord will work with Arch Specialty Insurance Company, Freedom Specialty Insurance Company and a U.S. subsidiary of Zurich Insurance Company. The managing general underwriter will handle everything from underwriting to binding to claims management and resolution. Concord will be the single point of contact between the facility’s markets and the policyholder.
“We are enthusiastic about the opportunities this new facility will offer agents, brokers and clients,” said Patrick G. Ryan, chairman and CEO of Ryan Specialty.
Concord is led by brothers David and Kenneth De Barry, who have more than two decades of experience underwriting transactional risks such as representations and warranties, tax liability exposure, actual or threatened litigations, potential adverse regulatory actions and “successor liability” enforcement. They also have experience with standalone tax insurance.
Ryan Specialty purchased the New York, N.Y.-based Concord Specialty during the first quarter of this year.
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