Specialty insurance firm Ryan Specialty Group (RSG) has formed a specialty marine underwriting business and tapped two executives who were formerly with American International Group (AIG) to lead it.
The newly-formed specialty marine underwriting manager is named Safe Waters and will focus initially in the U.S. and Latin America on yacht and cargo.
Jorge Pecci, who most recently was AIG Marine Regional Executive for the Americas, has joined the company as president and CEO of Safe Waters. Pecci is responsible for growing the business.
Ray Stahl, most recently senior vice president, Global Recreational Marine Practice for AIG, is also joining Safe Waters as senior vice president to head the yacht practice.
Safe Waters will initially have locations in Florida and New Jersey. The company said it will have future announcements regarding Latin American operations.
Miles Wuller, chief operating officer of RSG Underwriting Managers (RSGUM), said that Pecci, in addition to spearheading the development of the marine unit, will call upon “his deep relationships in Latin and South America” to further expand the unit’s geographic presence.
Pecci most recently began his career in insurance with AIG in 1993, working in a variety of marine managerial positions.
Prior to beginning at AIG in 2007, Stahl was senior vice president, Recreational Marine for ACE.
Chicago-based Ryan Specialty Group includes a wholesale brokerage, specialized underwriting companies and specialty services for agents, brokers and insurers.
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