GlobalData
2 min read
AmRisc, a subsidiary of CRC Group, has launched Calais Reciprocal Insurance Exchange to strengthen its coastal commercial property insurance offerings.
The exchange, domiciled in Illinois, US, is backed by $100m in funding to provide additional capacity for AmRisc’s excess and surplus (E&S) property insurance portfolio.
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Powered by Money.com - Yahoo may earn commission from the links above.AM Best has assigned Calais a financial strength rating of A- (Excellent), according to a statement from CRC Group, a US-based specialty insurer.
AmRisc will act as the exclusive managing general agency for Calais, which joins AmRisc's existing panel of carriers that offer coastal commercial E&S property and California Difference in Conditions insurance.
The transaction was funded by Stone Point Capital, CD&R, and other financial and strategic investors.
AmRisc was advised by Howden Capital Markets & Advisory, which served as the exclusive financial advisor, while Willkie Farr & Gallagher provided legal and regulatory counsel.
AmRisc CEO Brian Reid "We are pleased to announce the formation of Calais Reciprocal Insurance Exchange, which, alongside our existing high-quality carrier partners, will further allow us to serve the coastal commercial E&S property market that we have supported for more than 25 years."
The addition of Calais is expected to provide policyholders with a broader range of options in coastal regions.
AmRisc president and COO Laura Beckmann stated: "With the establishment of Calais, AmRisc is introducing a fresh source of capacity to the market for brokers while ensuring greater long-term stability for policyholders."
Established in 2000, AmRisc specialises in underwriting coastal commercial property insurance, with more than $2bn in E&S annual written premium and over $600m in admitted annual written premium, to date.
Last month, CRC Group acquired ARC Excess & Surplus, a specialist wholesale insurance distributor.
"CRC’s AmRisc establishes Calais Reciprocal Insurance Exchange " was originally created and published by Life Insurance International, a GlobalData owned brand.
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