Max Specialty Insurance Buys Commercial Guaranty Casualty |
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Written by U. S. Insurance News
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Monday, 16 June 2008 |
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Given its home in the coastal state of Virginia, it’s fitting that
Richmond-based Max Specialty Insurance Company is making an entry into
Inland & Ocean Marine underwriting.
Now the company has announced how it will do so.
Max Specialty, the U.S. excess and surplus lines unit of Max Capital Group Ltd., has acquired Commercial Guaranty Casualty Insurance Company, which is licensed to write business in all fifty states and the District of Columbia. Once the required corporate amendments and regulatory review are completed, Commercial Guaranty’s name will be changed to Max America Insurance Company.
With the acquisition of Commercial Guaranty, Max Specialty’s underwriting team can write both admitted and non-admitted business. “We expect that ability to enable our producers to write more business for more customers, as some of our specialty products are best suited to the admitted marketplace,” explained Stephen J. Vaccaro Jr., president and CEO of Max Specialty.
Commercial Guaranty will primarily support Max Specialty’s Inland & Ocean Marine underwriting. Max Specialty, a non-admitted company, is licensed in Delaware and approved in 46 other states.
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