Max Specialty Insurance Company, of Richmond, Virginia, the U.S. excess and surplus lines unit of the Bermuda-based Max Capital Group Ltd., announced that it has agreed to acquire a U.S.-based admitted insurance company licensed to write business in all fifty states plus the District of Columbia.
The name of the Company, and the seller have not yet been disclosed, nor were the terms of the transaction.
“Upon completion of the transaction, which is subject to regulatory approval, Max Specialty’ s underwriting team will be able to write both admitted and non-admitted business,” the bulletin noted.
The operation that Max Cap is acquiring will “primarily support the Max Specialty team’ s previously announced entry into Inland & Ocean Marine underwriting,” said the announcement. Max Specialty, the non-admitted company, is licensed in Delaware and currently approved in 46 other states.
President and CEO Stephen J. Vaccaro, Jr. commented: “This acquisition will give the Max Specialty team the ability to write business on a nationwide basis. We expect that ability to enable our producers to write more business for more customers, as some of our specialty products are best served in the admitted marketplace.”
Source: Max capital Group – www.maxcapgroup.com
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