Bermuda-based Max Re Capital Ltd. announced that it has received regulatory approval from the Delaware Department of Insurance to acquire a U.S.-based excess and surplus lines company.
Max Re (which is also in the process of changing its name to Max Capital Group Ltd.) announced plans for the new venture late last year (See IJ web site Dec.15, 2006). The Company will be named Max Specialty Insurance Company and will be based in Richmond, Virginia, with regional offices in Atlanta, San Francisco and Philadelphia.
Max Re said the “proposed new Max subsidiary is expected to complement the Company’s existing insurance and reinsurance operations based in Bermuda and Dublin, Ireland.” It is headed by Stephen J. Vaccaro, Jr. as President and CEO.
“It is intended that the new Max subsidiary will operate across two divisions, Brokerage and Managing General Agency (“MGA”),” the bulletin continued. “Brokerage, to be headed by Jonathan Hahn, and MGA, to be headed by Bryan Sanders, will each offer property, inland marine, casualty, excess liability, and umbrella insurance products.
“Max expects to close the transaction to acquire the excess and surplus lines company shortly.”
Topics Mergers & Acquisitions USA Excess Surplus Insurance Wholesale
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