Latest news with #AmRisc
Yahoo
3 days ago
- Business
- Yahoo
CRC's AmRisc establishes Calais Reciprocal Insurance Exchange
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. 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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
4 days ago
- Business
- Business Wire
AM Best Assigns Credit Ratings to Calais Reciprocal Insurance Exchange
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' (Excellent) to Calais Reciprocal Insurance Exchange (CIE) (Springfield, IL). Concurrently, AM Best has assigned a Long-Term Issue Credit Rating of 'bbb' (Good) to the $85 million, 7% surplus notes, due May 2040, and the $15 million, 7.0% surplus notes, due May 2040 issued by CIE. The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect CIE's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The very strong balance sheet strength assessment reflects CIE's strongest level of projected risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and reasonable business plan, which includes conservative reserving and investment strategies, along with a comprehensive reinsurance program comprised of a diverse panel of highly rated reinsurers. Partially offsetting these strengths is CIE's high financial leverage due to the initial capitalization via surplus notes and its exposure to catastrophe losses. AM Best assesses CIE's operating performance as adequate based on its projections. CIE is expected to benefit from the full breadth of AmRisc Group's (AmRisc) operational experience. AmRisc will manage all underwriting and core operations of the exchange via a service agreement with the exchange's attorney-in-fact manager. AM Best views CIE's business profile as neutral given AmRisc's extensive experience in coastal property underwriting. CIE will serve the property catastrophe market and write excess and surplus (E&S) business nationwide. The E&S book will include general property, difference in conditions/earthquake, builder's risk, national accounts and technical risks, all written through AmRisc's unique syndicated capacity model. While there is execution risk in implementing the business plan, it is tempered by the demonstrated track record and available resources provided by AmRisc. CIE will benefit from the established ERM program in place at AmRisc and CRC Insurance Group, LLC (CRC Group) . ERM will be conducted at the enterprise level, managed by CRC Group, and cascade down to CIE. As is customary, AM Best will closely monitor CIE's actual results relative to its plan. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
