[ad_1]
Dellwood Insurance coverage Group, a brand new participant within the US extra and surplus traces (E&S) insurance coverage market, has formally launched with $250m in monetary backing.
The brand new firm, launched by former AIG executives Michael Value and Kean Driscoll, is devoted to serving wholesale brokers to cowl SME dangers.
Dellwood’s entry into the market is supported by a consortium of reinsurance gamers akin to PartnerRe, RenaissanceRe, Starr Insurance coverage and Central Insurance coverage.
Particular person traders together with Dominic Addesso, David Delaney, VJ Dowling, Jim Hays and Stone Level Capital principals additionally backed the brand new insurer.
The formation of Dellwood comes at a time when the E&S market has seen appreciable progress, doubling in measurement since 2018.
This growth is attributed to elevated catastrophic exercise and pressures from social and financial inflation.
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nonetheless, we wish you to take advantage of
useful
determination for your corporation, so we provide a free pattern which you can obtain by
submitting the under kind
By GlobalData
Addesso will assume the position of non-executive chairman on the new enterprise.
Howden Tiger Capital Markets & Advisory and Foley & Lardner provided monetary and authorized advisory companies to Dellwood, respectively.
Dellwood CEO Michael Value mentioned: “The P&C [property and casualty] trade is at an inflection level, and we’re poised to actively take part in probably the most engaging insurance coverage market situations in over 20 years. Gaining access to the mental and monetary firepower of our strategic traders will serve us and our dealer companions effectively as we navigate the difficult E&S market.
“Our early funding in know-how will streamline the underwriting and claims processes to drive worthwhile progress, working efficiencies, distinctive service to our dealer companions and prospects, and a world-class expertise for our colleagues.”
Dellwood president and CUO Kean Driscoll mentioned: “The inflationary components of the insurance coverage cycle have an effect on all companies massive and small. Nonetheless, the SME phase is especially difficult for our wholesale companions. Dellwood’s purpose-built underwriting platform will lead with a full suite of insurance coverage merchandise for the SME industrial market.”
In a separate E&S market growth, final month Amwins introduced a definitive settlement to purchase Linked Threat Options, a wholesale E&S insurance coverage brokerage.
[ad_2]