Fast-growing specialty insurer Applied Underwriters announced the creation of a US-based division of the Applied Financial Lines business unit to provide director and officer (D&O) coverage in the US.
The new D&O division will be headed by newly appointed president, Stephen McGill. Prior to joining Applied, McGill was Chief Underwriting Officer of AIG & # 39; s Validus Specialty Group after serving as Group Head of Professional Lines at Argo. Previously at XL and then at XL Catlin for 16 years, eventually as a global product leader for financial institutions, his career included roles at Executive Risk, Alexander & Alexander and Sedgwick.
“Our initial target activities will focus on D&O liability, both primary and excess. Over time, we will add various professional and other professional liability segments, including architects and engineers, accountants, agents and brokers and attorneys, ”said Day.
“We have begun to gather powerful resources from across the company and now welcome Steve McGill, an experienced professional, through whom we look forward to serving a growing number of agents and brokers and their clients in the critical D&O sector”, said Steve McGill, CEO of Applied Underwriters. Menzies.
The US subsidiary of Applied Financial Lines is headquartered in New York City.
Menzies has positioned Applied Underwriters on an expansion trajectory and has hired top talent since acquiring the company he founded from Berkshire Hathaway in October 2019.
The latest announcement on the US D&O operation comes after the company's acquisition last month of the extension rights to StarStone's financial line, a move that the company believes provides a solid foundation for expansion. The international division of Applied Financial Lines will operate from Paris and Cologne to insure several specialist lines in the European Union and the Middle East, including professional liability and D&O. Jeroen Claesen has been appointed to lead the European applied finance lines division from the Paris office.
Applied Underwriters also recently appointed three executives from AIG & # 39; s Private Client Group to develop the new Applied Fine Art and Collectibles business unit based in New York.
In November, the company launched Applied Specialty Underwriters in New York to focus on selected excess and surplus risk across the country, with an initial focus on major construction in New York. Christopher Day was named president of this new company. Most recently, Day served as Chairman of the Casualty Group at Tokio Marine HCC and before that as President, Primary Casualty, for Navigators Group.
Last June, Applied acquired Blue Ridge Specialty Group of Greenfield, South Carolina, a general insurance company specializing in transportation-related risks.
In March, the company acquired Centauri Specialty Managers from its majority shareholder AXA / XL, and third manager Siebels-Bruce. As part of the purchase of CSM, Applied Underwriters also acquired an exclusive option to purchase the Centauri holding company's two insurance companies, Centauri Specialty Insurance Co. and Centauri National Insurance Co. Applied, previously primarily an occupational accident expert, said it planned to use the Centauri companies to expand nationally into other forms of property / casualty insurance. Centauri writes residential real estate, commercial lines, flood and other lines.
Applied Underwriters' operational headquarters are in Omaha, Nebraska.
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