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American Safety Insurance introduces new product

American Safety Insurance has launched ART Solutions, a new product for risk retention groups, captives and small insurance companies.

Through approved reinsurance intermediaries, ART Solutions clients can also access traditional and structured reinsurance available from American Safety Reinsurance to provide capital relief.

To further develop relationships with key reinsurance intermediaries and brokers, Richard Wigmore has joined the American Safety Insurance (ASI) team as national business development manager for ASI’s US alternative risk transfer division. Prior to joining ASI, he held marketing and sales positions with Commonwealth Risk Services, Liberty Mutual Alternative Markets and AIG.

Brad Isaacson, director of program business at American Safety Insurance, said: Response from the market has been extremely positive regarding this product. ART Solutions provides ‘A’ rated paper on a risk participation or pure front basis.

We see this strategy as mutually beneficial for ASI and our ART Solutions partners, who have very detailed industry expertise. Our partners gain access to ‘A’ rated paper which is becoming more valuable as smaller companies see increased pressure from larger competitors in a soft market.