Max Specialty Insurance Company has acquired Commercial Guaranty Casualty Insurance Company, an insurance entity licensed to write business in all 50 states of US plus the District of Columbia.
Max Specialty expects that, after filing of the required corporate amendments and after regulatory review, Commercial Guaranty’s name will be changed to Max America Insurance Company. Financial terms of the transaction were not disclosed.
With the acquisition of Commercial Guaranty, Max Specialty’s underwriting team can now write both admitted and non-admitted business. The acquired operation will primarily support the Max Specialty team’s previously announced entry into Inland & Ocean Marine underwriting.
Max Specialty Insurance Company, the non-admitted company, is licensed in Delaware and currently approved in 46 other states. Both Max Specialty and Max America will accept submissions only from properly licensed and appointed agents and brokers.
Stephen Vaccaro, Jr, president and CEO of Max Specialty Insurance Company, said: This acquisition gives the Max Specialty team, for the first time, the ability to write both admitted and non-admitted business. We expect that ability to enable our producers to write more business for more customers, as some of our specialty products are best suited to the admitted marketplace.