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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 Worth 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 corresponding 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 development, doubling in dimension since 2018.
This enlargement is attributed to elevated catastrophic exercise and pressures from social and financial inflation.
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Addesso will assume the function of non-executive chairman on the new enterprise.
Howden Tiger Capital Markets & Advisory and Foley & Lardner provided monetary and authorized advisory providers to Dellwood, respectively.
Dellwood CEO Michael Worth mentioned: “The P&C [property and casualty] trade is at an inflection level, and we’re poised to actively take part in essentially the most enticing insurance coverage market situations in over 20 years. Accessing the mental and monetary firepower of our strategic traders will serve us and our dealer companions properly as we navigate the difficult E&S market.
“Our early funding in know-how will streamline the underwriting and claims processes to drive worthwhile development, 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 giant and small. Nonetheless, the SME section 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.
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