Bermuda-based insurer Ariel Re has launched new Ariel Specialty Insurance Managers (ASIM), an E&S; property underwriting unit with headquarters in Atlanta of Georgia, US.
ASIM will also provide services in Kansas City of Missouri, Dallas of Texas and Orlando of Florida.
Under the leadership of Ariel Specialty EVP and chief underwriting officer Colin Mayo, the new business will be operated.
Mayo said: “the combination of Ariel Re’s superior track record in the property catastrophe market, impressive financial backing and the security and flexibility provided by Lloyd’s of London offers an excellent platform for the development of Ariel Specialty.”
On 1 March, Ariel Specialty will start underwriting E&S property business, which will underwrite through wholesale brokers only on a limited appointment basis and on behalf of Ariel’s Lloyd’s Syndicate 1910.
With total insured values (TIV) in the range of $5m to $250m, ASIM will provide up to $20m of limit for all risk, named storm and wind/hail property coverage on business.
According to Ariel Re, ASIM will focus on property in coastal areas of Florida and the broader South East Atlantic and Gulf coasts of the US.
Ariel Re Bda CEO Tom Hulst said: “We are committed to the ongoing development of the Ariel franchise and adding a team of this calibre with best in class underwriting discipline is an important step in that process.”