AM Specialty Insurance Company, Arizona(AZ)-Services, Owner, Rating, Claims

AM Specialty Insurance Company: A Rising Star in the E&S Market

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Learn everything you need to know about AM Specialty Insurance Company, a new and innovative E&S carrier that offers customized solutions for niche and speciality lines of business/PHOTO COURTESY: Getty Images

AM Specialty Insurance Company (ASIC) is a reliable and innovative insurance provider that can handle your unique and complex risks, you might want to check out.

ASIC is a new player in the excess and surplus (E&S) market, offering customized solutions for niche and speciality lines of business.

In this article, we will give you an overview of what ASIC does, who owns it, how it handles claims, and how it compares to other E&S carriers.

AM Specialty Insurance Company(ASIC) Services

ASIC is an Arizona-domiciled domestic E&S insurance company and an accredited reinsurer in select states.

It was launched in 2020 by AM RE Syndicate, a US-based reinsurance firm that specializes in transportation, cyber, marine, and other speciality programs.

ASIC’s business model is unique; it allows for collaborative risk-sharing and access to reinsurance capacity for its partners.

ASIC works with program administrators, brokers, and underwriters to streamline program market processes and optimize value chain efficiencies all the way to the insured.

ASIC writes various speciality lines such as commercial and niche property, casualty, transportation, ocean and inland marine, cyber, and miscellaneous speciality lines as non-admitted carriers.

It caters to the primary program insurance business segment in the US domestic market.

It focuses on low-limit utilization, geographic spread, and minimal CAT exposure by the program.

ASIC also avoids legacy loss exposure and evaluates firms on their individual merit.

ASIC prides itself on its technical underwriting expertise, proven in-house analytics, proprietary software, and robust claims oversight capabilities.

Its leadership team has over 80 years of combined experience in the E&S space and a track record of success.

ASIC aims to solve challenges proactively with comprehensive solutions and provide superior service to its customers.

AM speciality insurance company owner

ASIC is owned by AM RE Syndicate Inc., which is operated by Shevawn and Simon Barder.

The Borders have over 30 years of experience in successfully operating profitable businesses in the E&S market, with Lloyd’s of London expertise and training.

They founded MarineRe in 2000, which was acquired by Ironshore in 2008.

They ran Ironshore Marine Re until they sold out in 2012 to create AM RE Syndicate and its subsidiaries.

AM speciality insurance company Rating

ASIC has been assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent) by AM Best.

AM Best is a global credit rating agency that focuses exclusively on the insurance industry.

It assesses an insurance company’s creditworthiness, which refers to the likelihood that the company will default on its obligations.

AM Best’s ratings are based on a comprehensive evaluation of an insurer’s balance sheet strength, operating performance, business profile, and enterprise risk management.

AM speciality insurance company claims

ASIC has an in-house claims management company called AM Star Claims LLC.

It functions as a backstop and allows it to efficiently manage loss ratios and enhance ultimate combined ratios.

AM Star Claims has a team of experienced claims professionals who handle claims promptly and fairly.

They also collaborate with third-party administrators (TPAs) who have expertise in specific lines of business or geographic areas.

ASIC’s claims process is simple and transparent.

Customers can report claims online through ASIC’s website or by phone or email.

Customers can also track the status of their claims online or contact their assigned claims representative for updates.

ASIC strives to provide clear communication and resolution for every claim.

AM Specialty Insurance Company &other E&S carriers

ASIC is one of the many E&S carriers that operate in the US market.

E&S carriers are insurance companies that provide coverage for risks that are not acceptable or available in the standard or admitted market.

E&S carriers are not subject to the same regulations as admitted carriers, which gives them more flexibility and creativity in designing policies and pricing risks.

However, they are still subject to state oversight and taxation.

E&S carriers

Accredited Specialty Insurance Company

This is another Arizona-domiciled E&S carrier that was launched in 2020 by R&Q Accredited Europe, a Maltese-based insurance company that provides capacity to MGAs across the UK and Europe.

Accredited Specialty offers comprehensive program management solutions nationwide.

Crum & Forster Insurance

This is a New Jersey-based E&S carrier that has been operating since 1822.

It is part of Fairfax Financial Holdings Limited, a Canadian financial services holding company.

Crum & Forster offers speciality insurance products for various segments such as:

  • healthcare
  • environmental
  • real estate
  • energy
  • construction
  • professional liability
  • cyber liability
  • transportation
  • pet health
  • accident & health
  • surety bonds
  • workers’ compensation
  • umbrella & excess liability

Aspen Insurance

This is a Bermuda-based E&S carrier that was established in 2002.

Aspen Insurance Holdings Limited, a global provider of reinsurance and insurance products houses it.

Aspen Insurance offers speciality insurance products for various segments such as:

FAQs

What is speciality insurance?

Specialty insurance is a type of insurance that covers items, services, or risks that are unique or unusual and not typically covered by standard insurance policies.

For example, speciality insurance can cover boats, classic cars, antiques, firearms, or businesses that operate in high-risk industries.

Speciality insurance can provide protection against lawsuits, damages, losses, or other events that may affect the value or function of the insured items or services.

What is a specialist insurance company?

A specialist insurance company is an insurance company that offers speciality insurance products and services to its customers.

A specialist insurance company may have expertise in a certain niche or segment of the market, such as marine, environmental, real estate, or energy.

It may also have more flexibility and creativity in designing policies and pricing risks than a standard or admitted insurance company.

An excess and surplus (E&S) carrier or a non-admitted carrier also means A specialist insurance company.

Who owns the first speciality insurance?

First Specialty Insurance Corporation is an insurance company based in Kansas City, Missouri.

It provides marine, fire, and casualty insurance products to its clients.

It operates as a subsidiary of Swiss Reinsurance Company, a global provider of reinsurance and insurance products.

Shevawn and Simon Barder operate AM RE Syndicate Inc. which owns First Specialty Insurance Corporation.

The Borders have over 30 years of experience in successfully operating profitable businesses in the E&S market, with Lloyd’s of London expertise and training.

What is the difference between commercial and specialty insurance?

Commercial insurance is a type of insurance that covers businesses and their assets from various risks and liabilities.

Commercial insurance can include general liability coverage, commercial property insurance, commercial auto insurance, workers’ compensation insurance, and other types of business insurance policies.

A type of insurance that covers items, services, or risks that are not usually covered by standard or commercial insurance policies is called speciality insurance.

Specialty insurance can include marine insurance, business interruption insurance, cyber liability insurance, classic car insurance, and other types of niche or customized insurance policies.

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