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In 2008, Cincinnati began writing excess and surplus lines insurance under a new subsidiary called the Cincinnati Specialty Underwriters Insurance Company. [citation needed] MSP Underwriting, a global specialty underwriter, was acquired in February 2019, and was rebranded Cincinnati Global Underwriting Ltd. on May 1, 2019.
The company was founded in 2006, with more than $1 billion in equity, by Robert Clements and his son John Clements, two long-time insurance investors. [ 7 ] [ 8 ] [ 9 ] Ironshore named Kevin Kelley as CEO in December 2008.
In 1999, the company acquired Texas-domiciled National Specialty Insurance Company (NSIC), an insurance company then licensed to write business in 21 states, and later expanded its licensing to 50 states and D.C. In 2006, the company formed Delaware-domiciled United Specialty Insurance Company (USIC) to write coverage on an excess and surplus ...
Although surplus line insurers are still regulated by the states (or countries) in which they are actually admitted, the disadvantages of obtaining insurance from a surplus line insurer are that the policy will usually be written on a nonstandard form (that is, not from the Insurance Services Office), and if the insurer collapses, its insureds ...
Surplus lines insurance is insurance—typically by an unadmitted, out-of-state insurer—for risks deemed too great for full insurance by more traditional insurers. A person buying surplus lines insurance does so as a supplement to whatever limited insurance coverage for that risk is available from standard insurers, and typically must go ...
[10] [9] In 2002, they acquired Fulcrum, [11] an excess and surplus lines underwriter [12] from Scor. [13] In 2003 they acquired Grocers from Royal & Sun Alliance USA, [14] expanding their Great Central platform. In 2005 they acquired the renewal rights to business formerly written by Interstate Insurance Group, subsidiaries of Fireman’s Fund ...
In 2020, The company launched its insurance subsidiary, Fortegra Specialty Insurance Group, providing excess and surplus lines products. [ 12 ] [ 13 ] [ 14 ] In 2023, The Specialty Insurance Group partnered with Rockwood Programs and launched Bankers Defender, a program to assist bankers, brokers, and asset-based lenders..
This segment provides workers’ compensation, general liability, commercial auto liability, excess surplus lines insurance programs and other specialty commercial property and casualty insurance through managing general agents.