AmRisc, a subsidiary of CRC Group, has launched an Illinois-domiciled, reciprocal insurance exchange, Calais Reciprocal Insurance Exchange, which has already been assigned a financial strength rating of A- (Excellent) by AM Best.
Calais is backed with $100 million of funding that will provide additional capacity for AmRisc’s coastal commercial E&S property insurance portfolio. Meanwhile, AmRisc will serve as the exclusive managing general agency for Calais.
Calais joins AmRisc’s existing carrier panel offering coastal commercial E&S property and California Difference in Conditions insurance.
This addition to AmRisc’s carrier panel will provide policyholders with diversified and dedicated capacity and enhance stability to dislocated coastal markets. Calais will benefit from AmRisc’s expertise in commercial property underwriting.
The transaction is funded by Stone Point Capital, CD&R and other financial and strategic investors.
Brian Reid, Chief Executive Officer, AmRisc, commented, “We are pleased to announce the formation of Calais Reciprocal Insurance Exchange, which, alongside our existing high-quality carrier partners, will further allow us to serve the coastal commercial E&S property market that we have supported for more than 25 years.”
Laura Beckmann, AmRisc’s President and Chief Operating Officer, added, “With the establishment of Calais, AmRisc is introducing a fresh source of capacity to the market for brokers while ensuring greater long-term stability for policyholders.”
Howden Capital Markets & Advisory acted as the exclusive financial advisor to AmRisc. Meanwhile, Willkie Farr & Gallagher LLP provided legal and regulatory counsel in this transaction.
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