HAMILTON, Bermuda--(BUSINESS WIRE)--Ariel Specialty will commence underwriting E&S property business on March 1st, 2015. Business will be written by Ariel Specialty via wholesale brokers only on a limited appointment basis and on behalf of Ariel’s Lloyd’s Syndicate 1910 (Lloyd’s S&P Rating A+ (Strong) and AM Best Rating A (Excellent)).
Ariel Specialty will offer up to $20M of limit for all risk, named storm and wind/hail property coverage on business with total insured values (TIV) in the range of $5M to $250M and with a focus on property in coastal areas of Florida and the broader South East Atlantic and Gulf coasts of the USA.
The business will operate with a seasoned team of underwriters under the veteran leadership of Colin Mayo, EVP and Chief Underwriting Officer, who commented that, “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.”
Chris Fisher, Chief Underwriter of Insurance at Ariel Re Bda, remarked that, “Colin and his new team are an excellent fit for Ariel as the group looks to grow its presence in the profitable US E&S marketplace. Colin’s well established reputation for putting bottom line underwriting profit before top line volume is a perfect match with Ariel’s approach to catastrophe exposed insurance business.”
Tom Hulst, CEO of Ariel Re Bda, went on to say that, “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. Ariel Specialty will further equip the Ariel group and its Lloyd’s Syndicate 1910 to successfully navigate the market and capitalize on growth opportunities as they present themselves.”