AmRisc, a subsidiary of CRC Group, has launched Calais Reciprocal Insurance Exchange to strengthen its coastal commercial property insurance offerings. 

The exchange, domiciled in Illinois, US, is backed by $100m in funding to provide additional capacity for AmRisc’s excess and surplus (E&S) property insurance portfolio.  

AM Best has assigned Calais a financial strength rating of A- (Excellent), according to a statement from CRC Group, a US-based specialty insurer. 

AmRisc will act as the exclusive managing general agency for Calais, which joins AmRisc’s existing panel of carriers that offer coastal commercial E&S property and California Difference in Conditions insurance.  

The transaction was funded by Stone Point Capital, CD&R, and other financial and strategic investors. 

AmRisc was advised by Howden Capital Markets & Advisory, which served as the exclusive financial advisor, while Willkie Farr & Gallagher provided legal and regulatory counsel. 

AmRisc CEO Brian Reid “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.”  

The addition of Calais is expected to provide policyholders with a broader range of options in coastal regions. 

AmRisc president and COO Laura Beckmann stated: “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.”  

Established in 2000, AmRisc specialises in underwriting coastal commercial property insurance, with more than $2bn in E&S annual written premium and over $600m in admitted annual written premium, to date.  

Last month, CRC Group acquired ARC Excess & Surplus, a specialist wholesale insurance distributor.