Dellwood Insurance Group, a new player in the US excess and surplus lines (E&S) insurance market, has officially launched with $250m in financial backing.
The new company, launched by former AIG executives Michael Price and Kean Driscoll, is dedicated to serving wholesale brokers to cover SME risks.
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Dellwood’s entry into the market is supported by a consortium of reinsurance players such as PartnerRe, RenaissanceRe, Starr Insurance and Central Insurance.
Individual investors including Dominic Addesso, David Delaney, VJ Dowling, Jim Hays and Stone Point Capital principals also backed the new insurer.
The formation of Dellwood comes at a time when the E&S market has seen considerable growth, doubling in size since 2018.
This expansion is attributed to increased catastrophic activity and pressures from social and economic inflation.
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By GlobalDataAddesso will assume the role of non-executive chairman at the new venture.
Howden Tiger Capital Markets & Advisory and Foley & Lardner offered financial and legal advisory services to Dellwood, respectively.
Dellwood CEO Michael Price said: “The P&C [property and casualty] industry is at an inflection point, and we are poised to actively participate in the most attractive insurance market conditions in over 20 years. Having access to the intellectual and financial firepower of our strategic investors will serve us and our broker partners well as we navigate the challenging E&S marketplace.
“Our early investment in technology will streamline the underwriting and claims processes to drive profitable growth, operating efficiencies, exceptional service to our broker partners and customers, and a world-class experience for our colleagues.”
Dellwood president and CUO Kean Driscoll said: “The inflationary elements of the insurance cycle affect all businesses large and small. However, the SME segment is particularly challenging for our wholesale partners. Dellwood’s purpose-built underwriting platform will lead with a full suite of insurance products for the SME commercial market.”
In a separate E&S market development, last month Amwins announced a definitive agreement to buy Connected Risk Solutions, a wholesale E&S insurance brokerage.
