Business Moves
AmTrust, Swiss Re’s CyberComp
New York-based specialty property/casualty insurer AmTrust Financial Services, Inc. has agreed to acquire CyberComp, the Internet-based workers’ compensation business unit of Swiss Re, in a renewal rights transaction.
CyberComp serves small to medium-sized employers in 26 states through a network of 13 regional wholesale and 600 retail agencies.
In the 12 month period ending June 30, 2009, net written premium totaled $100 million.
CyberComp allows agents to enter data, get quotes and issue policies in minutes.
Barry Zyskind, president and CEO of AmTrust, said CyberComp is an “appropriate and complementary fit to our business.”
In 2006, Swiss Re purchased GE Insurance Solutions and the CyberComp platform.
Burns & Wilcox
Farmington Hills, Mich.-based wholesaler Burns & Wilcox has assumed the insurance business of Cambridge General Agency. In addition, Burns & Wilcox has hired a number of Cambridge’s employees. “This transaction strengthens our position in the West Coast marketplace,” said Alan Jay Kaufman, CEO of Burns & Wilcox. Cambridge was privately held with 50 employees in five offices throughout California.
Delos/Avoca
Delos Insurance Group and Avoca Insurance Holdings have launched a joint excess and specialty lines venture. The Boston-based underwriting management company will be known as Naxos Avondale Specialty Casualty Inc. It will be the exclusive E&S underwriting manager for Naxos Insurance Co., the E&S subsidiary of New York-based Delos Insurance Group. It will primarily focus on small to mid-sized specialty casualty lines. Business will be sourced through wholesale brokers, and the company will work with Avondale Insurance Associates.
Chris Maciejewski, most recently president of Aspen Specialty Insurance Co., will head Naxos Avondale. David Lewis, formerly with Aspen Specialty and The Hartford, will serve as chief underwriting officer.
USG Holdings
USG Holdings has launched AAU Comp, a new subsidiary headquartered in El Segundo, Calif., to offer workers’ compensation coverage and programs on a national basis.
Program manager AAU Comp expects its book of business to include retail and wholesale operations, the staffing industry, auto repair and affiliated services, trucking and fleet exposures, light to heavy construction risks, manufacturing, oil and gas, hotels, grocery stores, machine shops, restaurants, golf courses, wineries, and other classifications.
USG writes property/ casualty insurance coverages on a national basis, and has 11 offices nationwide.