BancInsure Reenters Marketplace; Will Rebrand

Oklahoma City-based BancInsure, a former provider of insurance to community banks that lost surplus as a result of the financial crisis, has reentered the marketplace with a new strategy focusing on non-financial customers and with a $30 million capital investment from its new owner, Foster Jennings Inc., a New York-based financial services holding company.

Oklahoma Insurance Department initiated administrative proceedings following BancInsure’s financial losses in 2011 and 2012. The issues were resolved after Foster Jennings acquired BancInsure from BMSI Holdings Inc. and made its capital investment, according to the company’s announcement. Separately, BancInsure’s community bank business was acquired by AmTrust Financial Services Inc.

BancInsure CEO Lisa Bays said all legal and administrative matters against the company have been dismissed.

The company will focus on the program distribution segment of the industry. Chief Operating Officer and Underwriting Head Michael Beasley said BancInsure has already been involved in the program market and seeks to provide “auto, general liability, property and surety coverages for a variety of programs – typically, accounts with between $3 million and $20 million in premiums.”

Beasley, who has 22 years’ experience in the property/casualty insurance industry, said that along with its new strategic focus, the company will soon have a new name.