Applied Underwriters Forms EU Subsidiary for Specialty Business in Europe, Middle East
Omaha-based insurer Applied Underwriters Inc. announced it has formed Applied Financial Lines Ltd., a new European subsidiary, which will operate from Paris and Cologne.
The new company will underwrite several specialty lines, including professional indemnity and directors and officers, in the European Union and in the Middle East.
Applied Financial Lines will work with a extensive wholesale broker and local retail agent network throughout the EU, Israel, and other countries in the region.
The announcement follows recent news that Applied Underwriters has acquired the renewal rights to StarStone’s financial lines book of business, which it said will provide a solid basis for the planned expansion and growth.
“Our strategic plans call for expansion into the EU and Middle East markets with a combination of the product mix we have secured via the StarStone acquisition, the hiring of top executives, and the situating of core underwriting staff in offices across the continent, beginning with Paris and Cologne,” said Steve Menzies, CEO of Applied Underwriters, in a statement.
Jeroen Claesen has been appointed to lead Applied Financial Lines, working from the company’s Paris office where the company is headquartered. Claesen had served as head of financial lines for StarStone and has had an extensive insurance career with Catlin and other leading companies.
“We will grow the enterprise substantially, intensifying our relationships with the brokerage community and refining our product offerings and services, with the established expertise that Applied Underwriters brings to the equation,” said Claesen.
Source: Applied Underwriters Inc.