Applied Underwriters to Acquire Blue Ridge of South Carolina
Blue Ridge Specialty Group of Greenfield, South Carolina, a managing general underwriter specializing in trucking -related risks, has been acquired by Applied Underwriters, according to Applied Chairman and CEO Steve Menzies.
Blue Ridge, which works with agents and brokers, will retain its operations in South Carolina; the company will continue to be headed by its principals and co-founders, Mike Gordon and Shane Dennie.
Menzies said the addition of Blue Ridge sets complementary services into combination as Applied continues its expansion into the property/casualty insurance space.
Applied Underwriters acquired Centauri Specialty Managers on March 31, 2020 from its primary shareholder AXA/XL, and third party administrator Siebels-Bruce. As part its purchase of CSM, Applied Underwriters also has an exclusive option to buy the Centauri holding company’s two insurance carriers Centauri Specialty Insurance Co. and Centauri National Insurance Co. Applied said it plans to complete the acquisition of the Centauri carriers upon regulatory approval later this year. The acquisition was structured in steps, with the first step completed on March 31, to ensure the continuity of Centauri’s Demotech A rating, according to Applied.
Applied, known as a workers’ compensation expert, said it will use the Centauri companies to expand nationally into other lines of property/casualty insurance. Centauri writes residential property, commercial lines, flood and other lines.
Applied Underwriters is a global risk services firm offering business services, insurance, and reinsurance solutions. Applied Underwriters operates throughout the U.S. from its operational headquarters in Omaha, Nebraska.
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