AmRisc adds to commercial E&S property offerings with Calais reciprocal launch

By Chris Munro

June 18 - (The Insurer) - AmRisc has added to its coastal commercial E&S property insurance capabilities with the launch of Calais Reciprocal Insurance Exchange, a startup backed by $100 million of capital provided by Stone Point Capital and CD&R, among others.

Calais is domiciled in Illinois and has been assigned a financial strength rating of A-minus by AM Best. CRC Group-owned AmRisc serves as the exclusive managing general agency for the reciprocal exchange.

AmRisc said adding Calais to its carrier panel provides policyholders with diversifying and dedicated capacity, while it also enhances the stability to dislocated coastal markets.

Howden Capital Markets & Advisory acted as the exclusive financial advisor to AmRisc, while Willkie Farr & Gallagher LLP provided legal and regulatory counsel in the transaction.

Brian Reid, AmRisc’s CEO, said Calais’ formation, alongside the company’s existing carrier partners, “will further allow us to serve the coastal commercial E&S property market that we have supported for more than 25 years.”

“With the establishment of Calais, AmRisc is introducing a fresh source of capacity to the market for brokers while ensuring greater long-term stability for policyholders,” added Laura Beckmann, AmRisc’s president and chief operating officer.

The startup is the latest addition to AmRisc's existing carrier panel that collectively provide capacity to its coastal commercial E&S property and California difference in conditions insurance offerings.

The reciprocal exchange will provide a further opportunity for AmRisc to build upon the $2 billion in E&S written premium and more than $600 million in admitted written premium that the MGA underwriters each year.