Breckenridge EVP: New Underwriting Facility Will ‘Aggressively’ Expand Program Business

Specialty underwriting manager and wholesaler Breckenridge Insurance Group has plans to grow its program business through its newly launched Blue River Underwriters.

Blue River is a new unit that consolidates the management and underwriting of Breckenridge's 10 existing specialty programs with room to grow, said Joseph Filardo, executive vice president for programs of Breckenridge Insurance Group.

Filardo, who will also head up Blue River, said: "One of our key strategies from the onset was to be a program manager and underwrite speciality business on behalf of carriers. We're looking for new opportunities. We are open to new opportunities. Our goal is to aggressively grow program business."

Blue River is located at Breckenridge's suburban Atlanta headquarters, but the company will continue to operate underwriting centers in Fresno, Calif.; St. Louis; and Las Vegas.

"We like the speciality property area a lot, but we have our eye on professional liability and the transportation sector," Filardo said.

Program business is when the broker/underwriter has the exclusive, contractual right with an insurance carrier to market an insurance product for a particular class of business. For instance, Breckenridge has a program to underwrite workers' compensation coverage for new car dealers in California. Another program provides a package of property, inland marine, auto and general liability to artisan contracts, such as dry wall installers, electricians and plumbers, Filardo said.

With the formation of Blue River, Breckenridge plans to roll out additional programs throughout 2012.

Two veteran commercial property underwriters have been hired to run the business: Michael Marks as chief property underwriting officer and Jared Mathis as vice president. Both will be based in Kennesaw.

Marks joins Blue River Underwriters from a commercial insurance broker/program administrator where he managed a $25 million property portfolio. He also held executive positions with AIG and Markel. Mathis has held underwriting and account management positions with surplus lines/excess brokerage firms and, most recently, directed a $10 million commercial property portfolio for a managing general agent/program administrator.

In October, Breckenridge said the company was realigning and looking at additional acquisitions.

As part of the realignment, William A. Hildebrand was named president and CEO of Breckenridge Insurance Services, its brokerage division. Michael J. Eichhorn was named executive vice president and chief operating officer of Breckenridge Insurance Services. Hildebrand will identify and direct strategic initiatives and Eichhorn will manage operations.

Tracey Carragher, CEO of Breckenridge Insurance Group, said the move comes as the company realigns into three business segments: financial services; alternative risk and reinsurance; and property/casualty (Best's News Service, Oct. 21, 2011).

Breckenridge has acquired a number of entities in the past year, including Recentis Intermediaries, a specialty reinsurance broker and International Placement Services. Now in the final months of a two-year partnership, Breckenridge is poised to acquire Target Markets Program Administrators Association this year (Best's Review, June 2011).

(By Meg Green, senior associate editor, BestWeek: [email protected])