Breckenridge Forms Program Business Underwriting Facility; Expands Commercial Property Operations

KENNESAW, Ga., Jan. 9, 2012 (GLOBE NEWSWIRE) -- Breckenridge Insurance Group, a specialty underwriting manager, wholesale broker and insurance services company, has formed Blue River Underwriters, which will manage and underwrite the Breckenridge portfolio of specialty program business.

Breckenridge will open the commercial property program underwriting facility in its suburban Atlanta headquarters although the company will continue to operate underwriting centers in Fresno, CA; St. Louis; and Las Vegas. The company also hired two veteran commercial property underwriters: Michael Marks as chief property underwriting officer and Jared Mathis as vice president. Both will be based in Kennesaw.

Breckenridge currently markets 10 insurance programs in specialty markets to retail insurance agents and brokers. In a program, the broker/underwriter has the exclusive, contractual right with an insurance carrier to market an insurance product for a particular class of business. With the formation of Blue River, Breckenridge will roll out additional programs throughout 2012.

Joseph Filardo, executive vice president for programs of Breckenridge Insurance Group, the parent company of Blue River Underwriters, will head up Blue River. Filardo said that with the formation of Blue River, "Breckenridge will be able provide greater efficiencies and expertise to its program underwriting brokerage clients and insurance carriers."

Rick Parsons, senior vice president of Breckenridge Insurance Group said, "Blue River will enable Breckenridge to accelerate its growth in the program business sector especially with the expertise in the commercial property markets that Michael and Jared bring to our organization."

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.

About Breckenridge Insurance Group

Breckenridge Insurance Group is a specialty underwriting manager, wholesale insurance broker, program manager and insurance services firm with offices throughout the United States. Among its operating companies are OSC, a lender-placed wholesale insurance broker, and a financial risk management and technology firm based in Kennesaw Ga.; Breckenridge Insurance Services, its wholesale brokerage operations with its hub in St. Louis; BreckRe and Breckenridge Enterprise Alternative Risk Services, its reinsurance and alternative risk/captive management operation based in New York City; and the Target Markets Program Administrators Assn., based in Wilmington DE. Target Markets, with a membership of more than 240 Program Administrators and 60 insurance carriers that offer programs, is the fastest growing insurance trade association in the United States.

The Breckenridge Insurance Group logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11356

CONTACT: News Media Contact:          Jack Roberts, New Street Group          (215) 965-7887          [email protected]           Joseph P. Filardo CPCU, ARM          Executive Vice President - Breckenridge Insurance Group          Office: (503) 946 8301          [email protected]

Source: Breckenridge Insurance Group