CapSpecialty® Acquires Renewal Rights to Maxum Excess & Surplus Lawyers Professional Business
NEW YORK, Sept. 9, 2019 /PRNewswire/ -- Capitol Indemnity Corporation, a wholly-owned subsidiary of CapSpecialty, Inc. (CapSpecialty), has acquired the renewal rights to Maxum Specialty Insurance Group's lawyer's professional liability insurance book of business. In conjunction with the transaction, Joseph Labieniec, and two additional employees have agreed to join CapSpecialty's professional liability team. CapSpecialty is an indirect wholly-owned subsidiary of Alleghany Corporation. Financial terms of the transaction were not disclosed.
Jack Sennott, CEO of CapSpecialty, commented, "By adding the Maxum E&S lawyers' professional liability book, the Company will further strengthen its presence in this important coverage segment, add additional underwriting talent and continue to build out our strong wholesale distribution focused professional liability business. "
Adam Sills, CapSpecialty's Head of Specialty Insurance added, "I have worked with Joe and his team in the past and know that they are excellent underwriters. We are thrilled to add them and this specialty book of business into CapSpecialty."
CapSpecialty, Inc. provides specialty insurance solutions for small and mid-sized business across the U.S. CapSpecialty's experienced management and underwriting teams come from top insurance companies and bring with them a wealth of knowledge and an innovative approach to risk, providing the pricing its customers need for the exposures they are trying to protect. CapSpecialty's affiliates, Capitol Indemnity Corporation, Platte River Insurance Company, and Capitol Specialty Insurance Corporation, offer a full inventory of specialty lines, including casualty, fidelity, surety, healthcare, professional lines and commercial property on both an admitted and non-admitted basis. CapSpecialty's affiliates are rated A (Excellent) by the A.M. Best Company.