Applied Underwriters Announces Formation of Applied Specialty Underwriters, Names Christopher Day President of the New Company
Applied Specialty Underwriters will concentrate on Casualty E&S markets nationwide, initially focusing on New York construction risks
Omaha -- November 5, 2020 -- Steve Menzies, CEO of Applied Underwriters, today announced the creation of Applied Specialty Underwriters, LLC to focus on select Casualty E&S risks across the country, with an initial focus on large construction in New York. Christopher Day, CPCU, has been named President of the new company and will be joined by 11 veteran underwriters in the sector to spearhead Applied Specialty’s development. The Company has identified General Liability, Excess Liability, and Workers’ Compensation for New York construction as its initial offerings. Applied Specialty is presently appointing wholesalers who, in turn, will work with independent agents and brokers to provide the Company’s innovative, customized products and services to businesses.
According to Mr. Menzies, the current market segment’s needs and the applied strengths of the assembled team at Applied Specialty will create a new force in the marketplace. “Our year-long research, together with business and broker demand, have led us to create Applied Specialty and to offer the coverages, formats, and pricing they seek for several specialized lines. The naming of Christopher Day to head this effort signifies our commitment to our partners across the nation to provide the leadership and market expertise of an experienced, accomplished underwriting professional. Chris has a solid track record as a business developer and multi-product line professional who will now have the advantages of collaborating with an additional eleven sector-focused underwriters and the overall support of our operational staff in Omaha to serve what we believe will be a large, appreciative clientele over the years ahead,” Mr. Menzies stated.
Mr. Christopher Day noted that Applied Specialty has already begun to operate in its target market space and information can be found at its website, specialty.auw.com. “Our professional staff has begun to undertake customized solutions with our brokers, and we have started to accept submissions for New York multi-line construction wrap-ups, renewable general contractor policies and construction excess liability placements. Applied Specialty is on its way to a major position in our segments of the insurance marketplace,” Mr. Day said.
Mr. Christopher Day, CPCU, has held a succession of top positions in the Property and Casualty field during his 28-year career in which he has been responsible for more than $2.5 Billion in premiums. Most recently, he served as President of the Casualty Group at Tokio Marine HCC and, before that, as President, Primary Casualty, for Navigators Group, Inc. Mr. Day had also served as National Product Director - Specialty Primary Casualty for Fireman’s Fund Insurance Company. He holds degrees from Loyola University of Chicago, Graduate School of Business (MBA), and from Denison University (BA, History and Geology) where he captained the swim team. Mr. Day has earned the Chartered Property Casualty Underwriter designation and has participated actively in many industry and charitable groups, notably the Ann and Robert H. Lurie Children's Hospital of Chicago where he has volunteered for many years.
The founding of Applied Specialty follows other transactions earlier this year as Applied Underwriters acquired Blue Ridge Specialty Group of Greenfield, South Carolina, a managing general underwriter specializing in trucking-related risks, and acquired the Centauri group of companies from its primary shareholder AXA/XL.
For further information contact:
Ryan Gerding, Public Relations, at +1 (913) 602-8531 or at firstname.lastname@example.org.
About Applied Underwriters
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance, and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates throughout the U.S. from its operational headquarters in Omaha, Nebraska.
Ratings issuer AM Best has affirmed the Financial Strength Rating of ‘A’ (Excellent) and Long-Term Issuer Credit Ratings of ‘A’ of five companies collectively referred to as North American Casualty Group (NAC). The companies with the affirmed ratings are: California Insurance Co. (CIC), Continental Indemnity Co., Illinois Insurance Co., Texas Insurance Co. and Pennsylvania Insurance Co. All companies are domiciled in Santa Fe, New Mexico. NAC’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed at the strongest level, and AM Best expects it to remain at a similar level in prospective years. Balance sheet strength also benefits from the company’s strong liquidity profile, conservative investment strategy, and disciplined reserving. The ratings agency said NAC has a track record of “strong operating earnings, underpinned by its robust underwriting performance” and demonstrated by a five-year average return on equity ratio of 13.1% and a combined ratio averaging 75% (2015-2019).