AmRisc, LLC ("AmRisc"), a subsidiary of CRC Group, announced today that AmRisc has launched Calais Reciprocal Insurance Exchange ("Calais"), a reciprocal insurance exchange backed with $100 million of funding that will provide additional capacity for AmRisc's coastal commercial E&S property insurance portfolio.
Calais is domiciled in Illinois and has been assigned a financial strength rating of A- (Excellent) by AM Best. AmRisc will serve as the exclusive managing general agency for Calais.
Calais joins AmRisc's existing carrier panel offering coastal commercial E&S property and California Difference in Conditions insurance. Adding Calais to AmRisc's carrier panel provides policyholders with diversifying and dedicated capacity, and enhances stability to dislocated coastal markets. Calais will benefit from AmRisc's expertise in commercial property underwriting. The transaction is funded by Stone Point Capital, CD&R and other highly respected financial and strategic investors.
"We are pleased to announce the formation of Calais Reciprocal Insurance Exchange, which, alongside our existing high-quality carrier partners, will further allow us to serve the coastal commercial E&S property market that we have supported for more than 25 years," said Brian Reid, CEO of AmRisc. "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," said Laura Beckmann, AmRisc's President and Chief Operating Officer.
Advisors
Howden Capital Markets & Advisory acted as the exclusive financial advisor to AmRisc. Willkie Farr & Gallagher LLP provided legal and regulatory counsel in this transaction.
About AmRisc
AmRisc is a market leader in underwriting coastal commercial property insurance with over $2 billion in E&S annual written premium and over $600 million in admitted annual written premium. AmRisc partners with the world's leading insurance carriers to provide unmatched capacity to meet the complete specialty coverage needs of our customers. Established in 2000, AmRisc is a subsidiary of CRC Group. For more information, please visit www.amriscgroup.com.
About CRC Group
CRC Insurance Group, LLC, through its operating entities, is one of North America's leading independent wholesale specialty insurance distributors, delivering the broadest range of insurance solutions available in the marketplace today. With over 5,500 teammates in offices across the United States and Canada, CRC Group places more than $30B in annual premiums across property and casualty, and employee benefits. Learn more at www.crcgroup.com.
About Stone Point Capital
Stone Point is an alternative investment firm based in Greenwich, CT, with more than $60 billion of assets under management. Stone Point targets investments in companies across the global financial services industry and related sectors, and invests in alternative asset classes, including private equity through its flagship Trident Funds and credit through commingled funds and separately managed accounts. Stone Point Insurance Solutions, a focused platform within the firm, operates at the intersection of underwriting, asset management, and capital markets, partnering with investors to provide tailored capital and asset management solutions to the (re)insurance industry. For more information, please visit www.stonepoint.com.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice (CD&R) is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.