February 05, 2009
BOULDER, CO – North American Capacity Insurance Company (“NAC”), a member company of the Swiss Re Group, has teamed up with International Catastrophe Insurance Managers, LLC (“ICAT Managers”), a subsidiary of ICAT Holdings, LLC and the Underwriting Division of ICAT Syndicate at Lloyds of London 4242 (“ICAT Syndicate 4242”), to provide additional per risk cat capacity to the E&S market.
NAC is a surplus lines carrier authorized to write in 49 states, the District of Columbia, Puerto Rico and the Virgin Islands. Headquartered in Manchester, New Hampshire, the company is rated “AA-” by Standard & Poor’s and “A+” by A.M. Best. ICAT Managers is a focused specialty underwriter of commercial and residential properties located in catastrophe exposed regions of the United States.
The relationship brings together two highly specialized and disciplined underwriting companies. NAC provides ICAT Managers additional excess capacity to focus on risks with total insured values up to $50 million. Target occupancy classes will mirror current ICAT classes including apartments, condominiums, hotel & motel, municipalities, offices, schools, etc. Target capacity will be $25 million with larger limits considered.
“NAC teaming up with ICAT Managers in underwriting catastrophe business is an exciting opportunity”, said Sam Ramsey, Vice President of Commercial Underwriting at ICAT Holdings.
ICAT is a specialty insurance underwriter of small and middle market commercial properties that are located in catastrophe-exposed regions of the Untied States. ICAT Holdings, LLC writes business as Underwriters at Lloyds of London (ICAT Syndicate 4242). ICAT underwrites on behalf of ICAT Syndicate 4242 of Lloyd’s of London (rated “A” (Excellent) by A.M. Best Company, “A+” (Strong) by Fitch Ratings, and “A+” (Strong) by Standard & Poors). The Company also underwrites on behalf of ICAT Specialty Insurance Company and other insurance companies. Additionally, ICAT is the claims administrator for the Mississippi Windstorm Underwriting Association. For more information, call 303-447-1155 or visit www.icat.com.
VP Commercial Underwriting