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Issue November 10, 2008 |
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NEW YORK—Wright Risk Management L.L.C. and Aquiline Capital Partners L.L.C. have partnered to form WRM America Holdings, a specialty lines property/casualty holding company that will focus on the insurance needs of the education market.
WRM America Indemnity will provide comprehensive education insurance programs to private and public schools, colleges and universities, the partners said last week. The company also plans to extend coverage to the national nonprofit and municipal markets.
Uniondale, N.Y.-based WRM America is licensed in 33 states, but initially will write business only in 18 states in the Northeast, Midwest and Southeast excluding Florida, said Steven Sims, president of WRM America Indemnity Co.
Mr. Sims said WRM eventually will write business nationwide.
Aquiline provided $75 million in capital for the partnership, a spokesman for the New York-based private equity firm said. WRM Indemnity, the underwriting subsidiary of the company, received a financial strength rating of A- from A.M. Best Co. Inc.
Wright Risk Management, an insurer and risk management consultant, also is based in Uniondale.
General and professional liability coverage limits are $25 million, Mr. Sims said, adding that property limits will be $300 million. Mr. Sims said WRM America's insurance program is unique in that the company understands the risk management and loss control issues associated with educational operations.
"We're incredibly focused on the reputational risks for schools and universities," Mr. Sims said, referring to shooting tragedies at Virginia Tech University, Northern Illinois University and Columbine High School as examples of areas where WRM offers services in risk management and safety planning. "We are very focused on pre- and post-loss containment," he said.
WRM currently manages the operations of the New York Schools Insurance Reciprocal and the New York Municipal Insurance Reciprocal. As a result, WRM America said it will not underwrite public entities in New York state.
For reprints of this story, please contact Lauren Melesio at 212-210-0707 or email lmelesio@crain.com
