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Max Re to launch surplus lines unit


RICHMOND, Va.—Max Re Capital Ltd. is setting up a U.S. excess and surplus lines unit, the company announced Thursday.

Max Re's new subsidiary, to be called Max Specialty Insurance Co., is expected to launch in the first quarter of 2007. The unit will be based in Richmond, Va., with regional offices in Atlanta, Philadelphia, and San Francisco.

Stephen J. Vaccaro has been named president and chief executive officer for Max Specialty.

Max Re has existing insurance and reinsurance operations in Hamilton, Bermuda and Dublin, Ireland.