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NEW YORK--Delos Insurance Co., a New York-based program business insurer, will broaden its offerings with the formation of a new excess and surplus subsidiary.
Naxos Insurance Co., based in New York but currently incorporated and licensed only in Delaware, will add significant value to Delos' current business platform by providing more flexibility, additional capacity and innovative underwriting, according to a statement from Delos.
The new company has an initial capitalization of $20 million and has not stated a premium volume target for the first year, a Delos spokeswoman said. Naxos Insurance is now seeking licenses in a number of states with the ultimate goal of being licensed in 50 states over the next two years, she added.
The new company has not targeted any specific risks it plans to cover, but will expand on what is already offered through Delos, the spokeswoman said.
Detlef Steiner, chairman of Delos Insurance, said underwriters at Delos have the expertise to manage unusual coverages and business found in surplus lines.
"We believe in the program business model and are proud to be able to offer the E&S platform to our partners," Mr. Steiner said in a statement. "Our underwriting expertise, world-class actuarial capabilities, as well as our long-term, stable relationships with high-quality managing general agents, will allow us to write significant program business utilizing this E&S platform."