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Former Scottsdale Insurance Co. President Mike Miller is forming a rival surplus lines insurer called Ategrity Specialty Insurance Co., he announced Friday.
Mr. Miller spent 20 years — the last 11 as CEO — at Scottsdale, which is now known as Nationwide Excess and Surplus and is the second-largest surplus lines insurer, before moving to a different role at parent company Nationwide Mutual Insurance Co. in 2015.
John Goodloe, another former Scottsdale executive who joined XL Group Ltd. in 2014 and Mesa Underwriters Specialty Insurance Co. in 2016, will be Ategrity Specialty’s chief underwriting officer of brokerage; and Joe Griffith, who worked at both Scottsdale and parent Nationwide, will be chief information officer.
According to an Ategrity statement, the company will be based in Scottsdale, Arizona.
“Ategrity Specialty will bring strong underwriting discipline enabled by leading digital technology capabilities to the marketplace. We look forward to partnering with the leading wholesale agents and brokers across the United States in the coming months,” Mr. Miller said in the statement.
An Ategrity spokesman confirmed that funding has been secured but no further details were available.
The announcement comes a few days before the Wholesale & Specialty Insurance Association’s Underwriting & Leadership Summit in Phoenix.
SAN DIEGO — A Conning Inc. report that documents that the cost of commercial insurance policies distributed through wholesalers is, in fact, less than those distributed through retail brokerage channels should help shatter a false myth, say excess and surplus lines executives.