Axa XL unit, McGowan form entertainment MGU

Allied Specialty Insurance Inc., a unit of Axa SA’s property/casualty and specialty risk division Axa XL, and Cleveland-based The McGowan Cos. have formed McGowan Allied Specialty Insurance, a managing general underwriter providing coverage to the amusement and entertainment industries, the companies said Tuesday.

McGowan Allied will offer property/casualty coverage and loss control services to amusement parks, arcades, bowling centers, carnivals, concessionaires, fairs and festivals, family entertainment centers, firework events, miniature golf facilities, skating centers and waterparks, the companies said in a joint statement.

Thomas B. McGowan, president and CEO of The McGowan Cos, has been appointed president/CEO of McGowan Allied, the insurer said.

Lee Stacey, Cleveland-based president and CEO for McGowan Insurance, has been named co-president and CEO of McGowan Allied. Kym Tormey, Exton, Pennsylvania-based director of strategic operations at Axa XL, has also been named co-president and CEO of McGowan Allied.