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Ryan Specialty Group Holdings Inc. on Wednesday said it had formed a group captive that will offer $2 million in buffer layer capacity for auto liability risks.
AXSAL Re, which is managed by Ryan Specialty unit Keystone Risk Partners, is a member-owned group captive managing general underwriter designed for transportation companies or other policyholders with large fleets, a Ryan statement said.
AXSAL Re will distribute through insurance brokers and agents. The buffer layer is usually the layer between primary and excess layers.
The $2 million buffer layer auto liability limit can attach above a minimum of a $1 million primary policy. The product is designed to attach in the most challenging layer within the first $10 million of an auto liability tower, according to an email from Doug Deitch, president of Keystone Risk Partners.