Surplus lines insurer Ategrity names CEO
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Ategrity Specialty Insurance Co. said Wednesday that founding CEO Mike Miller will step away from the excess and surplus lines insurer and be replaced by current Deputy CEO Justin Cohen on Jan. 1.
Mr. Cohen has been tapped to succeed Mr. Miller since the summer of 2021, an Ategrity statement said.
Mr. Cohen is also an executive at Zimmer Partners LP, a private equity firm that has invested about $300 million in Scottsdale, Arizona-based Ategrity.
Ategrity was formed in 2018 by Zimmer and Mr. Miller, who was previously CEO of Scottsdale Insurance Co.
In November 2021, A.M. Best Co. changed the outlook for its A- rating of parent company Ategrity Specialty Holdings LLC and its subsidiaries from stable to negative, citing concerns over underwriting volatility and saying that a change in strategy with less inherent volatility still needed to be proved beneficial. Best’s outlook for the insurer remains listed as negative.
