MGU Victor introduces insurance exchange
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Managing general underwriter Victor Insurance Managers LLC on Friday said it has launched Victor Insurance Exchange.
The exchange is intended to deliver additional U.S. property catastrophe capacity to existing and new policyholders of Victor’s subsidiary, International Catastrophe Insurance Managers LLC, or ICAT, a Victor statement said.
A reciprocal insurance exchange that is also registered in Delaware as a domestic surplus lines insurer, it expects to provide in excess of $200 million in written premium in its first year, according to an email from a spokeswoman.
ICAT will be the exclusive managing general agency and through its subsidiary, Boulder Claims, act as the third-party claims administrator. ICAT will also launch a coastal homeowners program serving policyholders in states along the Gulf and Atlantic coasts.
The exchange is owned by its policyholders and capitalized by a combination of surplus notes, member surplus contributions, and any retained future profits, the statement said.
The initial capitalization for the exchange will come from a surplus note wholly provided by Gallatin Point Capital LLC, a financial services and private investment firm.
