The GMAC Insurance Group in Detroit said it will start up an excess and surplus lines property business at the beginning of next year.
The operation will focus specifically on large property schedules and complex risks that are difficult to place in the traditional market.
Starting Jan. 1, Strategic Risk Specialists will become a business unit of GMAC RE Corp., which is based in Mt. Laurel, N.J.
With the cooperation and agreement of Fairfax Financial Holdings Ltd. and Clarendon Insurance Group, the Fairfax Special Risks Operation Property team will become full-time employees of GMAC RE.
Steve Brett, formerly chairman and chief executive officer of Special Risk Operations at Fairfax, will become leader of the new unit, which will be based in Napa, Calif.
GMAC said Fairfax will support the Strategic Risk Specialists team as a quota share reinsurer and will also assist in transitioning the operations to GMAC RE.
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