The Delaware Department of Insurance approved plans this week by Max Re Capital Ltd. to acquire a U.S.-based excess and surplus lines company.
The company said the proposed new subsidiary is expected to complement the firm's existing insurance and reinsurance operations based in Bermuda and Dublin, Ireland.
Stephen J. Vaccaro Jr. will serve as president and chief executive officer of the unit based in Richmond, Va.
A 30-year veteran of the industry, Mr. Vaccaro worked at Essex Insurance Company, an affiliate of the Markel Corporation, from 1993 to 2004.
Max Re spokesman Roy Winnick said the entity to be acquired is a shell company domiciled in Delaware and an eligible surplus lines carrier in approximately 40 states.
Max Re said its new subsidiary will operate across two divisions, brokerage and managing general agency. Brokerage, to be headed by Jonathan Hahn, and MGA, to be headed by Bryan Sanders, will each offer property, inland marine, casualty, excess liability and umbrella insurance products.
Max Re said it expects to close the transaction to acquire the excess and surplus lines company shortly.
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