Max Capital Forms U.S. MGU

Specialty insurance and reinsurance provider Max Capital Group Ltd. in Bermuda announced the formation today of Max Managers USA Ltd., a New York-based managing general underwriter.

The firm said its new MGU will underwrite policies written by Max Specialty Insurance Company, Max Capital's U.S.-based excess and surplus lines platform.

Max Capital also announced the appointment of Bernard "Buddy" Anckner as president-casualty of Max Managers USA, effective immediately.

The firm said Mr. Anckner had joined Max Capital's Bermuda-based operation in January 2003 and has more than 25 years of underwriting experience. In his new role, he will be based in Max Managers USA's New York office.

W. Marston "Marty" Becker, chairman and chief executive officer of Max Capital Group Ltd., said the formation of the MGU "is a further step in our efforts to serve a broader range of corporate, public-sector and other customers, and to serve our customers in a broader range of ways."

Stephen J. Vaccaro Jr., president and CEO of Max Specialty Insurance Company, added, "Max Managers USA is a natural complement to the specialty/niche-driven underwriting team we have assembled at Max Specialty."

Mr. Anckner, with "extensive underwriting experience at Max and elsewhere in the casualty segment of the business, will be an important member of that team," Mr. Vaccaro added.

The company said Max Managers USA will use Max Specialty Insurance Company paper and will initially focus on underwriting casualty insurance policies for clients in the health care industry.

It is expected, the firm said, that additional types of insurance offering protection aimed at other industries will be added over time.

In general, the Max Specialty policies underwritten by Max Managers USA will have lower attachment points than, and will thus complement, business currently being written by Max Bermuda, Max Capital's Bermuda operating company, it was explained.