Max Specialty Acquires Commercial Guaranty

Max Specialty Insurance Company said it has acquired Commercial Guaranty Casualty Insurance Company, an insurance entity licensed to write business in all fifty states and the District of Columbia. Terms of the deal were not released.

Max Specialty, an excess and surplus lines carrier of Max Capital Group Ltd., said it expects that, after filing of the required corporate amendments and after regulatory review, Commercial Guaranty's name will be changed to Max America Insurance Company.

With the acquisition of Commercial Guaranty, Max Specialty said the acquired operation will primarily support Max Specialty's previously announced entry into inland and ocean marine underwriting.

Stephen J. Vaccaro Jr., president and chief executive officer of Max Specialty Insurance Company, said: “This acquisition gives the Max Specialty team, for the first time, the ability to write both admitted and nonadmitted business. We expect that ability to enable our producers to write more business for more customers, as some of our specialty products are best suited to the admitted marketplace.”

Richmond, Va.-based Max Capital Group Ltd., the parent company of Max Specialty Insurance, through its operating subsidiaries, provides specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers, and life and health insurers.