Insurance management company Wright Risk Management has joined forces with a private equity firm headed by former Marsh & McLennan Companies CEO Jeff Greenberg to launch a new insurer offering a coverage package for all property-casualty risks faced by schools and colleges.
"Aquiline is excited to be partnering with Wright Risk Management to expand its franchise throughout the rest of the United States," said Mr. Greenberg, now managing principal and chief executive of New York-based Aquiline Capital Partners.
The new specialty lines property-casualty insurer, called WRM America Holdings, said its programs are designed to eliminate coverage gaps and the inconvenience of obtaining quotes from multiple carriers, enabling school officials to manage education market risk including property, general liability, workers' compensation, educators legal liability, commercial auto, bonds, fiduciary and excess catastrophe.
WRM America, after initially providing products for the education market, eventually plans to grow into the not-for-profit and municipal markets nationally, its backers said.
Since WRM currently manages the operations of the New York Schools Insurance Reciprocal pool and the New York Municipal Insurance Reciprocal, WRM America said it will not underwrite public entities in New York State.
WRM America, based in Uniondale, N.Y., will provide comprehensive education insurance programs to private and public schools for kindergarten through 12th grade, as well as colleges and universities, the firm said.
WRM America Indemnity, the underwriting subsidiary of the company, has received a financial strength rating of "A-minus" (Excellent) from A.M. Best, the company said.
Wright Risk Management, the announcement said, has become a wholly-owned subsidiary of WRM America, and will provide WRM America and its other subsidiaries with a full range of services, including underwriting, marketing, administrative, accounting, information technology, risk management, and claims management infrastructure. It will also extend on a national scale the model Wright Risk Management has successfully built in New York State.
Wright Risk Management was founded in 1978 by William J. Fishlinger. The company said Mr. Fishlinger will serve as chairman and chief executive officer of WRM America.
Gerard P. Elicks, president of Wright Risk Management since 2000, will continue in that role. Steven Sims will serve as president of WRM America Indemnity. Mr. Sims, before joining WRM, was executive vice president with Willis Programs in Portsmouth, N.H.
"WRM America is an opportunity for us to bring our products and services to specialty markets throughout the United States through a network of brokers and agents," Mr. Fishlinger said in a statement.
He added that the management believes "our risk financing, underwriting, claims management and risk management methodologies–which have been highly effective and successful with the insurance vehicles we currently manage–will be well received by the broader American educational community."
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