AmRisc, a subsidia
ry of Alabama-based CRC Group and Truist Insurance Holding
s, has launched a r
eciprocal exchange,
initally writing in Fl
orida, Georgia, Alabama, California and Colorado, the company announced this week.
Calais Reciprocal Insurance Exchange is domiciled in Illino
is and plans to operate in all 50 states once licensing is comple
te, a company spokespe
rson said. The reciprocal has secured some $100 million in funding.
“We are pleased to announce the formation of Calais Reciprocal In
surance Exchange, w
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hich, alongside our existing high-quality carrier partners, will further al
low us to serve the coastal commercial E&S property market that w
e have supported for more
than 25 years,” AmRisc CEO Brian Reid said in a statement.
AmRisc will be the exclusive managing agent for Calais. The AM Be
st financial rating firm has assigned a financ
ial strength rating of A- (excellent) to the firm.
AmRisc, based in the Houston area, is one of the largest cat-focused MG
As and has specialized in underwriting coast
al commercial property. It has reported more than $2 billion in excess an
d surplus annual written premium. It was established in 2000.