What's Happening?
A new specialty insurance company, 1889 Specialty Insurance, has been launched in Charlotte, North Carolina. The company aims to offer professional lines coverage and management liability policies to small
and medium-sized insurance companies, brokers, financial institutions, and asset managers. Led by Blair Bartlett, a former vice president for financial institutions at Crum & Forster, the launch is backed by Beat Capital Partners, a subsidiary of Ambac Financial Group. Policies will be written on an excess and surplus basis and distributed through wholesale channels.
Why It's Important?
The launch of 1889 Specialty Insurance represents a significant development in the insurance industry, particularly for small and medium-sized enterprises. By providing specialized coverage and management liability policies, the company addresses a niche market that may have been underserved. This initiative could lead to increased competition and innovation within the insurance sector, potentially benefiting financial managers and institutions seeking tailored insurance solutions. The backing by Beat Capital Partners further strengthens the company's position, offering robust risk capital and underwriting support.
