Bermuda veterans launch new E&S insurer Dellwood with SME focus
Former Validus CEO Kean Driscoll and Michael Price, previously Arch’s chief underwriting officer, have launched a new excess and surplus P&C insurer. The industry veterans have formed Dellwood Insurance Group with Over $250 Million in capital.
The new US excess and surplus lines (E&S) insurance holding will focus exclusively on wholesale brokers and emphasising small and middle enterprise (SME) risks. Its backers include Bermuda’s RenaissanceRe and PartnerRe, as well as Starr Insurance, Central Insurance, and individual
Investors, including Dominic Addesso, David Delaney, VJ Dowling, Jim Hays, and principals from Stone Point Capital.
Price, who joined AIG after Arch and was CEO for North America general insurance until last June, serves as chief executive officer for Dellwood. Kean Driscoll, who also joined AIG after Validus, and served as global chief underwriting officer (CUO), is president and CUO of the new group. Adresso, will serve as the company’s non-executive chairman.
“Both Michael and Kean have proven track records building profitable underwriting businesses and successfully managing through varying market cycles. They are extremely well-respected in the P&C industry, and the investor group is excited to back them in this venture,” Adresso said.
According to Price, the P&C industry is at an “inflection point”.
He said: “[W]e are poised to actively participate in the most attractive insurance market conditions in over 20 years. Having access to the intellectual and financial firepower of our strategic investors will serve us and our broker partners well as we navigate the challenging E&S marketplace.”
He added: “Competing in the SME segment of the E&S market requires rapid response and strong service capabilities. Our early investment in technology will streamline the underwriting and claims processes to drive profitable growth, operating efficiencies, exceptional service to our broker partners and customers, and a world-class experience for our colleagues.”
According to the company, the E&S market has doubled in size since 2018, driven by heightened CAT activity and social and economic inflation. The inflationary elements of the insurance cycle had proved particularly challenging for the SME segment and its wholesale partners, Driscoll said.
“Dellwood’s purpose-built underwriting platform will lead with a full suite of insurance products for the SME commercial market. We are confident that these capabilities, matched with disciplined underwriting, will appeal to wholesale brokers, who need alternative approaches, particularly for smaller, hard-to-place risks,” he said.
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