AXA XL and McGowan create amusement and entertainment insurance JV
Allied Specialty Insurance, a subsidiary of AXA XL, has entered into a joint venture with The McGowan Companies to form McGowan Allied Specialty Insurance.
McGowan Allied serves the amusement and entertainment industries, offering property and casualty insurance coverage and loss control services. Potential customers include amusement parks, arcades, bowling centers, carnivals and waterparks.
Thomas McGowan, president and CEO of The McGowan Companies, has been named president and CEO of McGowan Allied, with Lee Stacey, formerly of McGowan Amusement, and Kym Tormey, director of strategic operations at AXA XL, leading day to day operations.
Tormey said the JV offers “the most experienced underwriting and the most attentive service in the amusement/ entertainment space, underwritten by a subsidiary of one of the largest and most financially-stable insurance companies in the world."
Thomas McGowan described the new venture as a “risk management resource that's unmatched in this market."
He added: "Individually Allied and McGowan have built strong reputations in the amusement and entertainment industries. Now, with McGowan Allied, we're pulling together our underwriting expertise, industry experience, and resources so that we can leverage our collective strength to support and strengthen our clients' risk management plans.”