Alleghany Corporation announced Tuesday that it plans to combine the operations of its subsidiaries Capitol Insurance Companies and Professional Risk Management Services, Inc. under the leadership of Stephen Sills.
Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty and fidelity and surety markets. PRMS specializes in medical professional liability insurance programs and related risk management services.
The combined operations will write a diversified portfolio of specialty insurance coverages, Alleghany said in a statement.
Sills, who is currently executive chairman of PRMS, founded Darwin Professional Underwriters, Inc., a former subsidiary of Alleghany, in 2003 and served as its chairman, president and chief executive officer until 2008, when Allied World acquired Darwin.
Prior to Darwin, Sills founded Executive Risk Inc., where he served as chief underwriting officer from 1990 to 1996, and chief executive officer from 1997 to 1999.
Policies and bonds currently underwritten by Capitol, rated “A” (Excellent) by A.M. Best, will continue to be written on Capitol and Platte River paper. Policies underwritten by PRMS will continue to be written by Fair American Insurance and Reinsurance Company, which is also rated “A” (Excellent) by A.M. Best.
Alleghany is a holding company which owns and manages operating subsidiaries and investments. In addition to Capitol, Alleghany’s property/casualty subsidiaries include: Transatlantic Holdings, Inc., a leading global reinsurance organization; RSUI Group, Inc., a national underwriter of specialty property and liability insurance coverages; and Pacific Compensation Corporation, an underwriter of workers’ compensation insurance primarily in California.
Source: Alleghany Corporation