AmRisc, a subsidiary of Alabama-based CRC Group and Truist Insurance Holdings, has launched a reciprocal exchange, initally writing in Florida, Georgia, Alabama, California and Colorado, the company announced this week.

Calais Reciprocal Insurance Exchange is domiciled in Illinois and plans to operate in all 50 states once licensing is complete, a company spokesperson said. The reciprocal has secured some $100 million in funding.

“We are pleased to announce the formation of Calais Reciprocal Insurance Exchange, which, alongside our existing high-quality carrier partners, will further allow us to serve the coastal commercial E&S property market that we 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 Best financial rating firm has assigned a financial strength rating of A- (excellent) to the firm.

AmRisc, based in the Houston area, is one of the largest cat-focused MGAs and has specialized in underwriting coastal commercial property. It has reported more than $2 billion in excess and surplus annual written premium. It was established in 2000.

This article was originally published by Insurance Journal.