NYMAGIC INC. Acquires Professional Liability Business

New York — NYMAGIC INC., New York, acquired a book of professional liability insurance covering insurance agents, brokers and related professionals. The company purchased this book of business through its subsidiary, Mutual Marine Office Inc. (MMO) from West Berlin, N.J.-based Excel Underwriters Alliance Inc., effective March 1, 2008.

For more than 10 years, Excel has specialized in underwriting errors and omissions insurance policies for insurance brokers, agents and other related professionals. Excel was formed by David Wash, who has more than 15 years experience in this segment of professional liability insurance. Wash has been producing profitable business on behalf of MMO for more than six years.

In connection with acquiring the Excel book of insurance business, MMO entered into an agreement with Excel’s affiliate, Spirit Underwriters LLC, under which Spirit will act as MMO’s agent to further develop this line of insurance. This segment of professional liability business will be marketed using the servicemark BrokerPro. Working in conjunction with Spirit, MMO plans to maintain an informational Web site and to provide a free legal-assistance hotline for its policyholders. MMO plans to offer these support services as part of a comprehensive professional liability insurance product tailored to the needs of its insureds.

BrokerPro will complement MMO’s other lines of professional liability insurance coverage. These include professional liability coverage for accountants, lawyers, engineers, defense contractors, music producers, home inspectors, design professionals, financial representatives and many other non-medical-industry professionals.

Source: Business Wire