Applied Underwriters has announced the fully operational opening of American Atlantic Assurance Company’s underwriting facilities.
Headquartered and domiciled in Malta, the new enterprise is to start underwriting on January 1, 2025.
The ‘A-‘ rated (AM Best) company, part of North American Casualty group, will support affiliated business divisions to provide property and casualty coverage throughout the European Union.
Steve Menzies, Chairman and Founder of Applied Underwriters, emphasised the strategic significance of the new enterprise for several key divisions within the company, including Applied Financial Lines, Applied Credit Underwriters, and Applied Crisis Underwriters, with offices Paris, Cologne, London, and New York.
He stated: “American Atlantic Assurance will begin operations and immediately pick up all new and renewal business in 2025 from our financial lines portfolio of management liability and professional indemnity business.
“Throughout 2025, the company will facilitate our New York and London based growing global book of political risk insurance coverages that focus on property damage, business interruption, and liability. We will also deepen our collaboration with Applied Credit Underwriters in London, a growing underwriter of structured credit, contract frustrations, and political risks.”
Jeroen Claesen, President & Chief Underwriting Officer for Applied Financial Lines in the EU and Middle East, noted the complementary operational aspects among the divisions.
Claesen said: “We have already initiated steps to ensure a seamless transition for our existing customers and expect dramatic improvements overall that come from the vantage point of long-term stability, aligned strategic values across platforms, and of a creative management organization. I foresee excellent delivery of resources for our customers in 2025 and beyond.”
Menzies concluded: “We are diligently deploying resources to support our global partners’ burgeoning businesses in fulfillment of our long-term strategic growth blueprint. Our outlook for the next few years, for nearly all of our lines of business worldwide, is very optimistic.”
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