Xchange Benefits Launches Xchange Re Underwriting Agency, LLC
January 17 2023 - 8:30AM
Business Wire
New MGU signs agreement with United States
Fire Insurance Company to underwrite global accident and health
reinsurance coverage
Xchange Benefits LLC, a managing general underwriter owned by
Ambac Financial Group, Inc. (NYSE: AMBC), today announced it has
launched a reinsurance MGU, Xchange Re Underwriting Agency, LLC
(“Xchange Re”). The new entity, which is a wholly owned subsidiary
of Xchange Benefits, specializes in personal accident catastrophe
and special risk reinsurance and retrocession.
Xchange Re has signed a reinsurance underwriting management
agreement with United States Fire Insurance Company (“U.S. Fire),
which operates under the registered trademark of Crum & Forster
and has an AM Best rating of A (“Excellent”). Xchange Re will
underwrite worldwide accident and health (A&H) reinsurance
coverage, both non-proportional treaty and facultative/direct
excess of loss business, on behalf of U.S. Fire.
“We are thrilled to build upon our wide and longstanding
relationship with Crum & Forster,” said Peter McGuire, CEO of
Xchange Benefits. “We have seen a great deal of disruption in the
reinsurance market over the past year. We believe that this is an
excellent time to enter this marketplace, and we have established
Xchange Re to provide quality underwriting solutions to the
accident and health industry.
“Adding reinsurance underwriting to Xchange Benefits’ offerings
is a natural progression for Xchange and also capitalizes on the
deep industry experience within our company.”
Stephen Hitch, Senior Vice President of Underwriting, will lead
Xchange Re.
“We are very pleased that Stephen Hitch, a leading underwriter
in the accident and health reinsurance and retrocession market, has
taken on the role of heading up this new underwriting initiative,”
McGuire said. “Stephen is a highly respected lead underwriter with
over 25 years of underwriting experience within the London
reinsurance and retrocession market.”
Stephen Hitch, Senior Vice President of Underwriting:
“Xchange Re will offer global lead market capacity for accident and
health reinsurance programs. I look forward to offering beneficial
opportunities to all our future stakeholders via both old and new
relationships.”
Susan Silfen, Senior Vice President of Crum & Forster
A&H: “I am very excited to be expanding on our longstanding
and extensive relationship with Xchange Benefits. This is an
excellent time to be getting into the accident and health
reinsurance market, and the depth of underwriting acumen and
leadership within Xchange Re will make for a very successful
venture. We are looking forward to supporting Xchange Re’s growth
in this market segment.”
About Xchange Benefits
Founded in 2010, Xchange Benefits, LLC is a diverse group of
business units focused on the global insurance and reinsurance
industry. Led by a team who have industry leading experience,
Xchange Benefits underwrites, consults, creates products, creates
retail distribution, structures risk, transacts reinsurance,
advises on capital deployment and most importantly, listens to its
clients. Xchange Benefits is headquartered in Armonk, N.Y., and has
an office in Indianapolis.
For more information, visit Xchange Benefits on the web at
www.xbllc.com.
About Crum & Forster Accident & Health:
Crum & Forster,* rated A (Excellent) by AM Best (2022), is a
national commercial property and casualty group of insurance
companies wholly owned by Fairfax Financial Holdings Limited. Since
2000, Crum & Forster’s Accident & Health Division has
offered a diverse portfolio of specialty insurance and reinsurance
products nationwide. We place a strong focus on product development
and creative distribution methods, along with excellent client
service and support. In addition, our ability to provide
international Accident & Health solutions through our Cayman
Island captive facility as well as through various partnerships
within the Fairfax family demonstrates our dedication to providing
alternative strategies in an ever-changing insurance market.
Follow us on LinkedIn, Twitter and Instagram.
*The C&F logo, C&F and Crum & Forster are registered
trademarks of United States Fire Insurance Company.
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version on businesswire.com: https://www.businesswire.com/news/home/20230117005297/en/
Investors: Charles Sebaski Managing Director, Investor
Relations csebaski@ambac.com Media: Kate Smith Director,
Corporate Communications ksmith@ambac.com Hallie Harenski SVP
C&F Corporate Communications mediainquiries@cfins.com
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