The unit which is based in New York, the unit will focus on inland marine and ocean marine products, and is expected to begin writing business effective October 1.
Initially, according to Mr. Stephen Vaccaro, Max Specialty President and Chief Executive Officer, the division plans to use nonadmitted paper to underwrite policies with limits capped at $10 million. Minimum premiums and deductibles are about $2,000 and $5,000, respectively.
Michael Miller will serve as chief underwriting officer of the marine unit. Mr. Miller most recently served as senior vp and chief underwriting officer of Fireman’s Fund Insurance Co.’s specialty business unit, and previously served as chairman of the Inland Marine Underwriters Assn. from 2004 to 2006.