AXA XL forms new joint venture with McGowan Companies

AXA XL, the P&C and specialty risk division of re/insurer AXA, has entered into a joint venture with The McGowan Companies to offer insurance to amusement and entertainment industries.

Under the agreement, AXA XL's subsidiary Allied Specialty Insurance and McGowan will form a new entity, called as McGowan Allied Specialty Insurance.

McGowan Allied will offer property & casualty insurance coverage and loss control services to amusement parks, arcades, bowling centers, carnivals, concessionaires, fairs and festivals, family entertainment centers, fireworks, miniature golf facilities, skating centers, and waterparks.

Kym Tormey, who will head AXA XL's business interest in the new McGowan Allied joint venture, said: "Our new venture will offer the most experienced underwriting and the most attentive service in the Amusement/Entertainment space, underwritten by a subsidiary of one of the largest and most financially-stable insurance companies in the world."

Thomas McGowan, IV, president and CEO of The McGowan Companies, who has been appointed as president/CEO of the joint company, added: "Individually Allied and McGowan have built strong reputations in the Amusement and Entertainment industries. Now, with McGowan Allied, we're pulling together our underwriting expertise, industry experience, and resources so that we can leverage our collective strength to support and strengthen our clients' risk management plans. Together, we're creating a risk management resource that's unmatched in this market."