Ryan Specialty launches new MGU to innovate ‘distressed’ auto market

Ryan Specialty Group has launched a new managing general underwriter (MGU) offering an “innovative” alternative solution to traditional insurance in a challenging buffer layer auto liability excess market.

Dubbed AXSAL Re, the member-owned group captive managing general underwriter is designed specifically for transportation companies or other insureds with large fleets. It is managed by Keystone Risk Partners,  Ryan Specialty’s specialist in risk placements, which it  acquired at the end of last year. AXSAL Re is distributed through insurance brokers and agents.

“The team at  Keystone Risk Partners has developed AXSAL Re to provide value and innovation to this distressed market,” said Kieran Dempsey (pictured), chief underwriting officer of  Ryan Specialty and president of Ryan Alternative Risk.

“This auto liability managing general underwriter is focused on offering an alternative solution to traditional insurance, allowing insureds buffer layer stability for the balance of the excess tower that follows. It is an innovative solution at the right time in the market.”

Andy Lewis, CEO of Keystone Risk Partners, added: “We are very excited for this offering and know that it is the right solution for many transportation and large fleet companies. The state of the excess commercial automobile market is strained and is demanding alternatives for their insurance. AXSAL Re is an interesting and innovative option that has been developed from this strong need.”

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