Programs Plus Transitions to Ascot Specialty Insurance
Programs Plus, Inc., along with Innovative Risk Management, Inc. (IRM), has made a strategic decision to shift their preferred habitational program to Ascot Specialty Insurance Company. This change is aimed at enhancing their service offerings while maintaining a focus on market needs. Ascot boasts an AM Best rating of A (Excellent) XIV, reflecting their strong financial performance and stability.
Unchanged Risk Approach and Market Presence
Stuart Stagner, managing director of IRM, stated, "There will be no changes to our current risk appetite, market presence, or pricing approach. All new and renewal business effective will transition to Ascot." This demonstrates a commitment to continuity and satisfaction among their clientele. The long-standing partnership with the Ascot syndicate has played a crucial role in enabling Programs Plus and IRM to strengthen their relationship.
Thanks to Previous Partner
In the transition, Ari Chester, head of specialty lines at Argo, expressed gratitude for the relationship they’ve built with Programs Plus since 2017. Chester noted, "As we have reset our strategy, we determined that fronting for habitational property is not a strategic priority for Argo, so we are pleased to support IRM’s transition to a new partner." This reflects the professional integrity that exemplifies the insurance industry.
Ascot's Strategic Commitment
Matt Kramer, chief executive officer of Ascot U.S., emphasized the significance of the Captive/Alternative Risk Transfer market in Ascot’s growth strategy. He mentioned, "The market is evolving, and our offerings must align with these changes." Programs Plus and IRM are set to work closely with Ascot to create innovative coverage solutions that meet the unique needs of their clients.
About Programs Plus and Innovative Risk Management
Programs Plus functions as a specialized program manager focusing on the distinctive needs of the habitational space, providing comprehensive insurance solutions designed for apartments, condo, and townhouse associations. The coverage includes property, inland marine, crime, equipment breakdown, and general liability, catering to diverse insurance needs.
About One80 Intermediaries
One80 Intermediaries is a private firm with a wide-reaching presence across the US and Canada. Recognized as a prominent insurance wholesaler and program manager, One80 provides the critical placement services and binding authority required for property and casualty, professional and personal lines of insurance, as well as life, travel, and health coverages. Their expertise extends to key verticals such as medical stop loss and cannabis captives, showcasing their versatility.
Expansive Market Access
The firm serves a multitude of clients, including commercial companies, public entities, and unions, with access to all major insurance markets across North America and the UK. This broad reach underlines One80’s commitment to delivering tailored solutions that meet specific sector needs.
About Ascot Specialty Insurance
Ascot is recognized internationally as a premier insurance and reinsurance services group, drawing upon over 20 years of experience and delivering diverse insurance products. Their affiliates within the US are consistently rated A (Excellent) by AM Best Company, reinforcing their reputation for stability and reliability in the industry.
Frequently Asked Questions
What is the main reason for the transition to Ascot Specialty Insurance?
The transition to Ascot Specialty Insurance is aimed at enhancing Program Plus and IRM's service offerings while ensuring continuity in their insurance solutions.
Will there be changes in risk appetite or pricing?
No, the managing director of IRM confirmed that there will be no changes to the current risk appetite, market presence, or pricing approach during this transition.
How long has Programs Plus worked with Ascot?
Programs Plus has had a long-term relationship with Ascot, which has facilitated this seamless transition and growth in their partnership.
What types of insurance does Programs Plus offer?
Programs Plus specializes in providing insurance solutions for habitational properties, including apartments, condo, and townhouse associations, among other coverages.
Who is One80 Intermediaries?
One80 Intermediaries is a prominent insurance wholesaler and program manager known for offering diverse insurance services with a strong presence across North America and the UK.
