NEW YORK, July 30, 2013 /PRNewswire/ -- Alleghany Corporation (NYSE: Y) ("Alleghany") announced today that it plans to combine the operations of its subsidiaries Capitol Insurance Companies ("Capitol") and Professional Risk Management Services, Inc. ("PRMS") under the leadership of Stephen Sills. Mr. Sills is currently Executive Chairman of PRMS.
Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty and fidelity and surety markets. PRMS specializes in medical professional liability insurance programs and related risk management services. The combined operations will write a diversified portfolio of specialty insurance coverages.
Weston M. Hicks, President and Chief Executive Officer of Alleghany, stated, "After our prior success working with Stephen as President and Chief Executive Officer of Alleghany's former subsidiary, Darwin Professional Underwriters, we are very pleased to have him as part of the Alleghany family. Stephen has substantial expertise and a lifetime of accomplishments in the specialty insurance market. We fully expect this new venture will add to his list of achievements."
"The Capitol team is excited to be part of this new venture," said David Pauly, Chief Executive Officer of Capitol. "Stephen shares Capitol's strong commitment to our distribution partners and we look forward to working with him to provide our agents with a broader range of products accompanied by the quality service they expect from us."
Mr. Sills commented, "I am delighted to work with everyone at Capitol to expand its portfolio of specialty products, which will be a powerful engine for creating value for Capitol and its distribution partners."
Policies and bonds currently underwritten by Capitol, rated "A" (Excellent) by A.M. Best, will continue to be written on Capitol and Platte River paper. Policies underwritten by PRMS will continue to be written by Fair American Insurance and Reinsurance Company, which is also rated "A" (Excellent) by A.M. Best.
Alleghany is a holding company which owns and manages operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. In addition to Capitol, Alleghany's property and casualty subsidiaries include: Transatlantic Holdings, Inc., a leading global reinsurance organization; RSUI Group, Inc., a national underwriter of specialty property and liability insurance coverages; and Pacific Compensation Corporation, an underwriter of workers' compensation insurance primarily in California.
Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty and the fidelity and surety markets. Through its operating entities, Capitol Indemnity Corporation, Capitol Specialty Insurance Corporation and Platte River Insurance Company, Capitol offers high quality customer service in programs tailored to the needs of its customers' business and risk management strategies. Capitol has an "A" (Excellent) rating from A.M. Best.
Professional Risk Management Services, Inc., an indirect wholly owned subsidiary of Alleghany, specializes in medical professional liability insurance programs and claims and related risk management services – on a bundled and unbundled basis – for individual healthcare providers, group practices, facilities, associations and organizations. With long standing client relationships and national capabilities, PRMS develops, delivers and implements customized programs and services including underwriting, risk management and litigation management. PRMS is the leading writer in the U.S. of professional liability for psychiatrists.
About Stephen Sills
Mr. Sills founded Darwin Professional Underwriters, Inc., a former subsidiary of Alleghany, in 2003 and served as its Chairman, President and Chief Executive Officer until 2008. Prior to Darwin, Mr. Sills founded Executive Risk Inc., where he served as its Chief Underwriting Officer from 1990 to 1996 and its Chief Executive Officer from 1997 to 1999.
SOURCE Alleghany Corporation