American Atlantic Assurance Company to Commence Underwriting in EU January 1, 2025

USA - English

• USA - English

Fully operational 'A-' rated (AM Best) company, part of North American Casualty group, will support affiliated business divisions to provide sophisticated coverages in growing sectors

OMAHA, Neb., Dec. 17, 2024 /PRNewswire/ -- Mr. Steve Menzies, Chairman and Founder of Applied Underwriters, today announced the fully operational opening of the American Atlantic Assurance Company's 'A-' rated (AM Best) underwriting facilities effective January 1, 2025. The company is part of the North American Casualty group and will provide property and casualty coverages throughout the European Union.

According to Mr. Menzies, the new enterprise holds strategic importance for the Applied Financial Lines, Applied Credit Underwriters, and Applied Crisis Underwriters divisions with offices in Paris, Cologne, London, and New York: "American Atlantic Assurance will begin operations and immediately pick up all new and renewal business in 2025 from our financial lines portfolio of management liability and professional indemnity business. Throughout 2025, the company will facilitate our New York and London based growing global book of political risk insurance coverages that focus on property damage, business interruption, and liability. We will also deepen our collaboration with Applied Credit Underwriters in London, a growing underwriter of structured credit, contract frustrations, and political risks."

Mr. Jeroen Claesen, President & Chief Underwriting Officer for Applied Financial Lines in the EU and Middle East, noted the complementary operational aspects among the divisions, "We have already initiated steps to ensure a seamless transition for our existing customers and expect dramatic improvements overall that come from the vantage point of long-term stability, aligned strategic values across platforms, and of a creative management organization. I foresee excellent delivery of resources for our customers in 2025 and beyond."

Mr. Menzies concluded: "We are diligently deploying resources to support our global partners' burgeoning businesses in fulfillment of our long-term strategic growth blueprint. Our outlook for the next few years, for nearly all of our lines of business worldwide, is very optimistic."

The American Atlantic Assurance Company is headquartered and domiciled in Malta.

About Applied Underwriters (www.auw.com)

Applied Underwriters^® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.

About North American Casualty Company (www.nacasualty.com)

Ratings issuer AM Best has affirmed the Financial Strength Rating of 'A-' (Excellent) and Long-Term Issuer Credit Ratings of 'a-' of companies collectively referred to as North American Casualty Group (NAC). The companies with the affirmed ratings are: California Insurance Company, Continental Indemnity Company, Illinois Insurance Company and Pennsylvania Insurance Company, domiciled in New Mexico; Texas Insurance Company, domiciled in Texas; Oklahoma Property and Casualty Insurance Company, domiciled in Oklahoma; and Florida Casualty Insurance Company, domiciled in Florida.

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