Posted on 08 Nov 2012 by Neilson
IDP Holdings LLC announced the acquisition of the hospitality business of National Specialty Underwriters, Inc. (“NSU”), the Bellevue, Washington-based specialty commercial insurance program manager. As part of the transaction, IDP also purchased NSU’s Certus Claims Administration, which is the company’s specialized hospitality claims handling division. IDP is a joint venture acquisition vehicle of Ironshore Holdings (U.S.) Inc. and Distinguished Programs Group LLC that focuses on the Managing General Underwriter and Program Manager segments of the commercial insurance distribution business.
“NSU’s leading reputation in the hospitality sector made this an outstanding initial investment for IDP” said Jeremy Hitzig, CEO of both IDP and Distinguished Programs. “The strength of NSU’s professional team, product lineup and carrier support is unrivalled in the hospitality industry. We look forward to bringing additional value through the distribution and underwriting capabilities of IDP’s joint venture partners, Distinguished Programs and Ironshore.”
Shaun Kelly, President of Ironshore and Chairman of IDP, noted that the NSU acquisition underscores IDP’s mission of building a premier specialty program manager dedicated to meeting the unique coverage needs of niche markets within the U.S. “We believe this will reaffirm our positioning as the solution of choice for other program managers needing growth capital or seeking an exit strategy” he added.
Chris Randall, CEO of NSU commented, “We see IDP as being an ideal home for our hospitality business. Through its joint venture partners, the company has a strong track record and an exceptional reputation for understanding and meeting the needs of brokers and niche markets. We are confident that our clients will be well served by this organization.” Following the sale of its hospitality operations, the specialty healthcare division of NSU will continue to operate independently under Randall’s ongoing leadership.
NSU provides brokers with a powerful combination of hospitality-specific coverage, risk management and claims administration through Certus. Eligible classes of business include limited, full-service and luxury hotels, resorts and casinos. NSU is the longest running program of its kind in the hospitality sector and is known for its casualty and umbrella program with market leading limits up to $300 million provided by a consortium of carriers rated “A-” or above.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its multiple international platforms. The Ironshore group of companies is rated A- (Excellent) by A.M.Best with a Financial Size Category of Class XIII. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit: www.ironshore.com <http://www.ironshore.com>
About Distinguished Programs
Distinguished Programs is a leading national insurance program manager focused on niche products for select business segments, including real estate, construction, small mercantile and museums. Distinguished Programs subsidiary companies include ReSource Pro, the leading business process outsourcing company for the insurance industry. For information, visit: www.distinguished.com <http://www.distinguished.com>