The new joint venture company McGowan Allied Specialty Insurance will offer property & casualty insurance to amusement and entertainment industries
Allied Specialty Insurance, a subsidiary of AXA XL and The McGowan Companies have formed a joint venture McGowan Allied Specialty Insurance, a new entity to provide insurance services to amusement and entertainment industries.
The new joint venture McGowan Allied will offer property & casualty insurance coverage and loss control services to amusement parks, arcades, bowling centres, carnivals, concessionaires, fairs and festivals, family entertainment centres, fireworks, miniature golf facilities, skating centres, and waterparks.
AXA XL’s business interest in the new McGowan Allied joint venture will be headed by Kym Tormey.
Tormey said: “Our new venture will offer the most experienced underwriting and the most attentive service in the Amusement/Entertainment space, underwritten by a subsidiary of one of the largest and most financially-stable insurance companies in the world.”
Thomas McGowan, IV to lead McGowan Allied
Thomas McGowan, IV has been appointed as McGowan Allied president/CEO. Lee Stacey will also join McGowan Allied as head, collaborating with Tormey in day-to-day affairs of the new company.
McGowan, IV said: “Individually Allied and McGowan have built strong reputations in the Amusement and Entertainment industries.
“Now, with McGowan Allied, we’re pulling together our underwriting expertise, industry experience, and resources so that we can leverage our collective strength to support and strengthen our clients’ risk management plans. Together, we’re creating a risk management resource that’s unmatched in this market.”
Last month, AXA XL completed merging its AXA Corporate Solutions (ACS) and AXA ART into XL Insurance Company SE (XLICSE).
The merger was completed after receiving regulatory approval from the Central Bank of Ireland and the Irish High Court.
The company decided to merge ACS and AXA ART into XLICSE, following the acquisition of XL Group by AXA, which was completed in September 2018.
XLICSE is a subsidiary of AXA XL, within the AXA Group that offers insurance within Europe and Asia and operates through a network of branches, subsidiaries and third-party partners.
After assuming the entire business of ACS and AXA ART, XLICSE had become the insurer or reinsurer of each policy previously underwritten and announced that there will be no other changes to the terms of the existing policies.