Nymagic, an insurance holding company, has created a new subsidiary, MMO Agencies, to develop a book of general liability and property business through a network of select surplus lines insurance brokers.
These brokers will act as general agents of the company with binding authority, subject to underwriting criteria established and monitored by Nymagic.
The business written through MMO Agencies will complement Nymagic’s specialty lines book, which includes marine and energy, professional liability, excess workers’ compensation and large or difficult to place property and casualty insurance.
Nymagic has appointed Glenn Yanoff to serve as its executive vice president, and as the president of MMO Agencies. He will be joined by senior executives Thomas Mannion and Ronald Yanoff.
George Kallop, president and CEO of Nymagic, said: We expect that MMO Agencies will be an important contributor to the company’s future growth. This new team of senior executives has a wealth of experience and an extensive network of industry contacts that we think will enable us to grow premiums substantially.