Steve Menzies, CEO of Applied Underwriters, today announced the creation of a US based division of its Applied Financial Lines business unit to provide a variety of D&O coverages in the US under the direction of newly named President of the Division, Stephen McGill.
The announcement follows closely upon the Company’s announcement December 14, 2020 that it had acquired the renewal rights to StarStone’s financial lines book of business, providing a solid basis for the planned expansion and growth. Applied Financial Lines’ International Division will operate from Paris and Cologne to underwrite several specialty lines in the European Union and in the Middle East, including professional indemnity and D&O. Mr. Jeroen Claesen has been appointed to lead the European Division of Applied Financial Lines, working from the Paris Office.
According to Mr. Menzies, industry leaders like Steve McGill and Jeroen Claesen and others who recently joined Applied are an essential element in the formula for excellence in delivery that will continue to mark the A rated carrier: “We have begun to assemble powerful industry resources company wide and now welcome Steve McGill, an accomplished professional, through whom we look forward to serving a growing number of agents and brokers and their clients in the critical D&O sector.”
Mr. McGill noted that the new division’s concentration will prove beneficial to participants in several of its aspects: “Our initial target business will focus upon D&O liability, both primary and excess. Over time we will add miscellaneous professional liability, and other professional liability segments including architects and engineers, accountants, agents and brokers, and lawyers. We have begun to assemble great talent at the front end of the new operation, supported incredibly well by Applied’s substantial operation in Omaha and by its most forward looking leadership. Utilizing what I believe is Applied’s ‘best in class’ decision making and collaborative underwriting approach, I am confident that we will have a market force emerging to benefit policyholders, agents and Applied itself as we develop new products and optimum delivery,” he stated.
Prior to joining Applied, Mr. McGill served as Chief Underwriting Officer of AIG’s Validus Specialty Group, after serving as group head of professional lines at ARGO. Previously at XL and then XL Catlin for 16 years, ultimately as global product leader for Financial Institutions, his long career has included positions at Executive Risk, Alexander & Alexander, and Sedgwick. He holds an MBA from Virginia Commonwealth University and was graduated from Allegheny College with a bachelor of science degree. Mr. McGill has been an active volunteer in United Way and has participated actively in RIMS, PLUS and other industry organizations.
Applied Financial Lines’ US operation will be headquartered in New York City.