Applied Underwriters is set to expand its presence in the European Union with the launch of American Atlantic Assurance Co., a property and casualty insurance subsidiary based in Malta.
Operations will begin in early 2025, with the company taking over new and renewal business from Applied Underwriters’ financial lines portfolio, including management liability and professional indemnity insurance.
“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,” Applied Underwriters chairman and founder Steve Menzies said, adding that the subsidiary will also facilitate coverage for political risks, focusing on property damage, business interruption, and liability, as part of the company’s growing global operations.
The Malta-based subsidiary will deepen its collaboration with Applied Credit Underwriters in London, which has been expanding its offerings in structured credit, contract frustration, and political risk insurance.
This launch is part of a broader strategy by Applied Underwriters to strengthen its global footprint. The company recently announced key leadership appointments, including Jay Cahill as chief financial officer and Paul LaPorta as vice president of finance and controller. In addition, over 50 experienced managers have been hired, many of them for roles in the expanding surety sector.
Applied Underwriters currently operates in the United States, the United Kingdom, the European Union, and the Middle East. The company’s operating entities, including American Atlantic Assurance Co. Ltd., hold a Best’s Financial Strength Rating of A- (Excellent).
