New environmental MGU led by Dual/Chubb vet enters market with Beat Capital backing
Insurance investor Beat Capital Partners has launched a specialist environmental managing general underwriter (MGU) Magnolia Grove Insurance Services, to be led by a former Dual/OneBeacon/Chubb senior executive with extensive environmental expertise and experience in the market.
Justin Crawford, former head of Dual North America’s environmental business, will lead Magnolia Grove as its president and chief executive officer (CEO). He has held senior underwriting positions at Dual, ACE Group (now Chubb), and OneBeacon Insurance (now Intact Specialty Solutions).
Magnolia Grove will focus on the environmental insurance marketplace, offering coverage to SMEs in the US on E&S lines for contractors pollution, site pollution, products pollution, commercial general liability, professional liability and follow form excess liability.
The MGU's policies will be written on “A” AM Best-rated E&S paper by a carrier recently established by Trean Insurance Group. Its offering will be available in selected states with plans to expand to the remaining states over the course of this year.
Magnolia Grove is Beat Capital Partners’ first US franchise, joining the eight franchises Beat has established across the UK and Bermuda.
Crawford said: “I am tremendously excited to launch Magnolia Grove and offer brokers a market they can truly partner with to provide their clients environmental insurance solutions. With backing and support from Beat, I am confident Magnolia Grove will become the go-to solution for the SME environmental market.”
April Galda Joyce, CEO of Beat Capital Partners Americas, commented: “ Beat is delighted to support Justin in the formation of Magnolia Grove. He brings an outstanding underwriting reputation and devotion to customer service, and he’s yet another great example of how Beat is attracting market leading underwriters and helping them build their own businesses.”
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