At the bottom of this article please find a press release issued by RT Specialty and ARC Excess & Surplus, LLC where we announced the sale of certain assets of ARC Specialty Brokerage, LLC the P&C division of ARC which was led by Mike Vollaro.
To be clear, the business being sold represents less than 2% of our overall premium writings and in no way impacts the other brokerage services we offer with regard to Management and Professional Liability [i.e. D&O, EPL, Cyber, Fiduciary, Crime, Financial Institution Bonds, E&O, Transactional Risk Products (Rep & Warranty)] etc.
Mike Vollaro, Ed Skewes, Joe Rossitto, Jennifer Tragna and a few administrators will be joining RT Specialty and the accounts that they handled will now be written through RT Specialty. A list of those accounts that are being transferred will be sent to you later this week – after the sale closes, which is scheduled for Wednesday, August 1st. We will have restrictive covenants on those accounts that are presently written by ARC Specialty Brokerage, LLC and that are being sold to RT Specialty.
However, there are a few important things to note:
- As noted above, of course, ARC Excess & Surplus, LLC will continue to operate as business as usual as a specialty wholesale broker in the Management and Professional Liability Insurance arena.
- ARC Excess & Surplus, LLC will continue to own and operate Professional Risk Facilities, Inc. (PRF)/Construction Risk Facilities (CRF) – our MGA that has the pen for an umbrella program written on Star Stone paper for construction accounts that is led by Ron Milin.
- The entity – ARC Specialty Brokerage, LLC – will continue to be owned by ARC. ARC is not getting out of the P&C business [GL, Umbrella, etc.]. We intend to bring on a new team and re-start the ARC Specialty Brokerage, LLC P&C business. More to follow in the upcoming weeks. Obviously, we will not be able to work on any of the accounts being sold.
This is an amicable sale.
We look forward to your continued support of ARC with regard to the Management and Professional Liability business that we are known for as well as rebuilding ASB in due course.