  News & InfoDELOS INSURANCE FORMS NAXOS, A NEW EXCESS & SURPLUS COMPANY NEW YORK — April 16, 2007 — Delos Insurance Company, a leader in program business, has created a new excess and surplus (E&S) lines company which will be a wholly-owned subsidiary of Delos. The new entity, Naxos Insurance Company, will add significant value to the company’s current business platform by providing more flexibility, additional capacity and innovative underwriting. Operations at Naxos will be managed under terms of an agreement with Delos. Incorporated and licensed in Delaware, Naxos will immediately move to obtain licenses in several key states with the ultimate goal of obtaining full licensing in all 50 states over the next two years. According to Delos, the rate and form flexibility of the E&S business will allow a more creative and responsive approach to the overall market and will assist in the success of managing their general agents. “We believe in the program business model and are proud to be able to offer the E&S platform to our partners,” said Detlef Steiner, chairman of the board of Delos Insurance. “Our underwriting expertise, world-class actuarial capabilities, as well as our long-term, stable relationships with high-quality managing general agents, will allow us to write significant program business utilizing this E&S platform.” “Risks that fall into the surplus lines market are, generally, unique and require specialized knowledge. Our staff has significant experience and expertise managing unusual coverages, and businesses found in the surplus lines market. We are looking forward to the new opportunities that lie ahead,” Steiner continued. Naxos Insurance Company has an initial capitalization of $20 million and the company will petition A.M. Best* for a group financial strength rating. “At Delos, we focus on providing coverage for even the most unique programs,” said Bill Davis, CEO of Delos Insurance Company. “With Naxos, our goal is to provide the best service to the excess and surplus lines insurance marketplace the same way we have in the program market.” About Delos Insurance # # # For more information, please contact: *rating as of July 2,2007. For the latest rating, access www.ambest.com   |
