INEX Brings on New Underwriting Members

The Chicago-based INEX Insurance Exchange recently announced the formation and approval of a new underwriting syndicate member. Vesta Capital Insurance Syndicate, part of Birmingham, AL-based Vesta Insurance Group was approved by the INEX Board and Illinois insurance department last year.

Vesta Capital Insurance Syndicate, Inc. was initially capitalized at $30 million. It will concentrate on securitization transactions and available alternative market opportunities.

Vesta Insurance Group Chairman and Chief Financial Officer, James Tait, who previously served as president and CEO of the INEX Insurance Exchange, said, ``Vesta's membership in INEX represents our firm belief in the unique structure of the Exchange and the numerous opportunities and benefits provided by such a flexible marketplace.'' Tait will to serve as vice chairman of the board.

Additionally, INEX representatives confirmed the purchase of RCA Syndicate #1, Ltd., by American Safety Holdings Corp., a member company of the American Safety Insurance Group.

Lloyd Fox, president and chief executive officer of American Safety Holdings Corp., said, ``We are pleased to have acquired this entity, which has an established record of developing and managing insurance programs in specialty risk areas. We feel that our association with INEX will allow us to expand our presence in the surplus lines arena.'' The syndicate will undergo a name change and in the future will be known as American Safety Assurance Company.

INEX is a surplus lines marketplace currently comprised of seven underwriting members whose policyholders surplus exceeds $100 million. INEX members have authority to transact business in more than 40 states and jurisdictions.