AXA XL subsidiary Allied Specialty Insurance and The McGowan Companies have entered into a joint venture (JV) to form a new entity called McGowan Allied Specialty Insurance.
The new entity is expected to provide insurance to a range of amusement and entertainment industries.
This includes property & casualty insurance coverage and loss control services to amusement parks, arcades, bowling centers, carnivals, concessionaires, fairs and festivals, family entertainment centers, fireworks, miniature golf facilities, skating centres, and waterparks.
The McGowan Companies president and CEO Thomas McGowan IV said: “Individually Allied and McGowan have built strong reputations in the Amusement and Entertainment industries.
“Now, with McGowan Allied, we’re pulling together our underwriting expertise, industry experience, and resources so that we can leverage our collective strength to support and strengthen our clients’ risk management plans.
“Together, we’re creating a risk management resource that’s unmatched in this market.”
Kym Tormey has been appointed as the head of AXA XL’s business interest in the new McGowan Allied JV.
Tormey said: “Our new venture will offer the most experienced underwriting and the most attentive service in the Amusement/Entertainment space, underwritten by a subsidiary of one of the largest and most financially-stable insurance companies in the world.”
AXA XL is the property & casualty (P&C) and specialty risk division of insurance giant AXA.
AXA XL 2019 deals and partnerships:
In December, AXA XL partnered with Slice Labs and Microsoft to boost cyber risk management.
In November, AXA XL acquired Secure Legal Title insurance agency in UK for an undisclosed sum.
In September, AXA XL partnered with Accenture to provide cybersecurity services.
In July, AXA XL and insurtech Vindati teamed up to offer ocean cargo insurance for SMEs.
In June, AXA XL and IPRS Health teamed up to launch liability insurance for employers.
In March AXA XL and Assurely introduced insurance product for crowd funding portals.
In January AXA XL partnered with AI specialist Expert System to improve its property risk engineering risks capabilities.