All Risks Ltd. has purchased Tower Program Insurance Services, a national provider of insurance programs, including a recently developed solution for the tower construction industry.
Terms of the transaction were not disclosed, though Tower Program founders Patrick Shea and Scott Hermesmeyer will continue to operate from Austin. The two have also joined the National Specialty Programs unit of All Risks as directors of the National Tower Construction Program.
Shea and Hermesmeyer will be charged with the day-to-day operations of the unit, while working to expand the array of products for the industry, All Risks said.
“They will be responsible for marketing and underwriting this national program, focusing on tower erection, maintenance and service companies; targeting telecom, water storage and wind energy construction industries,” the company said in a statement. “Both Patrick and Scott have specific expertise in catastrophic claims and loss mitigation.”
Coverages through the program include workers’ compensation, general liability and umbrella. Auto, installation floaters and professional liability may also be available. Workers’ comp can be written monoline. The minimum premium is $50,000.
The program is written through an admitted AM Best A XV rated carrier. Submission requirements include:
- An ACORD form
- Supplemental application
- Five years of currently valued loss runs
- Five years of payroll and revenue
- NCCI Mod worksheets
- Current year-end financials
- Copy of the subcontractor agreement (if quoting GL)
- Premium and loss summary, if available
With the acquisition, All Risks gains access to insurance veterans of more than 25 years and more than $10 million in written premium.
The nation’s largest independent wholesaler grew larger this week with the acquisition of an Austin, Texas-based program administrator.