A subsidiary of AXA XL, Allied Specialty Insurance, Inc., has entered into a new joint venture with The McGowan Companies to launch a new firm dedicated to the insurance needs of the Amusement and Entertainment industries.
The new entity from AXA XL, which is the property and casualty and specialty risk unit of AXA, and McGowan, is called McGowan Allied Specialty Insurance.
The new unit will offer property and casualty (P&C) insurance protection and also loss control services to amusement parks, arcades, bowling centers, carnivals, concessionaires, fairs and festivals, family entertainment centers, fireworks, miniature golf facilities, skating centers, and waterparks.
Thomas B. McGowan, IV, President and Chief Executive Officer (CEO) of McGowan, has been appointed President and CEO of the new entity. At the same time, Lee Stacey, formerly of McGowan Amusement, will head McGowan Allied and will work closely with Kym Tormey of AXA XL in the day-to-day leadership of the joint venture.
“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,” said McGowan.
Tormey, who will head AXA XL’s business interest in the new entity, added: “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.”
