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Xchange Benefits Launches Xchange Re Underwriting Agency, LLC

January 17, 2023

New MGU signs agreement with United States Fire Insurance Company to underwrite global accident and health reinsurance coverage

Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, Inc. (NYSE: AMBC), today announced it has launched a reinsurance MGU, Xchange Re Underwriting Agency, LLC (“Xchange Re”). The new entity, which is a wholly owned subsidiary of Xchange Benefits, specializes in personal accident catastrophe and special risk reinsurance and retrocession.

Xchange Re has signed a reinsurance underwriting management agreement with United States Fire Insurance Company (“U.S. Fire), which operates under the registered trademark of Crum & Forster and has an AM Best rating of A (“Excellent”). Xchange Re will underwrite worldwide accident and health (A&H) reinsurance coverage, both non-proportional treaty and facultative/direct excess of loss business, on behalf of U.S. Fire.

“We are thrilled to build upon our wide and longstanding relationship with Crum & Forster,” said Peter McGuire, CEO of Xchange Benefits. “We have seen a great deal of disruption in the reinsurance market over the past year. We believe that this is an excellent time to enter this marketplace, and we have established Xchange Re to provide quality underwriting solutions to the accident and health industry.

“Adding reinsurance underwriting to Xchange Benefits’ offerings is a natural progression for Xchange and also capitalizes on the deep industry experience within our company.”

Stephen Hitch, Senior Vice President of Underwriting, will lead Xchange Re.

“We are very pleased that Stephen Hitch, a leading underwriter in the accident and health reinsurance and retrocession market, has taken on the role of heading up this new underwriting initiative,” McGuire said. “Stephen is a highly respected lead underwriter with over 25 years of underwriting experience within the London reinsurance and retrocession market.”

Stephen Hitch, Senior Vice President of Underwriting: “Xchange Re will offer global lead market capacity for accident and health reinsurance programs. I look forward to offering beneficial opportunities to all our future stakeholders via both old and new relationships.”

Susan Silfen, Senior Vice President of Crum & Forster A&H: “I am very excited to be expanding on our longstanding and extensive relationship with Xchange Benefits. This is an excellent time to be getting into the accident and health reinsurance market, and the depth of underwriting acumen and leadership within Xchange Re will make for a very successful venture. We are looking forward to supporting Xchange Re’s growth in this market segment.”

About Xchange Benefits

Founded in 2010, Xchange Benefits, LLC is a diverse group of business units focused on the global insurance and reinsurance industry. Led by a team who have industry leading experience, Xchange Benefits underwrites, consults, creates products, creates retail distribution, structures risk, transacts reinsurance, advises on capital deployment and most importantly, listens to its clients. Xchange Benefits is headquartered in Armonk, N.Y., and has an office in Indianapolis.

For more information, visit Xchange Benefits on the web at www.xbllc.com.

About Crum & Forster Accident & Health:

Crum & Forster,* rated A (Excellent) by AM Best (2022), is a national commercial property and casualty group of insurance companies wholly owned by Fairfax Financial Holdings Limited. Since 2000, Crum & Forster’s Accident & Health Division has offered a diverse portfolio of specialty insurance and reinsurance products nationwide. We place a strong focus on product development and creative distribution methods, along with excellent client service and support. In addition, our ability to provide international Accident & Health solutions through our Cayman Island captive facility as well as through various partnerships within the Fairfax family demonstrates our dedication to providing alternative strategies in an ever-changing insurance market.

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*The C&F logo, C&F and Crum & Forster are registered trademarks of United States Fire Insurance Company.

Investors:
Charles Sebaski
Managing Director, Investor Relations
csebaski@ambac.com

Media:
Kate Smith
Director, Corporate Communications
ksmith@ambac.com

Hallie Harenski
SVP C&F Corporate Communications
mediainquiries@cfins.com

Source: Ambac Financial Group, Inc.

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