Allied Specialty Insurance, Inc., a subsidiary of AXA’s P&C and specialty risk division, and The McGowan Companies have entered into a joint venture, forming McGowan Allied Specialty Insurance, a new entity dedicated to serving the amusement and entertainment industries’ insurance needs.
“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,” said The McGowan Companies President/CEO Thomas B. McGowan IV. “Together, we’re creating a risk management resource that’s unmatched in this market.”
According to Kym Tormey, who will head AXA XL’s business interest in the new McGowan Allied joint venture, “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.”
McGowan Allied will offer Property and 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 centers, and waterparks.
Thomas B. McGowan, IV has been appointed President/CEO of McGowan Allied. Lee Stacey, formerly of McGowan Amusement, will head McGowan Allied, collaborating with Kym Tormey in the day-to-day leadership of the joint venture.