July 30, 2013
/PRNewswire/ -- Alleghany Corporation (NYSE: Y) ("
") announced today that it plans to combine the operations of its subsidiaries Capitol Insurance Companies ("Capitol") and Professional Risk Management Services, Inc. ("PRMS") under the leadership of
. Mr. Sills is currently Executive Chairman of PRMS.
Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty and fidelity and surety markets. PRMS specializes in medical professional liability insurance programs and related risk management services. The combined operations will write a diversified portfolio of specialty insurance coverages.
Weston M. Hicks
, President and Chief Executive Officer of
, stated, "After our prior success working with Stephen as President and Chief Executive Officer of
former subsidiary, Darwin Professional Underwriters, we are very pleased to have him as part of the
family. Stephen has substantial expertise and a lifetime of accomplishments in the specialty insurance market. We fully expect this new venture will add to his list of achievements."
"The Capitol team is excited to be part of this new venture," said
, Chief Executive Officer of Capitol. "Stephen shares Capitol's strong commitment to our distribution partners and we look forward to working with him to provide our agents with a broader range of products accompanied by the quality service they expect from us."
Mr. Sills commented, "I am delighted to work with everyone at Capitol to expand its portfolio of specialty products, which will be a powerful engine for creating value for Capitol and its distribution partners."
Policies and bonds currently underwritten by Capitol, rated "A" (Excellent) by A.M. Best, will continue to be written on Capitol and Platte River paper. Policies underwritten by PRMS will continue to be written by Fair American Insurance and Reinsurance Company, which is also rated "A" (Excellent) by A.M. Best.