Champlain Insurance Group LLC (“CIG”), a financial services holding company, announced that on December 22, 2021, AM Best assigned a Financial Strength Rating of “A-” (Excellent), VII and a Long-Term Issuer Credit Rating of “a-” (Excellent) to its affiliate, Champlain Specialty Insurance Company, a Vermont domestic excess and surplus lines insurer (“Champlain Specialty”).
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AM Best assigned both ratings a stable outlook. AM Best’s ratings reflect Champlain Specialty’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile, and appropriate enterprise risk management.
“This marks a significant milestone for our organization and positions us to capitalize on the sound infrastructure we have established since 2017,” said Richard Smith, Executive Vice Chairman, CIG and Co-CEO of Champlain Specialty. “Our affiliated program administrator, WestCongress Insurance Services LLC (“West Congress”), produced over $80 Million in gross written premium in 2021 and will experience significant growth in 2022. We will begin to expeditiously transition that business to Champlain Specialty as market and customer conditions dictate,” Mr. Smith continued.
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“With an experienced leadership team, outstanding underwriting and claims teams, a robust IT infrastructure, support from some of the world’s largest reinsurers, and the continued financial backing of my partner David Evans and his conglomerate, Glencoe Diversified Holdings LLC and its affiliates, the Champlain Insurance Group enterprise is well positioned to become a premier provider of comprehensive insurance solutions throughout the United States in specialty, niche markets.”
CIG also announced the creation of a Management Committee to oversee all aspects of CIG’s business operations. The following individuals serve on CIG’s Management Committee with direct responsibility for the enterprise’s business affairs:
- David S. Evans – Executive Chairman of CIG and Co-CEO of Champlain Specialty;
- Richard H. Smith – Executive Vice Chairman of CIG and Co-CEO of Champlain Specialty;
- Thomas B. Dulapa – Executive Vice President and COO of CIG
- Elisha “Ted” Camp – Vice President of CIG and Head of Specialty Risk for Champlain Specialty;
- Michael R. Hernandez – Vice President of CIG and Head of Energy/Specialty Artisan Risk for WestCongress;
- Scott Mygind – Vice President of CIG and Chief Data and Business Strategy Officer for Champlain Specialty;
- Veronica L. Rhodes – Vice President of CIG and Head of Underwriting for Champlain Specialty;
- Gregory E. Ludwig – Vice President and Senior Controller for CIG
In addition, Michael W. Roskiewicz, GDH’s Assistant General Counsel, also serves as General Counsel to CIG and Champlain Specialty.
“Our leadership team is the best of both worlds – multiple proven veterans going back to our days as First Mercury/Cover-X years ago, as well as dynamic new talent, all of whom are best in industry class. We are continuing to add exciting new talent to our growing company and look forward to sharing additional news on this topic as 2022 progresses,” said David Evans, Executive Chairman.
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