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Specialty
Program and Risk Transfer Alternatives
SPARTA is an acronym for Specialty Program and
Risk Transfer Alternatives. SPARTA's vision is to be the premier
provider of customized unbundled program solutions. All insurance
coverages are issued through SPARTA Insurance Company on a fully
admitted basis. The company operates countrywide where authorized
in two niche property and casualty insurance segments:
Alternative Risk Transfer Programs ("ART")
providing program level risk sharing through captive reinsurance
Specialty Insurance Programs ("Specialty")
whereby the risk is fully retained by SPARTA
SPARTA Insurance Holdings, Inc. (SPARTA) was formed
in March 2007. In August 2007, SPARTA received regulatory approval
from the Massachusetts Insurance Division to acquire a 52 jurisdiction
licensed insurance company shell that it renamed SPARTA Insurance
Company. Upon approval of the acquisition, SPARTA Insurance Company
received an A- (Excellent) rating from A.M. Best.
SPARTA Insurance Company has $255 million of statutory
surplus, an A.M. Best financial size category IX.
Targeted
Classes and Lines of Business
Programs typically average from $10 to $15 million
in annual gross written premium and demonstrate a high degree
of homogeneity by: Industry Sector, Territory, or Controlled Production
Source. The minimum program premium size is $5 million.
Characteristics of typical target programs include
established programs with risks more homogeneous than heterogeneous,
in a geographical area more regional than national, with target
insureds in industries that present less severe hazards.
Typical classes of business that fall within our
underwriting appetite include: Retail, Wholesale, Service, Light
Manufacturing, Light/Medium Contracting, Hospitality, Habitational,
Transportation
SPARTA has a selective and disciplined underwriting
approach exclusively focused on unbundled program business for
commercial auto liability and general liability with exposures
typically up to $1 million in policy limits, property with exposures
up to $5 million per location, and workers compensation with statutorily
mandated limits.
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