What’s New: In Brief (December 21, 2007)

What’s New: In Brief

York Fire and Casualty Insurance Company has launched a manufacturer connection product aimed at the U.S. market, the latest in a collection of commercial product offerings. “The Manufacturing Connection product is designed to cover a wide variety of manufacturing exposures including metal products, auto parts, machine manufacturing, machine shops, tool and die shops and many others,” a company release notes. “It includes many specialized coverages including Product Recall Expense, In-House Engineering, Professional Liability, Boiler and Machinery, Consequential Loss Assumption Clause, Penalties for Non-Delivery, Service Interruption and much more.”

James N. Stanard, former CEO of Renaissance Re, and Rod Fox, former CEO of Praetorian, have joined forces to launch New Asset Class Management. F&S Ventures, a privately held investment company, will wholly own the company, according to a release. New Asset Class will generate income from three sources: managing and acquiring large portfolios of insurance risk;managing risk portfolios for insurance carriers; and providing advice and risk analysis to insurers, hedge funds, private equity firms and other investors interested in insurance risks. “Insurance is clearly the New Asset Class,” Fox said in a release. “Our goal is to help insurance operators and risk investors make the most efficient use of their capital.”