Wright founded and has continuously managed two public-sector owned insurance companies formed as reciprocals, New York Schools Insurance Reciprocal (“NYSIR”), formed in 1989, and New York Municipal Insurance Reciprocal (“NYMIR”), formed in 1993. Wright Risk Management provides underwriting, marketing, claims, and risk management, information technology, statutory accounting, regulatory compliance, and all administrative services for these carriers under five-year renewable contracts. Under Wright, NYSIR and NYMIR have both earned “Excellent” ratings from A.M. Best and enjoy retention rates in the mid-to-high ninety-percent range.
In 2008 Wright partnered with Aquiline Capital Partners to capitalize WRM America Indemnity Company, Inc and Wright Specialty Insurance under the Wright Insurance Group. Over the past ten years, Wright Specialty has built and managed an insurance underwriting platform with a national footprint in the education segment. The National Education Program currently insures over 1,200 educational institutions in 45 states with gross premiums in excess of $90,000,000. This platform utilizes a well-developed distribution network of brokers and agents, a fully vetted panel counsel, claims investigators and loss control specialists in all approved states, and a custom-built and fully-integrated IT system supporting all aspects of the business.
In 2014 Brown and Brown Insurance, Inc., (NYSE: BRO), acquired The Wright Insurance Group and its subsidiaries. Wright’s operations became part of Brown and Brown’s National Programs Division.
By providing its full array of products and services to underserved markets, Wright has underwritten risks successfully in virtually every market condition. Managing NYSIR, NYMIR, and the National Education Program through both hard and soft markets, Wright’s model has proven to be both resilient and efficient. Through continual reinvestment in both its information technology and staff, Wright provides an integrated range of superior products and services which are enhanced by shared resources within Brown and Brown National Programs.