Applied Underwriters has announced the formation of Applied Entertainment & Sports, a new division that will consolidate existing business and add new business in an entertainment and sports unit headquartered in Los Angeles with a New York satellite office.
The formation of the division follows several recent acquisitions and commercial business introductions.
“We are on track with our plans and have been especially fortunate in accommodating the vision and blueprints of top talent attracted to move to Applied in their specialty markets,” said Steve Menzies, chairman of Applied Underwriters. “Our new Entertainment & Sports leadership team offers real testimony to our openness to great ideas and thinkers, and to our approach for engaging expert talent.”
The division will be led by Jerid Schmickle, who will serve as CEO. Schmikle will be joined by Tim Troester as chief operating officer.
Schmickle previously served as president of Real Media Insurance Services, a founding managing director of Alive Risk, and a senior director at Allianz/Fireman’s Fund Global Entertainment.
Prior to joining Applied, Troester served as executive vice president at Reel Media and senior director at Alive Risk. He has also held executive positions at One Beacon and Nationwide.
Schmickle and Troester founded Alive RIsk in 2011. The company, along with NAS Insurance, became a prominent MGA in the entertainment space.
Jamie Sahara, president of Applied Underwriters, said that the new entertainment enterprise will, thanks to the experience of Schmickle and Troester, almost immediately become a top underwriting operation in entertainment and related areas.
“We move right up to the top of the standings with our team,” Sahara said. “We will capitalize meaningfully on the opportunities here, especially as we further build out the team and communicate its unique, proven strengths. We are very optimistic and ready to be center stage.”
“We are actively hiring right now and will assemble an additional dozen or so professionals – the best in the field – to give us added depth in product and program development and high recognition among the clientele,” Schmickle said. “To say that this opportunity is exciting would be an understatement. I was drawn to Applied largely as a result of their intellectual grasp of the business and their willingness to protract a successful trajectory.”
The division will write on both an E&S and admitted basis to provide general liability, excess/umbrella, professional, workers’ compensation, contingency (cancellation, non-appearance, prize indemnity and weather) inland marine (floaters for instruments and jewelry), and excess coverage for film and TV events. Schmickle said that Applied Entertainment & Sports expected to introduce new products and programs over the next several quarters.