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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Affirms Performance Assessment of Keane Specialty Insurance LLC

AM Best has affirmed the Performance Assessment (assessment) of PA-4 (Fair) of Keane Specialty Insurance LLC (Keane) (United States). The outlook of the assessment is stable.

The assessment reflects Keane’s strong underwriting capabilities, weak governance and internal controls, fair financial condition, fair organisational talent and weak depth and breadth of relationships.

Keane is a delegated underwriting authority enterprise (DUAE) and is domiciled and regulated in the U.S. state of Delaware. Originally established as Edward William Insurance Services LLC in 2021, the company was rebranded in 2025.

Keane’s underwriting capabilities benefit from good management expertise in the marine yacht coverage segment, underpinned by a 20-year track record of profitable operations through its previous agency in Spain (i.e., Edward William SL, which is now a service company and has been renamed Keane Marine Management SL). However, the refocus of Keane’s operations outside of Europe since 2021 and its strong growth ambitions are expected to lead to higher operating costs and potential volatility in prospective performance. An offsetting factor in the underwriting capabilities assessment is the low level of technology embedded in the underwriting process.

Keane’s governance framework is at a nascent stage and lacks a clear committee structure, partly reflecting the company’s small size. Governance and oversight are managed at the board of directors level. The lack of developed internal information technology systems prevents data-sharing with the capacity provider.

Given the company’s small size, key person risk is material, and in AM Best’s view, it is not mitigated effectively by formal policies and procedures.

Keane’s financial condition assessment is supported by robust retention rates and a track record of positive earnings generation, The assessment also benefits from the absence of debt and a history of non-dividend payments, with future earnings expected to be reinvested into the business. Limited earnings diversification across programmes or products is considered an offsetting factor.

The company employs no staff, other than the three board members. Executive experience in the marine yacht coverage line of business is strong. The company is expected to continue outsourcing all activities to Keane Marine Management SL.

Keane underwrites one single programme focused on its niche and specialist market position, in place since 2021. The company’s dependence on its only carrier partner is considered an offsetting factor to the assessment of depth and breadth of relationships.

This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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