Bermuda-based Max Re Capital Ltd. announced yesterday that its subsidiary Max USA Holdings Ltd. has completed the acquisition of a US-based excess and surplus lines company, which will operate under the name Max Specialty Insurance Company.

Based in Richmond, Virginia, Max Specialty is headed by Stephen J. Vaccaro, Jr. as president and chief executive officer.

Max Specialty will operate across two divisions — brokerage and contract binding. Brokerage, headed by Jonathan Hahn, and contract binding, headed by Bryan Sanders, will each offer property, inland marine, casualty, excess liability, and umbrella insurance products.