The genesis of Oryx Insurance Brokerage, Inc. dates to the late 1980s, when Rusty Hanafin returned to a large regional New York brokerage after spending several years as a Florida-based Hanover Insurance construction underwriter. Hanafin quickly noticed that New York profit margins were dramatically better than in Florida and New York would be fertile ground for a construction specific program.

In 1994, he placed a large paving contractor into a Bermuda Rent-A-Captive (RAC), where the contractor cut his workers’ compensation costs by 50%. On the advice and prodding of the contractor, Hanafin created an underwriting model using methodologies from his Hanover days. “We used loss rating, frequency rating, trending and developing and triangulating,” he recalls. “We emphasized paid and incurred loss formulas and backed state statistics with our own.” 

The proprietary underwriting model allows for real-time access to program underwriting results.  Hanafin states that the underwriting tool allows Oryx to drill down to insureds needing specialized loss control services. “We provide real loss control services, not lip services, from writing and implementing safety programs to construction site audits,” Hanafin says. “Safety is integral to the overall program success.”

“We also offer real claims management, not client management,” he adds. “We have historically utilized a Third Party Administrator for claims management, but our goal has always been opening our own fully licensed claims department. We came to realize that in order to effectively follow through on our assertion of being the best construction underwriters, investing in our own claims department was our only course of action.” The office, managed by Jeff Excell, CRIS®, CWCP, CHRS, WCLS, FCLS is fully staffed with construction specific adjusters. All claims adjusters have IRMI’s CRIS designations and are required to maintain a minimum of two professional designations. “Bringing the claims department under the Oryx umbrella was a natural evolution to our approach of better servicing our clients”, said Excell. Hanafin went on to state, “With this addition, our customers will now be able to fully benefit from the synergetic relationship between underwriting, loss control and claims administration.””

Over the last dozen or so years, premium growth has increased on average of 15-20% per year, concentrating in 20-30 specific construction-related classes. Known as a niche player in the construction industry, Oryx has been able to increase the breadth of services to include several A Rated carriers.  Oryx offers both Package and Monoline Works’ Compensation, General Liability, Inland Marine, Property, Umbrella and Auto coverages.  

Growth did not come easy, “We worked through some challenging market conditions and carrier downturns,” Hanafin recalls. “But we’re fighters. We fight for market share, for our insureds and for our brokers”. Along with Hanafin, these fighters include Tom Pasquale, Chief Underwriting Officer, and Tim Cappellett, Vice President, Sales and Marketing, and a staff of nearly 20 experienced construction underwriters, claims, loss control and IT professionals.