Regulatory hurdles have limited the amount of premium written so far by 2007 start-up Max Specialty, but with 90 employees, six offices and $150 million likely to be on the books by year's end, leader Steve Vaccaro isn't complaining.

While overall premium numbers were less than anticipated for 2007 and 2008, Mr. Vaccaro, the chief executive of Bermuda-based Max Capital's U.S. platform, said the specialty operation's short history had a number of upside surprises–such as launching an MGA specializing in health care liability, and hiring an experienced team of marine underwriters that wrote $40 million of marine business, instead of the $5 million budgeted.

Meanwhile, Grace Meek, chief business officer for Naxos Insurance Company–another April 2007 start-up–is equally undaunted by market challenges slowing growth of the new surplus lines insurer. Ms. Meek ranked the soft market as the biggest challenge, noting that less opportunity exists today as business leaves the E&S sector for the admitted market.

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