41 NPAs: How do you stay current on new commercial insurance product offerings, acquisitions, and services? This edition of Advisen’s New Product Announcements contains details from Advisen; Allied World; Aon; Aon Benfield; Beecher Carlson; Catlin; Chartis; Griffin Risk Capital Partners; Guy Carpenter; Hub International; Integro; Ironshore; Markel; MarketScout; OneBeacon; Philadelphia; Price Forbes; R-T Specialty; Riverside Risk Advisors; Torus; Venture; Willis; and XL. Send material to [email protected] and note that the next NPA deadline is day 28 of the month.
41 NPAs
Advisen 2000 Index lists US Brokerages and Agencies: Advisen is assembling the industry’s most complete listing of US Brokerages & Agencies. Our aim is to showcase firms by specialty niche and industry focus. If your firm completes the Advisen 2000 Index profile, your firm will be included in our index. WHY PARTICIPATE in the Advisen 2000 Index? Raise your firm's profile Find new markets Be found by new and appetite-changing markets Find new trading partners such as wholesalers or MGAs Gain exposure to possible equity and M&A interests Our focus is on insured industries served, lines of business and carrier partners. Many of Advisen’s carrier clients are interested in expanding their footprint. We want to help, and we think you’ll benefit, too. The Advisen 2000 Index is open to ALL Commercial Insurance Brokerages & Agencies in the US. There is no charge to be included in the Index. Request our ADV2000 Index Profile link or make sure that someone at your firm has already received it by contacting Jeff Cohen at [email protected].
Advisen Broker Growth Playbook Drives Business Growth: To help brokers increase their revenue, Advisen has developed an innovative process of analysis, action, and results called the Broker Growth Playbook. Advisen’s Broker Growth Playbook marks a fundamental shift away from the “self-serve” model of the past, and instead takes a pro-active role in helping our clients succeed. 4 Distinct Parts of Advisen’s Broker Growth Playbook Advisen Book of Business Analysis and Opportunity Report Individual Reports created and delivered to appropriate Producers & Client Execs Advisen 36-Month Action Plan to insure consistent application ROI Report on Revenue Growth Clients engaging in the Broker Growth Playbook have identified dozens, sometimes hundreds, of accounts that are potentially underinsured, overpriced, or lack a key coverage. Each of these represents an opportunity. Advisen then produces the relevant Business Intelligence, Benchmarks, and Large Loss Snapshots and delivers them in advance of the renewal or other key meeting. The 36- Month Action Plan creates the schedule for each step of the process and the ROI Report allows both Advisen and the Broker to measure the impact to their bottom line. To request a copy of our 19 page Broker Growth Playbook presentation or see sample report outputs, contact [email protected]
Allied World Europe Launches Healthcare: The new Allied World Europe Healthcare division will focus on offering healthcare solutions to the London market, throughout the United Kingdom and the European Union. Rob Wendin joined Allied World Europe as Vice President and will lead the department. Mr. Wendin will be responsible for building out the division and developing a comprehensive healthcare product suite tailored to meet growing needs regionally. He will report to Kirsten Faria, Senior Vice President for Bermuda and International Healthcare. Contact Faye Cook at 441.278.5406 or [email protected]
Allied World Launches Trade Credit and Political Risk Insurance Platform; Announces Agreement With Latin American Underwriters: Allied World’s Bermuda and London operations, together with Latin American Underwriters (LAU), will begin underwriting trade credit and political risk insurance effective immediately. The primary focus of the venture is to provide short and medium term credit insurance for clients that export to and from Latin America and the Caribbean, as well as to provide political risk insurance for exposures in the same regions. Frank D’Orazio, President, Bermuda & International Insurance, commented, “As a result of improved underwriting conditions and the expected growth in the GDP and trade in Latin America, Allied World sees a tremendous niche opportunity within the trade credit and political risk market. We partnered with Latin American Underwriters because of their extensive expertise in the marketplace and their existing relationships in the region. I am confident that together we will meet our clients’ increased needs for these specialty products.” Robert E. Svensk, President, Latin American Underwriters, commented, “The partnership with Allied World allows LAU to provide our clients and brokers with skilled and experienced underwriting responses, meaningful capacity and financial security from a leading and trusted global carrier. We are delighted to have concluded this agreement with Allied World which will bring much needed new capacity to our market at a time of rising demand and heightened risk awareness. We look forward to supporting Allied World’s mission to become one of the leading markets for this class of insurance.” LAU will target clients with Latin American or Caribbean import and/or export exposures and investors, contractors and financial institutions with exposures in the region. Contact Faye Cook at 441.278.5406 or [email protected]
Allied World US Announces Forcefield for Healthcare Organizations: ForceField for Healthcare Organizations product suite offers five distinct standalone coverage components: Directors & Officers Liability, Employment Practices Liability, Fiduciary Liability, Crime, and Kidnap & Ransom/Extortion Coverage. These standalone products are available to all types of Healthcare Organizations. ForceField for Healthcare Organizations was developed by leveraging Allied World’s extensive Healthcare knowledge and expertise,” said Gordon Knight, President, Allied World U.S. Knight added, “These products were created to address the unique needs of the Healthcare industry which continues to be a core focus for Allied World globally.” In addition to comprehensive coverage protection, insureds have access to key risk management services available via our strategic relationships with the workplace Helpline® (EPL coverage), red24TM (KRE coverage), and Strategic ResponseSM (D&O coverage). Cindy Oard, Senior Vice President of Allied World Healthcare, said, “We have built these new products leveraging Allied World’s ForceField products and tailored the coverage to the unique needs of Healthcare organizations. We continue to focus our efforts on providing our brokers leading edge coverage solutions supported by risk management, claims and underwriting expertise to create Healthcare specific solutions for our clients.” Worldwide coverage of up to $25 million in limits is available for each type of standalone coverage. Actual coverage will be subject to the policy as issued. Contact Faye Cook at 441.278.5406 or [email protected]
Allied World U S Launches Privacy403v2: Allied World announces the launch of the next generation of Allied World’s Privacy Liability product: Privacy//403v2. Privacy//403v2 is designed specifically for a broad spectrum of non-technology companies including, financial institutions (banks and other commercial/consumer lenders), healthcare organizations (both provider entities and healthcare management companies), utilities, insurance companies and retailers. “We have reengineered this product to keep pace with the dynamic needs of the Privacy and Security Liability insurance market,” said John McElroy, President Professional Lines Division, Allied World U.S. McElroy added, “The launch of Privacy//403v2 provides clients with a cutting edge solution to proactively manage and respond to Privacy risks.” In addition to the Privacy, Network Security, Media Liability, Business Interruption Costs protection, and Domestic Notification Costs, Privacy//403v2 now offers coverage for International Notification Costs and Data Forensic Expenses. Risk management services offered to customers purchasing Privacy//403v2 include Help Desk Advice Services, two annual webinars, a Business Guide for Data Security Breach Preparedness and Response, Risk Management Monthly Updates on Important Developments in Privacy and Information Management Law, and e-Risk Hub (Powered by NetDiligence). Adam Sills, Vice President of Allied World U.S.’s Privacy/Technology Unit adds, “This product was developed with input from our brokers and clients and to ensure we continue to evolve and react to marketplace needs. This new iteration of our Privacy solution brings together a competitive form, competitive pricing, industry leading risk management and underwriting expertise to provide clients Privacy protection they can depend on.” Primary and Excess coverage of up to $25 million in limits is available. Contact Faye Cook at 441.278.5406 or [email protected]
Aon’s Water Resilience Insurance is purchased by Anglian Water: Anglian Water, one of the largest water and wastewater company in England and Wales, has purchased Aon’s exclusive, industry leading insurance product for water utility companies, Water Resilience Insurance. Providing water services to 4.3m customers and wastewater to more than 2.5m homes million domestic and commercial customers in the east of England and Hartlepool, Anglian Water is the first water utility in the world to take advantage of Aon’s next-generation product. Aon’s Water Resilience Insurance has been developed after client feedback and industry consultation regarding the limitations and practicalities of current coverage. Approaching water contamination from a practical standpoint, Water Resilience Insurance provides compensation not only in the event of malicious water tampering, accidental contamination and extortion, but takes into account real-life scenarios not typically covered till now. This can include costs involved when a “boil notice” or “avoid consumption notice” have to be issued, and the subsequent losses to a water utility including goodwill payments and alternative mass distribution including providing bottled water to vulnerable customers. Water Resilience Insurance not only provides cover for the traditional elements of contamination insurance, including costs for forensic analyses, cleaning and flushing of the water system, transportation costs and employee overtime but also for third party financial losses, for example when customers incur loss of gross profits or extra expense due to contaminated water they are using to produce or treat their products with. Contact David Skapinker at 0207.505.7478 or [email protected] Aon Completes Merger with Hewitt Associates: Aon has completed its merger of Hewitt Associates, Inc. with a subsidiary of Aon, creating Aon Hewitt, the world's premier human capital solutions firm. Aon believes Aon Hewitt creates a global leader in human capital solutions and services, benefiting clients, colleagues and stockholders in several ways, including: Aon Hewitt revenues of $4.3 billion and 29,000 colleagues globally. Combined revenues for fiscal year 2009 consist of 49% from consulting services, 40% from benefits administration and 11% from HR business process outsourcing, creating more resources for colleagues and more opportunities to distinctively serve clients with capabilities in greater than 120 countries around the world; leading global brand and client service recognition worldwide. Premier Hewitt brand will be leveraged along with Aon's client recognition to be leading employee benefits consulting firm; complementary product and service portfolio across consulting, benefits administration and HR business process outsourcing. Product portfolio will provide for significant cross-sell opportunities including the marketing of Hewitt's benefits administration and HR business process outsourcing services to Aon's clients, as well as the marketing of Aon's industry-leading risk services product portfolio to Hewitt's clients; diversified presence across large corporate and middle market. The combined client base will provide significant cross-sell opportunities to leverage Hewitt's predominantly large corporate client base with Aon's predominantly middle market client base; Cost savings and operational efficiencies. Contact David Prosperi at 312.381.2485.
Aon Italia S.p.A. Acquires Rasini Viganò S.p.A: Aon Italia S.p.A. announces that it has acquired Rasini Viganò S.p.A,, the seventh largest Italian insurance broker. For Aon Italia S.p.A. this acquisition marks another successful step in its growth strategy. In the last few years Aon Italia S.p.A. has acquired several of the most important bank captive brokers (Unicredit Broker S.p.A. – Unicredit Group; Sanpaolo IMI Insurance Broker S.p.A. – Intesa Group; BNL Broker S.p.A. – BNP Paribas Group; Claris Broker – Veneto Banca Group). Through the successful execution of its growth strategy, Aon Italia S.p.A is the leading provider of risk management services in the financial sector. “It gives me great pleasure to announce that we have acquired the prestigious firm of Rasini Vigano,” said Carlo Clavarino, Country Manager and Chief Executive Officer of Aon Italia S.p.A. “Through this acquisition their clients will truly benefit from the enhanced value provided by Aon Italia through the strength of our combined talent and expertise in providing innovative solutions for their risk management needs.” Rasini Viganò S.p.A. was established in 1958 in Milan and has made a name for its eminent clients through its expertise in Public Entity, in particular in the sanitary field. With a strong focus on public entities and large privately-held companies in Milan, Rasini Viganò also has branch offices in Rome, Verona, Naples and Bari) along with offices in London and Lugano. Contact Melissa Balconi at 0245.434.838 or [email protected]
Aon Name for Schirmer Engineering Expands Global Reach & Services: Aon announces that Schirmer Engineering has been rebranded as Aon Fire Protection Engineering. Aon's fire protection engineering, building code consulting, life safety and security consulting group was acquired in 2001 and serves its clients through 19 offices worldwide. By associating more closely in name with Aon, clients and project partners of Aon Fire Protection Engineering will realize added value, such as single-source access to an integrated team of knowledge leaders available locally in 500 offices across 120 countries, and expertise covering all aspects of risk management, including property risk control and business protection. Contact Renee Clemetsen at 847.953.7751 or [email protected]
Aon Benfield Launches Homeowners ROE Study: Aon Benfield, announces the launch of its annual study of prospective return on equity (ROE) for US Homeowners insurance lines, based on more than 100 insurer rate filings from the 25 largest U.S. states. Compiled by the firm’s Analytics division, the 2010 estimate of expected return on capital for insurers writing US Homeowners business is 6.9 percent, compared to 6.1 percent in 2009. However, the study notes that the majority of rate filings approved by the U.S. regulator still do not adequately recognize the cost of capital necessary to protect policyholders in the case of a large catastrophic event. Steve Mildenhall, CEO of Aon Benfield Analytics, said: “In many cases, we find that approved rates in the U.S. regulatory system do not recognize the need to hold capital to fund for the possibility of catastrophic loss. Rates that are solely based on average annual losses do not provide the necessary incentive for insurers to put such capital at risk.” Contact David Bogg at 0207.522.4016 or [email protected]
Aon Benfield Launches Lloyd's Update Report: Aon Benfield announces the launch of its latest review of the Lloyd’s marketplace, which analyses the financial performance of the organization during the first half of the year. The new report, Lloyd’s Update, reveals that Lloyd’s 1H pre-tax profit totaled GBP628 million – a decrease of GBP694 million on the prior year period – while gross premiums written remained virtually unchanged over 1H 2009, totaling GBP13.5 billion. The lower result was due to a combination of factors including decreased investment yields and a softening rates environment. However, a large increase in catastrophe claims was the single biggest factor in Lloyd’s profits decline – exposure to the Chilean earthquake and Deepwater Horizon oil rig disaster resulted in net claims estimated at USD1.4 billion and USD300-600 million respectively. Mike Van Slooten, head of Aon Benfield’s International Research team, added: “Catastrophe claims are a fact of life at Lloyd's and allow the market to reinforce its claims-paying credentials. More importantly, the underlying underwriting performance remains resilient, which is evidence of the good discipline instilled by the Franchise Performance Directorate.” Throughout 2010, Lloyd’s continued to be an attractive destination for capital, with interest being shown both from existing players looking to increase their position at Lloyd’s, and new capital seeking to make an entrance into the marketplace. Meanwhile, the organization continues to be proactive in its preparations for Solvency II, the new European regulatory regime that is due to be implemented in 2013. Lloyd’s management forecasts that overall regulatory capital requirements will increase by 5-10 percent under Solvency II, provided the market’s internal model is approved by the U.K. regulator. Contact David Bogg at 0207.522.4016 or [email protected]
Beecher Carlson Announces sale of T.R. Jones & Company and Kraft Insurance Agency: Beecher Carlson sold the assets of subsidiaries Thomas R. Jones, Inc. and T.R. Jones & Company of Broward, L.C., to Brown & Brown of Florida, Inc. “As we have increased our commitment to industry specialization, it became clear that there was no longer significant alignment between T.R. Jones and Kraft and the going forward strategic vision of Beecher Carlson,” said Bret D. Quigley, executive vice president and chief financial officer of Beecher Carlson. Thomas R. “Tom” Jones, Alan Lund, and their staff will join Brown & Brown and continue to serve their clients from their Homestead, Key Largo, and Ocean Reef offices. The agency’s Winter Park operations, doing business as Kraft Insurance Agency, will combine with Brown & Brown of Florida’s existing Maitland, Florida office. Mr. Quigley added, “Tom, Alan and the rest of the T.R. Jones employees have been great partners for us. We wish them well in this new endeavor.” Contact Marci Steiding at 404.460.1413 or [email protected]
Bermuda Insurance Companies Join Forces to Launch Bermuda Market Follow Form Healthcare Insurance Policy and the Bermuda Market Reinsurance Agreement: Select Insurance brokers and underwriters from across Bermuda have worked together to develop and offer these two new policy forms, which provide clients with ‘Batch’ coverage and an affirmative grant for punitive damages, consistent with applicable law. Under the arrangements, healthcare organizations will be able to secure up to $250 million of medical malpractice insurance capacity from six Bermuda-based insurers using a single policy document. All but one of the participating insurers are rated A (Excellent) by ratings agency AM Best. The new products highlight the collective strength and ingenuity of the Bermuda Market. Their launch follows extensive research over two years by brokers at Aon, Bowring Marsh, Integro and Willis and the insurance carriers Allied World, Alterra, Endurance, Hiscox, Torus and XL into how healthcare clients’ needs have evolved. Willis Bermuda SVP Wesly Guiteau said, “These new forms will offer our clients the unique opportunity to procure all, or a majority, of their capacity on a single form while creating multiple relationships with financially sound carriers. We believe we have addressed one fundamental question for our clients ‘How can you diversify your portfolio in favor of multiple relationships while maintaining or improving coverage consistency?’ The answer is the new Bermuda forms.” Bowring Marsh Bermuda SVP Chris Klouda added, “Our clients are constantly looking for markets to innovate to meet their changing needs. These new forms create additional options for healthcare organizations.” Integro Bermuda Limited Principal Susan Pateras added, “Through the financial challenges of the last 48 months, we observed clients seeking to replace their larger blocks of capacity by forging global relationships with multiple carriers. These new forms were created to meet our clients’ desire for diversification. Not only do they allow Bermuda carriers to share risk on one form, they also serve to eliminate potential gaps in coverage by having pre-agreed wording which all approved markets have endorsed. This provides concurrency in coverage and affords higher standards for contract certainty as well as policy issuance.” Aon SVP Annie Sousa added, "Our clients’ interests are always a top priority. We listened and, with many of our clients opting to diversify their programs, continuity was at the top of their list of requirements. We then set about achieving just that." Contact David Fox at 441.292.9829 or [email protected]
Catlin Canada Establishes Offices in Montreal and Vancouver: The two offices will begin operating in early November. The Montreal and Vancouver offices will target business complementary to the key classes of insurance already written by Catlin Canada’s existing offices in Toronto and Calgary. The new offices will allow Catlin Canada to expand its distribution more fully throughout Canada. Pat Bruzzese will lead the Montreal office as Branch Manager. Pat previously headed the Montreal office of GCAN Insurance. Other staff in the Montreal office will include Flavia Di Girolamo, Property Manager-Quebec; Robert Foster, Senior Underwriter-Property & Casualty; and Lucy Martinello, Office Manager. Ian Rutherford will be Branch Manager of the Vancouver office. He previously headed with Vancouver office of GCAN Insurance. He will be joined by Senior Underwriters Rory O’Donoghue and Lawrence Quan. Catlin Canada CEO Mike Hansen said, “I am delighted to announce the further expansion of Catlin Canada with the establishment of offices in Montreal and Vancouver. The addition of these offices – along with experienced and highly regarded staff – reinforces Catlin Canada’s commitment to provide truly local service in key markets across Canada. The new offices will play an important part in our planned growth over the next three to five years.” Contact James Burcke at 0207.458.5710 or [email protected]
Chartis Continues Environmental Protection Relationship with The National Association Of Chemical Distributors: Chartis has renewed its relationship with the National Association of Chemical Distributors (NACD) for the fourteenth year. “Our members continue to benefit from our relationship with Chartis,” said Chris Jahn, President of the NACD. “This connection allows our members to manage risk effectively and comprehensively. Chartis’ dedication to the welfare of our members is unparalleled” “We are very pleased that we have once again renewed our relationship with the NACD. It is the NACD’s commitment to risk management, as well as its dedication to its members, that makes the relationship with Chartis a perfect match,” said Anthony Anzalone, Senior Vice President of Chartis’ Environmental Casualty Division. The NACD is the authoritative voice in the chemical distribution industry, committed to promoting continual improvement in the protection of human health and the environment through responsible chemical management. The NACD’s member companies represent more than 85% of the chemical distribution capacity in the United States and 90% of the industry’s gross revenue. NACD membership requires participation in the Responsible Distribution program; a third-party verified environmental, health, safety and security program that emphasizes the organization’s commitment to responsible chemical storage, handling, transportation and disposal. To further strengthen this commitment to responsible operations, the NACD has aligned with Chartis to provide NACD member companies with environmental insurance solutions that meet the needs of the chemical distribution industry. With nearly three decades of experience in the environmental insurance marketplace, Chartis can provide NACD members with innovative insurance solutions through its market- leading Environmental and General Liability Exposures (EAGLE) Program®. EAGLE combines standard general liability coverage with pollution coverage and, by endorsement, CrisisResponse® coverage in one policy. To round out Chartis’ insurance solutions, EAGLE Automobile, EAGLE Excess Follow Form, property and workers’ compensation coverages are also available to NACD members. In addition to comprehensive coverage solutions, Chartis provides access to value-added programs that align with the vision and mission of the NACD. Examples of such programs include PIER (Pollution Incident and Environmental Response), a network of vetted third-party contractors that can provide an emergency response in the event of an environmental incident, and RiskTool System, an online resource that provides policyholders access to risk training programs, risk management guides and updates on relevant legislation. Contact Marie Ali at 212.458.2536 or [email protected]
Chartis Enhances General Liability Policies with Security Guard Firms Coverage Enhancement: Chartis introduces a Security Guard Firms Coverage Enhancement, developed by its Commercial Casualty division, to address the specific liability exposures of security firms. The endorsement expands the Chartis insurers’ general liability policy to include: coverage for bodily injury and property damage arising out of professional security guard services performed by or on behalf of the named insured, coverage for bodily injury and property damage resulting from the use of reasonable force committed by an employee of the insured to protect any persons or property and An additional occurrence limit for damage to property in the care, custody and control of the security firm, subject to a per occurrence deductible. “Many businesses rely on the services of security personnel to prevent and deter crime. In rendering these services, it is possible for security personnel to unintentionally cause bodily injuries or property damage,” said Christopher McKeon, President of Commercial Casualty’s Commercial Risk and Excess Workers’ Compensation divisions. “This enhancement gives security guard firms coverage against potential claims in one endorsement.” In addition, Chartis also offers integrated loss control services to help security firms prevent and mitigate losses, including: providing best practice assessments for corporate or subcontractor security programs, Developing and reviewing standard operating procedures, staffing qualifications and hiring criteria, incident investigation, and sight supervisor duties and establishing measures that address the physical security of the insured’s premises, such as public access procedures and monitoring systems. Contact Anner Jones at 713.342.7574 or [email protected]
Chartis Enters Into Strategic Alliance with MMRGlobal To Offer Electronic Personal Health Records To Energy Clients: Chartis announces that it has entered into a strategic alliance with MMRGlobal to offer its energy casualty clients a suite of secure, online products that will allow their employees to manage critical, sensitive information such as medical, financial and vital records. The Chartis insurers will offer this service as part of their Global Marine and Energy workers’ compensation policies. Powered by MMRGlobal using its MyMedicalRecordsTM technology, (www.mymedicalrecords.com) clients’ employees and their families will be able to store and manage their personal health records, as well as other important documents, in a secure, encrypted web-based application that can be accessed 24/7 from anywhere in the world using the Internet. The program will also allow for storage of other important documents, such as passports, deeds of trust, and wills. In addition to a comprehensive file management system, each personal health record will feature a separate emergency log-in that will allow first responders and other medical personnel to access potentially life- saving information such as blood type, medications and allergies.“ As part of an ongoing commitment to support our clients, we will expand our offerings as their needs evolve. We are very excited to offer our energy business clients this new benefit,” said Tom Morelli, President of Global Marine and Energy’s Casualty Division. “It is especially exciting to work with Chartis to introduce this potentially life-saving service at a time when the world is spending hundreds of billions of dollars on health information technologies,” said Robert H. Lorsch, Chairman and CEO of MMRGlobal. Contact Marie Ali at 212.458.2536 or [email protected]
Chartis Introduces NextGen Protection to Additional Industries: Chartis announces the expansion of industries addressed by NextGen Protection, a suite of environmental insurance solutions developed by its Environmental division. The additional industry segments within the NextGen Protection suite are: EAGLE Personal Care Protect for Manufacturers of Household and Personal Products and EAGLE TSDF Protect for Waste Management Facilities. The EAGLE Personal Care Protect has been developed for manufacturers of household and personal products including soaps, detergents, toiletries and cosmetics. These manufacturers face potential environmental exposures associated with the production of their products due to the use of various chemicals – such as organic compounds, dyes and acids – that may cause harm to human health and the environment. While the other EAGLE TSDF Protect has been developed to help address the third-party liability exposures faced by waste management facilities. Hazardous waste treatment, storage and disposal facilities (TSDF) are highly regulated for the protection of the public; however, TSDF operators remain at risk for third-party liability claims for bodily injury, property damage, environmental contamination or conversion. Coverage provided by EAGLE Personal Care Protect and EAGLE TSDF Protect enhances the Chartis insurers’ market-leading Environmental and General Liability Exposures (EAGLE) Program®. EAGLE provides a comprehensive insurance solution, incorporating standard general liability coverage with the added value of pollution coverage, in one policy. The NextGen Protection suite currently includes PLL Wellness ProtectSM, PLL Campus ProtectSM, EAGLE TopCoat Protect, EAGLE AgriProtect, EAGLE Personal Care Protect and EAGLE TSDF Protect. Contact: Marie Ali at 212.458.2536 or [email protected]
Chartis’ Passport Service Platform for Multinationals Extends E&O / PI Insurance To Additional Countries And Professional Services: Chartis announces that it has expanded its Passport service platform to enable multinationals to efficiently access locally compliant Errors & Omissions (E&O) liability / Professional Indemnity (PI) insurance in 18 additional countries and jurisdictions. In addition, multinationals now have streamlined access through Passport to seven professional services, including media and advertising, in a total of 39 countries and jurisdictions. Introduced in 2007, Chartis’ Passport service platform allows policyholders to obtain E&O / PI insurance aligned with local laws, regulations and customs worldwide. Customers can secure local “underlyer” policies through Passport that are issued through the Chartis network in conjunction with their global base E&O / PI policy. Along with the “underlyer” policy, customers receive access to Chartis’ locally-based claims and litigation management resources. The newly broadened Passport platform facilitates local placement of E&O / PI insurance in the following countries and jurisdictions: Bermuda, Cayman Islands, Chile, Cyprus, Czech Republic, Hong Kong, Ireland, Israel, Macau, Norway, Portugal, Sweden, Switzerland, Turkey, Singapore, South Africa, South Korea and the Beijing province of China. This expanded access adds to the 18 countries and three Chinese provinces where Passport has already been available for E&O / PI policyholders. In each country and jurisdiction, local E&O / PI coverage can be customized for numerous services, including advertising, media, technology, real estate agencies, travel agencies, staffing and recruitment agencies, and claims adjusting agencies. “We have extended our Passport platform in direct response to the needs of our multinational customers and the reality of a marketplace in which professionals face unique risks around the world. This is part of our continuing commitment to ensure that our customers are confident that they are well protected as they conduct business worldwide,” said Tracie Grella, President of the Professional Liability unit of Chartis’ Executive Liability division. “This enhanced platform provides our customers with better access to local insurance coverage regardless of where they operate. This is particularly important today given the increased exposures stemming from the growth in demand for professional services and ever-increasing levels of litigation against professionals worldwide,” said Ian Pollard, International Professions Manager of Chartis International. Contact Marie Ali at 212.458.2536
Griffin Risk Capital Partners Launched by Griffin, Stevens & Lee and RCP Holdings: Joseph M. Harenza, CEO of Griffin Financial Group, Ernie Choquette, Stevens & Lee President, and Nemo Perera, CEO of Risk Capital Partners, announces the creation of Griffin Risk Capital Partners, LLC (Griffin RCP), a joint venture between RCP Holdings (RCP), Griffin Holdings Group and Stevens & Lee. “As RCP is a proven innovator in the insurance and reinsurance markets, we expect that the partnership will substantially enhance our platform’s ability to structure non-traditional insurance-related solutions for both current and new clients,” said Mr. Harenza. “Our deep understanding of the economic drivers in sectors like banking, private equity and healthcare combined with RCP’s unique risk mitigation perspective will lead to revenue-generating solutions that will benefit all of our clientele.” “The insurance industry has always been important to Stevens & Lee and is an area where we see a lot of opportunity for continued growth,” said firm President Ernie Choquette. “The addition of RCP to our platform is in keeping with our goal of expanding our segment expertise and capabilities to provide greater value to our clients.” Nemo Perera has been named CEO of the new joint venture. “Griffin, Stevens & Lee and RCP are like-minded, taking an entrepreneurial approach to resolving unique challenges faced by our clients,” said Mr. Perera. “RCP utilizes insurance as an alternative source of capital to help mitigate these challenges, unlocking profits for clients while providing new product development for the insurance and reinsurance markets.” Under this joint venture, Griffin and Stevens & Lee will provide Griffin RCP with operational, management, legal and other support, bringing together our substantial and diverse industry experience and technical skill sets to architect, engineer, construct and market innovative insurance-related products for the insurance, banking, investment, health care and state and local government communities. The joint venture combines RCP’s creativity, technical skill sets and contacts within the insurance and reinsurance market place with Griffin’s fund raising and capital markets capabilities and knowledge of the banking, hedge fund and private equity communities, along with Stevens & Lee’s regulatory and structured finance capabilities. The joint venture is also expected to leverage the partners’ combined legal, financial, tax accounting, structured finance and securitization capabilities to facilitate enhancements to RCP’s existing suite of sophisticated insurance products. Contact Jeanna Hahn at 610.478.2182
Guy Carpenter Establishes New Florida Business Unit: Guy Carpenter announces the formation of a dedicated Florida business unit. The FL unit will be led by Kevin Stokes, Executive Vice President, who will report to Chris McKeown, President and CEO of North America Broking Operations. The new unit will address the increasingly complex needs of Florida-based companies and the uniquely dynamic nature of the Florida insurance and reinsurance marketplace. The practice will build on Guy Carpenter’s strong presence in the Florida market and maximize the firm’s global resources to the benefit of clients in the region. With the launch of this group, Guy Carpenter will have a fully dedicated Florida business unit with a significant presence in the state of Florida. “Our new Florida business unit underscores our continued commitment to this region and will allow us to better serve our Florida clients. Based in Tampa, Kevin will provide strong leadership for this important market. He will ensure that Guy Carpenter continues to deliver innovative solutions and technology to clients while representing their best interests in the ongoing industry dialogue around Florida issues.” said Chris McKeown, President and CEO of North America Broking Operations. Contact Alexis Levenson at 917.937.3264 or [email protected]
Hub International Acquires Assets of Burnham + Company: Hub International announces that it has acquired the assets of Burnham + Company, Inc. (B+C), an Englewood Cliffs, New Jersey-based brokerage firm with approximately $4 million in annual revenues. In connection with this transaction, the B+C operations will become a part of Hub International Northeast Limited. B+C’s owner, Jeff Burnham, will report to Damian Testa, Hub Northeast’s President of New Jersey and Pennsylvania Operations, and Bruce Rector, Vice President, will report to John Tateossian, Vice President, Hub Northeast. Originally founded in 1957 by Ronald Burnham, B+C serves both commercial and personal insurance clients. In 1972, B+C developed a national specialty in insurance for the elevator industry and, ever since, has been serving elevator clients directly and through their brokers on all lines of business. B+C will combine with Hub’s existing elevator group, JM Associates, operating as one unit serving the elevator industry. “By joining forces with the talented staff at B+C, we are greatly enhancing Hub’s commitment to providing quality coverage options to the elevator industry,” said Damian Testa. “Given B+C’s longevity and stellar reputation in serving this niche, they are a great fit for our organization. By combining their capabilities with our existing offerings through our JM Associates division, Hub will be able to offer the B+C and Hub clients the best value, coverage and service options available in the market.” Contact Daniel Goldsmith at 312.279.4840 or [email protected] Integro Acquires ReSource Intermediaries, Inc.: ReSource Intermediaries, a full service reinsurance broker with particular expertise in healthcare, develops and implements reinsurance strategies for a client base that includes insurance companies; alternative risk entities such as captives and risk retention groups; managing general agencies and third party administrators. “ReSource Intermediaries brings top-notch expertise and will complement Integro’s existing capabilities, particularly in the healthcare and professional liability sectors, with a level of quality client service that mirrors our own,” said Integro President and CEO Peter Garvey. “In addition, ReSource Intermediaries provides the infrastructure and licenses enabling Integro to begin operating immediately as a reinsurance broker in the U.S.” Garvey added, “We are delighted to welcome Bob Kennedy and his extraordinary team to Integro, and are excited at what this will mean for the firm’s West coast presence and the enhanced expertise we can provide all of our clients in the U.S. and London.” ReSource Intermediaries will continue under the leadership of Bob Kennedy as president. “To maximize operating performance we recognized the importance of joining forces with a firm that understands our value and shares our values,” Kennedy said. “Integro fits the bill, and we are thrilled to be joining an organization that is established yet entrepreneurial.” Contact Betsy Van Alstyne at 212.295.5445 or [email protected]
IronHealth Introduces Specialty Policy Option to Protect Risk Exposure of Government Audits: IronHealth, the specialty healthcare unit of Ironshore Inc., introduces a Government Billing Errors & Omissions solution that helps healthcare organizations manage the risk and expense associated with audit events involving Medicare and Medicaid billings. The product, designed as a policy option, is intended to provide flexible coverage to protect healthcare organizations during the course of in-depth government audits and investigations of their Medicare and Medicaid billing practices. “Government audits of healthcare contracts and billing procedures have increased exponentially over the past several years,” said Matt Dolan, President of IronHealth. “Recent healthcare reform legislation and subsequent scrutiny of the healthcare industry with regard to Medicare billing and reimbursement will continue to drain additional resources from the healthcare establishment faced with a prolonged, costly audit.” In 2009, federal prosecutors pursued 1,621 healthcare fraud criminal investigations involving 2,706 defendants and negotiating $1.63 billion in judgments or settlements, plus an additional $3 billion in payment to Medicare and Medicaid. The Recovery Audit Contractor program requires that every state employ at least one Regional Auditing Company (RAC) that acts in a third- party capacity to conduct both random and assigned audits of healthcare facilities nationwide. Mr. Dolan noted that IronHealth is “committed to providing innovative and forward-looking insurance solutions for managing emerging risks facing today’s healthcare providers. The Government Billing E&O option was designed specifically for quality healthcare organizations looking to address the significant risk exposures associated with costly, time-consuming government audits and investigations.” Contact Gaye Torrance at 212.691.5810 or [email protected]
IronHealth Offers First Program to Address New Complex Requirements For Medicare Reporting: IronHealth has developed a customized insurance program to address the risk exposure created by the specific reporting requirements of Section 111 of the Medicare, Medicaid and SCHIP Extension Act of 2007 (MMSEA). IronHealth’s new Medicare Reporting and Secondary Payer Act Liability (MRSPAL) policy protects against the risk and subsequent penalties from failing to file, or from negligent filing, under Section 111 of the MMSEA or under the Medicare Secondary Payer Act (MSPA). Underwriting support and claims management services for the product will be provided by IronHealth and MGU Specialty Risk Services, Inc. (MGU), a Tampa, Florida company which focuses exclusively on federally- mandated reporting obligations. This product will be available on an open brokerage basis. Section 111 of the MMSEA imposes requirements for reporting all payments involving Medicare beneficiaries under liability insurance – including self insurance, no- fault and Workers’ Compensation – to the Centers for Medicare and Medicaid Services. Responsible Reporting Entities (RREs) are obligated to report any liability payments or settlements made to Medicare/Medicaid recipients, thereby enabling the government to recoup amounts advanced for covered medical services and treatments in a timely manner. “Failure of an RRE to report payments and settlements to Medicare recipients – whether they be patients, workers or other recipients – in a timely and accurate manner can result in significant penalties to the RRE resulting in fines of as much as $1,000 per day,” said Matt Dolan, President of IronHealth. “IronHealth and MGU have created the MRSPAL product to help manage these new costly, regulatory exposures.” Contact Gaye Torrance at 212.691.5810 or [email protected]
IronPro Offers Security & Privacy Liability Insurance: IronPro introduces the Enterprise PrivaProtector 9.0™ to assist businesses in managing their network security and privacy risks. In 2010, the Identity Theft Resource Center reported 533 privacy breaches involving over 13 million personal records. The consequence of a data breach can impact both the company and its directors and officers, resulting in both financial and reputational loss. Enterprise PrivaProtector 9.0™ is designed to help protect individual directors and officers by providing Side A Excess Directors’ and Officers’ Liability coverage arising from a network security or privacy wrongful act. The policy also covers the company’s privacy breach expenses and protects against the potential liabilities arising out of unauthorized access or use of an insured’s computer system, denial of service attacks and malicious code. The policy offers optional Internet media liability coverage along with first party coverage for digital asset loss, business interruption income loss and network extortion threats. According to Tom Monaghan, Senior Vice President of IronPro, “In today’s business environment, every enterprise faces increased liability and regulatory scrutiny regarding adequate protection for non-public personal and confidential corporate data. A data breach can result in a significant expense for any business.” At present 48 states, the District of Columbia, Puerto Rico and the Virgin Islands have enacted legislation requiring notification of security breaches involving personal information. The current regulatory environment is imposing more stringent reporting provisions creating more liability for companies and their directors and officers. IronPro’s Enterprise PrivaProtector™ is designed to help manage this exposure and fill the gaps of traditional insurance coverage. Contact Gaye Torrance at 212.691.5810 or [email protected]
Ironshore And Distinguished Programs Form Joint Venture Acquisition Vehicle: Ironshore and New York’s Distinguished Programs Group LLC announce the formation of IDP Holdings LLC, a joint venture acquisition vehicle targeting the Managing General Underwriter and Program Manager segments of the insurance distribution business. IDP’s business plan contemplates multiple acquisitions of small to mid-sized program managers as well as the development of start-up operations built around key underwriting teams. IDP Holdings is targeting acquisitions of companies with $5 to $25 million in premium, experienced management and solid underwriting results. Distinguished will provide strategic and financial management and Ironshore will provide insurance capacity to acquired companies. Financial terms will vary from acquisition to acquisition. “We’re very excited to have joined forces with Ironshore both as a capital provider and underwriting partner” commented Jeremy R. Hitzig, CEO of both Distinguished and IDP Holdings, “Ironshore’s long-term partnership approach and strong capital position will be key elements to the success of our joint venture.” Kevin Kelley, CEO of Ironshore and Chairman of IDP Holdings added, “We’re pleased to be entering into a partnership with Distinguished Programs, one of the leading program managers in the business. Our investment in IDP Holdings reflects our long-term commitment to program business.” “With Ironshore’s capacity and broad underwriting capabilities, acquisition candidates in a number of industry segments and product lines will be considered although an emphasis will be placed on quality of management and demonstrated underwriting profitability,” said Hitzig. “We believe that IDP Holdings is a great option for business owners seeking to exit the business over the short to medium term or those seeking a partial liquidity event but with a desire to have an ongoing stake in the business. Either way, we will look to leverage the full resources of Distinguished and Ironshore to support and build the business in the future.” Contact Gaye Torrance at 212.691.5810 or [email protected]
Markel International Further Expands Bloodstock And Livestock Business: Markel International, the specialist insurer, will further expand its bloodstock and livestock business with the acquisition of the renewal rights of the bloodstock and livestock book currently written by Talbot Underwriting Ltd. Sophie Dunkerley and Alex Colquhoun will join Markel from Talbot to handle the renewal business and will strengthen Markel’s existing bloodstock and livestock team. Sophie and Alex provide expertise in the coverage of sport horses as well as thoroughbreds, and they offer a wide range of cover for the livestock industry. The deal follows two recent equine and livestock acquisitions by Markel. Markel International acquired French insurance broker and cover holder Le Centaure in July, and in August Markel Insurance Company (part of Markel Corporation, the parent body of Markel International) acquired American Live Stock (ALS). Commenting on the acquisitions, William Stovin, president and chief operating officer of Markel International, said: “Markel’s bloodstock and livestock business has significantly expanded this year, and the growth underlines our commitment to build a global book in this sector.” Contact Sean Martin at 0207.953.6000 or [email protected]
MarketScout Builds Access Portal to Connect Retail Agents to Starr Insurance Companies: MarketScout, a Dallas, Texas-based electronic insurance exchange, establishes Target Agent Gateway (TAG), which is a portal providing retail agent’s rapid and convenient access to Starr Insurance Companies. To facilitate a quick reply and gain access to the appropriate Starr underwriting divisions, MarketScout will pre-validate all submissions. Starr is pleased to be the target insurer in TAG and looks forward to working with MarketScout on this initiative. Starr provides exceptional coverage and pricing terms for the following industry groups and lines of business: (1) Energy, (2) Construction, (3) Environmental, (4) Financial Lines, (5) Crisis Management, (6) Accident & Health and (7) other General Casualty classes. Contact Vilma Scott at 972.934.4224 or [email protected] OneBeacon Professional Insurance Introduces New Managed Care Errors & Omissions Policy For Large Regional And National Entities: OneBeacon Professional Insurance (OBPI) announces its new Managed Care Errors and Omissions (E&O) policy geared toward the unique exposures of large regional and national managed care entities. Said Susan Angelo, OBPI’s Senior Vice President and Managed Care Division Leader, “When it comes to larger Managed Care Organizations and their coverage needs, we realize it is not a ‘one size fits all’ approach. We recognize that the needs of this market segment are different from other managed care organizations, and we offer coverage solutions to fit these entities’ unique needs.” In particular, the policy features an innovative solution that seeks to respond to issues Managed Care Organizations have faced relating to the handling of related claims. Other specialized protection and features include: the availability of defense costs reimbursement for governmental investigations and subpoenas, claims made coverage, a broad insuring agreement, the ability to handle claims within a self-insured retention, and a consent to settle clause. All of these features are presented in an easily understood 2 form. Contact Sasha Valasek at 781.332.7165 or [email protected]
Philadelphia Insurance Rolls Out New Film Production Product: Philadelphia Insurance Companies (PHLY) launches its newest insurance product for the Film Production industry, adding to its portfolio of Entertainment products. PHLY designed its Film Production product to meet the unique needs of Film Producers, D.I.C.E. Producers, Film Production Companies, Film Schools, Photographers and Videographers, offering coverage that includes General Liability with Abuse & Molestation, Inland Marine, Property, Auto and Excess Liability. “PHLY is excited to add Film Production to its lineup of Entertainment products and we view this as a natural progression in the evolution of our program,” commented Donna Mescall, Underwriting Manager. “The package approach provides the Film Production industry with a ‘one stop shop’ to fulfill their Property, Auto, General Liability and Excess Liability insurance needs while coverage enhancements provide a broad array of coverages specific to film exposures including but not limited to coverage for faulty stock, negative film, third party property damage, and others. The program targets the film production companies with per production costs of $1,000,000 or less, offering short term and annual production policies.” Contact Marisa Thornton at 610.538.2260 or [email protected] Price Forbes & Partners Expands Reinsurance Business: Price Forbes & Partners announces the formal launch of its Reinsurance Division. The newly-formed division will focus on International business and cater for all classes of reinsurance, whether on a traditional or structured basis. The team is lead by Paul Bumpstead, Managing Director, who brings over 40 years of experience in Property and Liability Reinsurance, most recently within the Reinsurance Practice of HSBC Insurance Brokers. He is joined by: (1) Enrico Ricceri, who has over 20 years’ broking experience encompassing international treaty, excess of loss and facultative business. He previously worked at Willis and, most recently, HSBC Insurance Brokers. Enrico will head up Business Development for the Reinsurance team. (2) Rocky De Lucia, who has spent over 30 years within the reinsurance broking market, most recently at HSBC Insurance Brokers. A fluent Italian and Spanish speaker, Rocky was also previously a Director at Heath Lambert. He will be developing International Reinsurance business for Price Forbes.(3) Nicola Giargia, who spent over 10 years at AonBenfield, where he lead the Turkish / Greek team. Nicola is Italian, a fluent English and French speaker and previously worked at BMS and Alexander Howden. Nicola will develop International Reinsurance business.(4) Celia Smith, who qualified as a Chartered Accountant with Moore Stephens in 1993, having previously gained a Degree in Law. Celia spent thirteen years at HSBC Insurance Brokers, with roles encompassing analytical and broker back up. Celia will have Operational responsibility for the newly-formed team.(5) Neil Bramley, who previously underwrote the International Property Treaty Account out of Ace Tempest Re, Europe. During this time, Neil sat on the IUA Property Treaty Group and a number of LMA committees. Neil will oversee the Division’s analytical services including working with RMS to bring full catastrophe analysis for clients. (6) Chris Russell, who has over 20 years experience of handling International reinsurance business across all classes, including proportional, excess of loss and facultative basis. Chris was previously at HSBC Insurance Brokers and Heath Lambert. Explaining the values of the new team, Paul Bumpstead, Managing Director, Reinsurance, said “There have been some considerable changes in the reinsurance broking sector in recent years, often to the detriment of client service. We believe that there is a requirement for a return to the ‘traditional’ values of reinsurance broking that a truly independent niche broking firm is best placed to provide. Our aim is to build a reinsurance team that has a sense of purpose, a high level of professionalism and that defines the future principles of reinsurance broking. We will do this by placing each and every client at the centre of our business, regardless of the size of the account, and providing clients with a specialist and experienced broking team incorporating analytics; modelling; first class market knowledge; superior claims service and total transparency.” He added, “The decision to join a broking house that has an existing, well-established team of talented insurance professionals that have the confidence of their clients and markets, and who deliver effective solutions for organisations globally was of fundamentally importance for the team. Working from Price Forbes’ established platform that is both independent and modern in its outlook was a very compelling opportunity for us and presents a sound base from which to build a successful reinsurance business.” Michael Donegan, Chief Executive Officer, Price Forbes & Partners commented, “The formation of the Reinsurance Division is another exciting step for the Price Forbes business. We are committed to building a solid but dynamic proposition for our clients internationally and have made significant investments in our reinsurance capabilities, not only in terms of the hiring of a number of recognised reinsurance specialists, but also in the expansion of our analytical and modelling capabilities” “Having a team of this calibre and experience join us is testament to the commitment we are placing in further developing our reinsurance capabilities. We are delighted to welcome the team to Price Forbes and Partners. Contact Amanda Burton at 079.7442.8026 or [email protected]
R-T Specialty Has Acquired McAuley Woods & Associates: R-T Specialty, LLC, the wholesale brokerage unit of Ryan Specialty Group, LLC, announces that it has acquired McAuley Woods & Associates. Headquartered in Palm Beach, Florida, McAuley Woods is a boutique wholesale insurance brokerage company that specializes in various product lines, including property, casualty, trade name restoration, mold, professional liability, workers compensation, construction, healthcare, transportation, catastrophe, hurricane, hospitality, and products liability insurance. Bob McAuley, Loti Woods, co-Presidents and co-Chief Operating Officers, McAuley Woods & Associates, say of the acquisition, “Working closely with our select retail producers to develop unique and responsive insurance solutions to their clients’ needs is a long-standing hallmark of our mission. By joining forces with RT Specialty, we will not only expand the network of other retailers who can access our programs, but also enhance the wide array of insurance markets available to them through the entire RT Specialty team. Pat Ryan, Tim Turner and their team offer an amazing track record and wealth of experience that is second to none in the wholesale space. We are extremely excited to be a part of the platform they’ve built.” ”I have long admired McAuley Woods’ commitment to its retail distribution network, as well as its flexible approaches in addressing their clients’ objectives, both of which are core components of our mission”, said Tim Turner, President and CEO of RT Specialty. He added, “Its strong presence throughout the Southeastern part of the United States will significantly strengthen our presence in that key region, and we look forward to expanding our combined market relationships in developing new facilities and programs for our retail producers.”
Riverside Risk Advisors, a Derivatives Advisory Boutique, Started by Former Morgan Stanley & Societe Generale Executives: Joyce Frost and Frank Iacono, former executives with Morgan Stanley, along with Chris Frost, former Managing Director at Societe Generale, announces the formation of Riverside Risk Advisors LLC (Riverside) in response to the soaring demand for independent risk assessment, structuring, pricing and execution advice for complex derivative and structured product transactions. Riverside's clients include derivative end-users such as corporations, private equity firms, real estate developers, and project sponsors. Riverside also advises investors evaluating structured credit opportunities and financial firms winding down or restructuring legacy businesses. These clients are able to capitalize on the team's unparalleled expertise and experience in interest rate, currency and credit derivatives to help analyze risks, ensure that transactions suit needs and achieve the best execution. "The Dodd-Frank Act creates an effective mandate that some end-users seek independent advice for derivative transactions. We expect, however, that even where a statutory or regulatory requirement is not created, outside advice with respect to suitability and fairness, from professionals with relevant transaction experience, will become the new best-practices standard," Frank Iacono, co-founder of Riverside Risk Advisors stated. Independent derivatives expert David Walker, who also serves as CFO of Level One Bank and was formerly Treasurer of GMAC, commented that "The derivative portion of the Dodd-Frank Act does little to directly enhance transparency for most end-users, so counterparty pricing will be business as usual. While I am not affiliated with Riverside, it is clear that as the desire for transparency continues to increase in all markets, a firm like Riverside, staffed with some of the savviest Wall Street professionals, should become the go-to standard for end-users before a transaction is structured and executed.Contact Mitch Ackles at 305.444.9868 or [email protected]
Torus Insurance Offers Coverage For Sports Medicine Professionals: Torus Insurance introduces HIGH 5! – an excess professional liability product to complete the contractual insurance obligations for sports medicine physicians, surgeons and trainers. HIGH 5 will typically be deployed as a $5M limit excess of a physician’s primary liability limit. However, the limits can be adjusted to reflect the specific needs of the medical professional. Sports medicine professionals are exposed to litigation from pre and post- injury services. Depending upon the professional’s role, he or she can improve their work environment and reduce their exposure to litigation by using S-P-E-E-D: specialization, professional communication, education, examination and documentation. Even with improved risk management, the recent $11M sports medicine jury verdict, a growing number of undiagnosed concussions and the elevated value of professional contracts show that there is a need for sports medicine liability products. The carrier, Torus Specialty, is targeting individual physicians and physician groups that specialize in sports medicine, including orthopedic surgeons. Minimum Underlying Limit: $1,000,000, Maximum Limit: $9,000,000, Minimum Premium: $25,000. Coverage terms will be offered exclusively through NSUI who co-developed the product. Contact Bob Allen at 201.743.7759 or [email protected]
Venture Launches ClubCover – a Mono-line Umbrella for Golf & Country Clubs: Venture Insurance Programs has launched ClubCover, a new mono-line umbrella liability coverage for golf and country clubs offering proper limits, more cost-effective premiums and a fast, easy online system. ClubCover provides a $25 million limit on an admitted basis through a risk-purchasing group (RPG), utilizing a master policy with each member receiving a certificate of insurance. Unlike many RPGs, ClubCover has separate limits for each member. It is provided on a monocline basis through an A.M. Best “A” or better (or S&P “BBB” and better) rated insurance company, and can sit atop underlying coverage of any insurer with an A.M. Best “A-” VI rating or higher. “Considering that an estimated 85 percent of golf and country clubs may be underinsured, there is a real need in the industry for a cost-effective Umbrella Liability policy with adequate limits,” said Philip J. Harvey, president of Venture Insurance Programs. “ClubCover offers this important coverage at very affordable premiums and with an easy online ‘Quick Indication’ system.” ClubCover’s three-step “Quick Indication” process is available at www.clubcover.com, giving agents and brokers an immediate, non-bindable premium response for $25 million limits. An underwriting referral may be required for certain types of exposures within the club (horseback, skiing, day camps, etc.). Insurance protection for Herbicide/Pesticide is available up to $10 million without a referral. Directors & Officers (D&O) Liability and Employment Practices Liability Insurance (EPLI) are available up to $10 million. Contact Jim Shaffer at 201.743.7759 or [email protected]
Willis Launches Captive Insurance Facility in Malta: Willis has set up a Willis-owned and managed captive insurance facility in Malta that allows clients to realise the benefits of captive ownership with lower capital commitment and reduced operating costs. The new facility, Lime Street Insurance PCC Ltd (Lime Street), started operating from 20 September. A Protected Cell Company (PCC), Lime Street has been established in Malta to underwrite risk for entities across the European Economic Area (EEA). The PCC will be managed by Willis Management (Malta) Limited which is headed by Anne Finn, Executive Director. Lime Street provides a captive facility to entities that lack sufficient premium volume, or may not otherwise wish to establish their own insurance subsidiary, to realise the benefits associated with a captive. The ring fencing provisions of PCC legislation provide clients with their own secure underwriting account, in effect a legally segregated rent-a-captive. The PCC facility will appeal to entities with risks in the European Union that are interested in: reducing their dependency on local carriers, accessing international insurance markets, cost-effective access to captive technology for risk retention and seeking an efficient means to consolidate risk in a captive. Malcolm Cutts-Watson, Chairman of the Willis International Captive Practice, commented, “Lime Street Insurance PCC Ltd brings captive technology to a number of entities that may have thought this option was unavailable to them. We chose Malta as our jurisdiction since it offered all the benefits of EU membership, together with responsive regulation, strong infrastructure and a flexible fiscal regime.” “The launch of Lime Street is part of our strategy to offer our clients the broadest range of risk financing options possible,” said Tom Coughlin, Willis’ Global Captive Practice Leader. “Protected cells are the fastest-growing sector of the captive market and Lime Street, as an EU PCC, complements our other offerings. It enables any entity with EU risks to manage them in a cost-efficient manner, secure in the knowledge that they are dealing with a Willis vehicle.” Contact Ingrid Booth at 0203.124.7182 or [email protected]
Willis Reinsurance Broker Expands European Reach To Help Clients Prepare For Solvency II: Willis Re has merged its teams handling Continental European and UK-based property and casualty business into an expanded European unit and is establishing a new Specialty Casualty Practice Group. The creation of Willis Re Europe brings together the reinsurance broker’s UK and Continental Europe business under Willis Re International & Specialty, capitalizing on synergies of expertise and knowledge across a deep talent pool of highly-skilled individuals to deliver the increasingly complex client array of services that Willis Re brings to its pan-European clients. London-based Managing Director Tony Melia has been appointed head of the unified European team. Concurrent with this, Colin Kiddie will take on overall leadership of Willis Re’s Specialty business, which comprises its Non-Marine, Marine and Aviation capabilities. Commenting on the expansion of Willis Re’s European capability, CEO of Willis Re International & Specialty Jason Howard said, “With the advent of Solvency II, EU insurers and reinsurers are looking for enlightened advice from their brokers to help them navigate new capital adequacy requirements. Our unified approach to the European trading environment will enable Willis Re’s clients to grow and prosper through this challenging time. ”Willis Re has also created a Specialty Casualty Practice Group that will operate on a global basis. Led by David Thomas, who has also been appointed to run all UK- based North American operations, this new group brings together a number of classes of reinsurance business that demand unique expertise, including: Professional Indemnity (excluding Healthcare), Directors & Officers, Public Entity, and Environmental Liability. Explaining the rationale behind the formation of the new practice group, Peter Hearn, CEO of Willis Re said, “Specialty Casualty exposures are increasingly global and interconnected. We are leveraging the collaborative strength of Willis Re to form an international team that will help our clients to grow their business by drawing on detailed product knowledge, advanced risk transfer capabilities, and sophisticated financial and analytical skills.” Contact Ingrid Booth at 0203.124.7182 or [email protected]
Willis Strengthens Group Mining Practice: Willis has incorporated its US, UK and International hubs of mining expertise into one worldwide group practice, reporting to Steve Hearn, London-based Chairman of Global Markets International (GMI). The new group will bring the leaders and teams of Willis’ main mining businesses under one umbrella. The leaders include Steve Higginson in Australia; Michael Barnfield in Bermuda and London; Tracy Tucker in the US and Andrew Wheeler in the UK. Commenting on the strategy of linking Willis’ mining expertise in a Group Mining Practice, Hearn said, “Mining companies need a globally aligned risk management partner that can fight in their corner for the best insurance coverage. This will become increasingly important with the continued impact of the global economy on commodity prices and company income. The constant threat of a spike in property rates from a significant natural catastrophe event, or severe machinery, property and business interruption losses, is something best managed with a partner who has strength and depth in industry experience which Willis can provide.” “With the Willis Group Mining Practice, we are streamlining our resources into one global practice whose expertise and knowledge can be focused on finding unique insurance solutions for our Mining clients’ needs, from exploration to extraction, through to processing and distribution,” Hearn said. Contact Ingrid Booth at 0203.124.7182 or [email protected] XL Insurance Granted License to Operate in the Labuan Insurance Market: XL Insurance Company Limited announces that it has been granted a license from the Malaysian Federal Territory of Labuan to underwrite business in and through the Labuan insurance market. The licence will enable XL Insurance to better serve its customers in the areas of Property, Construction, Energy, Casualty, Specialty, and Professional lines insurance. Mr. Gernot Klantschnig, XL Insurance's Regional Operating Officer for Continental Europe, Asia & Latin America, commented: "The Labuan license marks an important step in our expansion in Asia. Our expert underwriters in the region are well placed to drive the effort to expand our business in this important Asian market." Mr. Andrew Vigar, Regional Manager for XL Insurance in Asia and Principal Officer of the Labuan Branch, commented: "With one of the fastest growing economies in Asia, Malaysia provides significant opportunities for XL Insurance to support clients with our wide range of products. We see particular demand for our expertise in Directors & Officers and Professional Indemnity." Contact Sebastian Kadritzke at 0207.933.7927 or [email protected]
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