NEW PRODUCTS
Ryan Specialty Group, LLC Announces Expansive Transactional Liability and Tax Insurance Facility through Concord Specialty Risk
December 7, 2011, Chicago, IL - Ryan Specialty Group, LLC (RSG) announced today that Concord Specialty Risk (Concord) has entered into new trading relationships with Arch Specialty Insurance Company (Arch), Freedom Specialty Insurance Company, and a U.S. subsidiary of Zurich Insurance Company Ltd. Under the new facility, Concord will underwrite various transactional liability insurance products with a combined capacity of $55 million and the ability to access at least $20 million additional capacity for larger risks. The facility will be administered by Concord in a seamless process from underwriting to binding to claims management and resolution. Concord will act as the single point of contact between the facility markets and the Insured.
Concord's principals, David De Berry and Kenneth De Berry, have over two decades of experience in underwriting transactional (M&A related) risks (representations and warranties, tax liability exposures, actual or threatened litigations, potential adverse regulatory actions, "successor liability" enforcement) and stand-alone tax insurance (covering, for example, uncertain tax positions required to be included in financial statements and/or reported to the IRS). These insurance products are designed to facilitate transactions by enhancing bids, expediting and easing closings, syndications and offerings, and also provide balance sheet protection.
Patrick G. Ryan, Chairman and CEO of RSG, says, "Our core strategy embodies disciplined underwriting management led by seasoned professionals combined with financially solid trading partners that recognize the distinctive value underwriting managers deliver. Under the long-time leadership of David De Berry and Kenneth De Berry, Concord has established a proven track record of offering state of the art products in a highly-specialized niche, and has consistently delivered excellent underwriting results. Concord Specialty's deep expertise combined with the market presence of these highly-rated insurers - Arch (currently rated A, XV / Positive by A. M. Best), Freedom Specialty Insurance Company (currently rated A+, XV by A. M. Best), and Zurich (currently rated A+ /Stable by A. M. Best*) - provides the market with a flexible, responsive and satisfying suite of products and services geared to today's uncertain economic and regulatory climate. We are enthusiastic about the opportunities this new facility will offer agents, brokers and clients."
For more information on this release, contact David De Berry, (212)-784-5678, daviddeberry@concordspecialtyrisk.com.
About Ryan Specialty Group, LLC (RSG)
Ryan Specialty Group, LLC is a global holding company for wholesale brokerage, MGU/MGAs, Lloyd's specialty insurer Jubilee and other specialty services to agents, brokers and insurance carriers. www.ryansg.com
About Arch Insurance Company
Arch Insurance Group Inc., a division of Arch Capital Group Ltd., is a market-leading specialty insurer, providing a wide range of property, casualty and specialty insurance for corporations, professional firms and financial institutions worldwide. The transactional risk products for which we are now partnering will be written out of the Executive Assurance Department, a leading writer of insurance products targeting management liability, employment practices liability, fiduciary liability, professional services liability and fidelity losses. For more information, visit www.archinsurance.com
About Freedom Specialty Insurance Company
Freedom Specialty Insurance Company ® represents a wealth of experience in Specialty Liability insurance, and provides solution expertise, dynamic innovation, and decisive responsiveness to the needs of their clients. Backed by Nationwide's A+XV rating, the company's financial strength and stability allows them to serve as a vanguard in Specialty Liability lines. Visit www.freedomspecialtyins.com to learn more about Freedom Specialty Insurance Company, or call John Lopes at 212-329-6925.
About Zurich Financial Services Group (Zurich)
Zurich Financial Services Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. For more information about Zurich, go to http:www.zurichna.com/zna/media/news-releases.archive/boilerplate.htm.
*For more information about the ratings of Zurich American Insurance Company, access the ratings section on www.zurichna.com. For more complete financial information about the Zurich Financial Services Group and ratings for Zurich Insurance Company Ltd., access www.zurich.com
Philadelphia Insurance Companies
NEW RELATIONSHIP BRINGS AFFORDABLE CUSTOMIZED INSURANCE PROTECTION TO RESIDENTS OF SENIOR LIVING COMMUNITIES
A.G.E. Liability Insurance fills coverage gap against accidents & third party claims
Bala Cynwyd, PA, - After a lifetime of saving, seniors and their families enjoy the benefits of careful retirement planning including living life on their terms in a senior living community. But, in moments, an unforeseen accident can threaten the financial health of a senior and result in a loss of their hard earned assets.
Fires, slip and falls, scooter accidents and even dog bites are all incidents where seniors in senior living communities can be held personally liable. The largest advocate for professionally-managed, consumer driven senior living communities in the country, the Assisted Living Federation of America (ALFA), is educating both senior communities and the residents they serve, to help them avoid financial hardship due to accidents and third party claims. ALFA is highlighting an innovative product called Asset Guard Endorsement (A.G.E.) liability insurance, which closes the gap to help protect seniors' finances and reduce costs and risk for the communities where they live.
"Seniors deserve the opportunity to protect their financial assets if an accident occurs and third parties file claims, the A.G.E. liability insurance program can help," said Jamison Gosselin, SVP of Marketing at ALFA. "A.G.E. liability insurance is no ordinary renters' insurance program. It is a renters insurance option that has been crafted to serve seniors choosing a senior living community and families who want to protect their loved ones' assets."
A.G.E. provides seniors with coverage to protect their assets and lifestyle against third party claims resulting from bodily injury or damage to their property. It also helps senior care communities by decreasing risk and keeping their residents safe.
"The fastest growing segment of our population is seniors 65 and older. During a challenging transition to a new home or environment, seniors might not realize or think about potential accidents where they can be held personally liable," said Chuck Pedone, Regional Vice President of Marketing for Philadelphia Insurance Companies (PHLY) which underwrites this coverage. "Accidents can and do happen. This coverage is designed to provide the very best protection to both seniors and the communities where they live."
To learn more about the Asset Guard Endorsement insurance coverage, you can visit www.assetguardendorsement.com or email info@ageinsurance.com.
TAPCO Underwriters, Inc.
E&S policy issuance for Dwelling, Homeowner, Vacant and Builder's Risk
coverage now available online, 24/7
BURLINGTON, N.C., - TAPCO Underwriters, Inc. (TAPCO), a Burlington, N.C.-based MGA specializing in high-volume, middle-market excess and surplus insurance lines, introduced today their new online rater program. TAPCO President Tap Johnson III made the announcement.
TAPCO's new online rater program was created to allow agents to easily quote their own E&S policies for Dwelling, Homeowner, Vacant and Builder's Risk coverage, online, 24-hours-a-day, seven-days-a-week. For each type of coverage, the agents must enter basic information-physical location state, insured name, address, square footage, protection class, construction type, year built, among others-on one screen, in simple-to-navigate fields. Once the information is entered, an actual quote, application(s) and finance agreement(s) are generated as PDF documents and e-mailed to the agents instantly for review.
"TAPCO has always been a leader in technology," said Johnson. "Agents who work with us have become accustomed to receiving fast, accurate quotes in a timely fashion. Now, they can get that same quick and easy service anytime, anywhere, with our new online rater program."
The online rater program can quote Builder's Risk and Vacant coverage in Alabama, California, Delaware, Florida, Georgia, Louisiana, Maryland, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, D.C. and the state of Washington. Homeowner's and Dwelling coverage can be quoted in Washington, D.C., Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia; Dwelling coverage is also available in Texas.
For more information about TAPCO's new online rater program please visit www.gotapco.com and log in to the broker web services gateway, or call 1-800-334-5579.
US Assure Insurance Services, Inc.
US Assure to offer Zurich's Contract Litigation Insurance Nationwide
LOS ANGELES - US Assure Insurance Services, Inc. today announced it will market
and distribute nationally Contract Litigation Insurance (CLI) through its network of insurance agents and brokers. CLI protects plaintiffs and defendants involved in contract disputes from the risk of having to pay their adversary's attorneys' fees. Underwritten by Zurich in North America and developed and administrated by Sonoma Risk Insurance Agency, CLI is entirely new to the U.S. marketplace and the only one of its kind currently available.
The prospect of paying an adversary's attorneys' fees is a significant risk to anyone involved in a contract dispute. Contracts typically contain a "prevailing party" or "loser pays" provision. The provision requires that if a lawsuit arises out of the contract, the losing party in the lawsuit must pay the attorneys' fees of the winning (or prevailing) party. Many states have even enacted statutes requiring a loser in litigation to pay the
winner's attorneys' fees.
Standard insurance policies do not cover the cost of paying the attorneys' fees of an opposing party in litigation. Contract Litigation Insurance helps fill the gap in insurance coverage for businesses and individuals involved in a contract dispute.
"Lawsuits are never as clear-cut as they first seem. As litigation continues, legal fees begin to mount as well as the fear and uncertainty of having to pay the attorneys' fees of the opposing party. Our Contract Litigation Insurance provides litigants with the peace of mind to focus on the case at hand and not the 'what if I lose' factor," said Sonoma Risk founder and CEO Kevin Martin.
"Because all business is conducted through contracts and most contracts contain a "loser pays" provision, CLI is applicable across all industries and all types of contracts. In fact, in the short period we have offered CLI to the public, we have already insured businesses and individuals from many different industries and involving many different types of contracts," said Damiano Servidio, head of Professional Services for Zurich's Programs business. Plaintiffs or defendants may purchase the insurance within the first 12 months of the filing of a contract dispute with coverage being least expensive if purchased within the first 60 days. The Contract Litigation Insurance policy period lasts the duration of the covered litigation.
"Our partnership with Sonoma Risk allows insurance agents and brokers access to a unique solution designed to reduce their customers' financial liability when involved in a contract dispute," said Andy Ferguson, President of US Assure Insurance Services, Inc. "We are very excited to be the first to offer Contract Litigation Insurance on a national basis. CLI is an important risk mitigation tool that anyone involved in a contract dispute must consider. With over 4.5 million contract dispute lawsuits filed annually, we believe a significant opportunity exists in the insurance community for this new litigation insurance solution." Independent insurance agents and brokers may access the Contract Litigation Insurance program through US Assure Insurance Services, Inc. with no premium commitment. Competitive commission rates are offered
on all CLI policies.
For more information on Contract Litigation Insurance, visit www.usassure.com/ContractLitigation, or call 800.713.1158, option 8.
Media Contact: Kevin Martin, Sonoma Risk Insurance Agency; Founder and Chief Executive Officer; kmartin@sonomarisk.com; 310.954.1522
Venture Programs Launches Online Safety Learning Management System
West Chester, Pa. – September 6, 2011 — Venture Programs (www.VenturePrograms.com)
announced today that it has introduced a new online safety learning management system
through its risk management partner, IRISK Solutions. The system – available only for insureds
in any of Venture’s programs – is designed to train employers and their employees in key areas
that will improve their business while making safety a top priority.
The learning management system (www.trainingentry.net/irisk) features a library of 300 highquality
web training courses, many of which are available in a bi-lingual format. As part of its
offer, Venture provides access to 17 safety training courses for its insureds, with the remaining
courses available for purchase. Among the base training courses covered are Safe Lifting, Slip
and Fall Prevention, Lockout and Tagout, Hazard Communication, Management Courses, and
Golf Cart Safety.
“The learning management system is one of many tools available to Venture Programs
customers in developing an effective loss prevention program for their employees,” said Girija
Trainor, chief operating officer of IRISK Solutions. “It is intended to provide up-to-date insight
and assistance to what an organization – as an employer – can do to improve safety and
accident prevention efforts.”
Managers can assign and track course completion while employees are trained in a variety of
topics that are specific to their particular department. Each course has been created and
reviewed to assure that critical knowledge has been covered, and to keep employees engaged
and learning. Every course is based on a set of carefully defined learning objectives, which
become the foundation for the course while all of the presentations, interactions and evaluations
tie back to these learning objectives.
The training system is part of customer risk management resources offered to all Venture
Programs customers. These resources also include a Risk Management Library with access to
a wealth of loss prevention articles, case studies, incident reports, and trend reports to help
insureds understand the financial consequences of certain exposures.
About Venture Insurance Programs
Venture Insurance Programs (www.ventureprograms.com) is a leading program administrator
that designs, underwrites and distributes industry-specific insurance packages. Based in West
Chester, Pa., Venture has underwriting alliances with the world’s leading carrier groups,
including Chubb, The Hartford, Allied World, RSUI, USLI, Zurich North America and Lloyd’s of
London. Founded in 1993, Venture provides specialty insurance packages for select vertical
industries—including golf and country clubs, golf destination resorts, boutique hotels,
resorts, hunting and fishing lodges and technology companies.
Media Contact: Gary Kimball
Vertibrands
610-559-7585
gkimball@vertibrands.com
Brownyard Group.
Brownyard Launches GroundCover - A New Landscaper Program
Bay Shore, N.Y - Brownyard Group (www.brownyard.com), a program administrator providing specialized insurance coverage for select industry groups, announced today that it has launched GroundCover, a new insurance program for landscape professionals.
The program provides General Liability and Property coverage for landscape contractors such as landscape gardeners and lawn care services, with coverage also provided for incidental exposures related to the insured's business.
"GroundCover is a natural extension of the experience and expertise that we have gained through our Pest Control program, in which landscaping was an incidental exposure that many pest control operators firms provide and we insure," said Tory Brownyard, president of Brownyard Group.
The program will be written on a non-admitted basis - except in New Hampshire where it will be written on an admitted basis - through the Western World Insurance Group, which is rated "A+" by A.M. Best. GroundCover will be offered nationally with an initial focus on the Eastern states of Georgia, North Carolina, New Hampshire, New Jersey, New York and Pennsylvania.
Additional coverage highlights include:
- Care, Custody & Control Coverage
- Pesticide or Herbicide Applicator Coverage
- Professional Liability Coverage
- Blanket Additional Coverage
- Minimum premiums are $750 for limits of 300,000/$600,000, $1,000 for limits of
$500,000/$1 million, and $1,250 for limits of $1million/$2 million.
About Brownyard Group
Brownyard Group is a program administrator that has developed and provided specialized insurance programs for select industries for more than 60 years. These industries include security guards, pest control operators, cosmetic manufacturers, alarm systems, private investigators and security consultants, and the beauty industry. In 1993, Brownyard established Brownyard Claims Management, a loss prevention and full-service insurance claims facility. The company is based in Bay Shore, N.Y.
Media Contact: Gary Kimball, Vertibrands, 610-559-7585, gkimball@vertibrands.com
Herbert H. Landy Insurance Agency
Navigators Management Company, Inc.
The Herbert H. Landy Insurance Agency, Inc.
and Navigators Management Company, Inc. Join Forces
for Accountants Professional Liability Insurance Program
The Herbert H. Landy Insurance Agency, Inc., of Needham, MA announces their partnership with The Navigators Management Company, Inc., the principal underwriting subsidiary of The Navigators Group, Inc. (NADAQ: NAVG), to offer a national program for accountants professional liability insurance beginning November 1, 2011 for accounting firms with revenues of one million dollars or less. The Landy Agency will also have access to Navigators Pro open brokerage division for larger accounting practices.
The Herbert H. Landy Insurance Agency developed the first professional liability insurance program specifically created for accounting professionals in 1962. For the past several years, that program was underwritten by General Star National Insurance Company, which has announced it will be exiting the professional liability insurance market for accountants and tax preparers.
"The Herbert H. Landy Insurance Agency and Navigators Management Company share tremendous experience in successfully underwriting and managing professional liability insurance programs", notes Betsy A. Magnuson, President of the Herbert H. Landy Insurance Agency. "Our mutual emphasis on offering a high quality, cost-effective program for accountants' professional liability insurance will provide significant
opportunities for our national network of insurance producers."
In addition to expanded coverage options and features, the program will now offer an "EXPRESS" application with a two year policy option. The client qualifies for coverage by answering a brief series of questions on the self-rating application, making the process quick and easy for insureds and producers alike.
Coverage for the Accountants Professional Liability Insurance program is available for accountants and tax professional businesses of all sizes and will be available in all states excluding Louisiana and Alaska.
For more information, contact John Torvi (johnt@landy.com, 781-292-5417) or Betsy A. Magnuson (betsy@landy.com, 781-292-5408) or visit our website at www.landy.com.
Philadelphia Insurance Companies
PHLY Rolls Out Online Insurance Quoting for Special Events
Philadelphia Insurance Companies now offers a new, user-friendly service that provides quick quotes and a pay online feature for special events coverage.
Bala Cynwyd, PA - Philadelphia Insurance Companies (PHLY), a leading property and casualty insurance company for the special events industry, now offers online quotes for Special Events insurance coverage. The new, easy-to-use service provides quick quotes and a pay online feature for special events coverage through the company's website, www.phly.com.
"Our convenient online system allows agents to apply, bind and pay for Special Events coverage," said Assistant Vice President of Underwriting Bob Battaglia. "It provides a faster, more efficient turnaround time on quotes." Currently, the system can accept submissions for General Liability and Liquor Liability. Additional coverages, including Property, Auto, Inland Marine, Crime, and Umbrella coverage cannot be submitted through the online system. These lines of business can still be submitted to PHLY through normal channels.
Eligible classes include social events, sporting events/competitions, musical events, trade shows, educational events, fairs, festivals, and many more acceptable classes. Agents can obtain quotes by logging into My PHLY on PHLY.com and selecting "Quotes" on the left side of the screen.
The ability to bind business and pay online is currently active in all states except Kentucky, Hawaii and Louisiana. While bind and pay capability does not yet exist in Kentucky, the system will allow you to apply for a quote. The states of Hawaii and Louisiana are not eligible for PHLY's Special Events product.
Ryan Specialty Group
Ryan Specialty Group, LLC Introduces
Newly-Formed, U.S. based-MGA Focusing on Renewable Energy Risks
CHICAGO, ILLINOIS - Ryan Specialty Group, LLC (RSG) introduces PER se (Power.Energy.Risk, 'securing the environment') - an MGU specializing in the energy and power sector, with a primary focus on renewable energy risks. PER se offers agents, brokers and their energy clients CAT and non-CAT property and casualty coverages for wind, solar, bio, hydro and all other forms of renewable energy power facilities. Coverage is provided for all phases of the project exposure cycle, including cargo/transit, delay in start-up, construction, machinery breakdown, business interruption, operational and other liabilities.
Michael Bernay, Managing Director and CEO of PER se, says, "PER se is a unique, independent resource for agents and brokers with clients seeking specialized energy and power insurance products and services. Tailoring programs to meet the expected demand for these products and services requires a thorough understanding of all aspects of the exposures, which our team has garnered through our long-standing relationships and over 50 years of collective experience with the largest and most innovative companies in this global industry."
Patrick G. Ryan, Chairman, and CEO of RSG, adds, "Worldwide energy demands are expected to increase dramatically over the next 20 years. PER se's extensive knowledge and experience in this segment positions us to deliver exceptional products and services that will help clients manage their risk as they continue to grow and provide much needed energy and power services to the world's consumers."
For more information on this release, contact Chelsey Krull, (312)784-6043, ckrull@ryansg.com.
For more information about PER se, contact Michael Bernay, (949) 851-4706, mbernay@powerenergyrisk.com
About Ryan Specialty Group, LLC (RSG)
Ryan Specialty Group, LLC is a global holding company for wholesale brokerage, MGU/MGAs and other specialty services to agents, brokers and insurance carriers. www.ryansg.com
2011 CONTRIBUTORS TO THE INSURANCE MARKETPLACE CYBERCAST
INSURANCE COMPANIES | MANAGING GENERAL AGENTS
PROGRAM ADMINISTRATORS | SURETY COMPANIES | WHOLESALE BROKERS
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