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Specialty Lines Markets Professional Liability By Larry G. France Want to have a book of professional liability accounts that generate $1 million in revenue? Here is how. Start with a book that generates $2 million. The total property/casualty market is soft, as we all know, but it appears that this class is being drawn down at a rapid clip. We are hearing reports of accounts being taken from the prior market with 30% to 50% off of last year’s premium. One broker reports that their policy count was up but premium was down 15%. He was satisfied that if policy count stayed up, the premium would right itself in the future when the market “reverted to sanity.” Many of these markets are ones that were invisible several years ago, and the acquisition cost of new business is very high. So you have a combination that, when coupled with inadequate rates, would seem to indicate that these new players won’t be players very long. Were these people in the subprime loan business? Are they losing money on each account and making it up in volume? This business model would seem to have some flaws and provide modest hopes, at best, for rate adequacy in the future. According to Marsh’s Financial Institutions Practice, insurance companies may be exposed to E&O and D&O liabilities in the wake of the subprime crisis, including lender lawsuits against banks, shareholder suits against underwriters and insurer lawsuits against lenders, just when you needed something else to concern you. According to Stephen Freedman, senior vice president, Professional Underwriters Liability Insurance Company (PULIC): “The medical malpractice market for physicians and surgeons has undergone significant changes over the past several years. After the significant and lengthy soft market of the 1990s, when pricing continuously declined, coverage was expanded, and loss cost escalated at unprecedented rates, the market began firming in 2000 and 2001. “Early in 2002, the market was considered ‘hard.’ Significant amounts of capacity had disappeared, and many carriers withdrew from the market or were declared insolvent,” Freedman continues. “Many doctors had to scramble to find coverage from financially viable carriers. “While a great number of doctors were nonrenewed by the standard/preferred markets during this time,” Freedman says. “The vast majority of the nonrenewals were due to unacceptable underwriting and loss profiles. The number of high-risk physicians insured in the E&S market, as well as E&S medical malpractice premium volume, grew significantly. Premium rates in the E&S market increased during this time. “The peak of the hard market occurred in 2004,” Freedman continues. “Since that time, the trajectory has been downward. Pricing in the E&S market has dropped about 50% from the hard market peak. Additionally, the number of carriers/programs writing high-risk physicians and surgeons in the E&S market has mushroomed to around 12 to 15 at the present time. In addition, newer risk retention groups and alternative risk vehicles have come online and absorbed a great number of high-risk physicians.” Freedman says that the E&S market for physicians malpractice is quite soft and “many carriers are scrambling to retain current insureds and write new accounts. Terms, conditions and provisions are being broadened and pricing continues to deteriorate.” Standard/preferred markets have been relaxing their underwriting standards in order to increase market share. Risks that would have been declined by most preferred markets only two to three years ago are now being written at preferred rates under a preferred policy form, Freedman observes. As a writer of substandard business nationally for the last 20 years, “PULIC views the current marketplace from a unique perspective,” Freedman concludes. “While we have seen a decline in frequency of claims over the past few years, the cost to resolve claims continues to escalate, especially for the more distressed risks in the more challenging venues.” And it is not just the med mal market that is seeing extremely competitive pricing. Other lines of professional liability also are in the same boat. According to Laura Corogenes, director of underwriting at Specialty Global Insurance, “Some markets for miscellaneous professional liability are responding by engaging in ‘first impression underwriting,’ which means that they respond to a submission without actually evaluating the risk. They may decline a desirable account or throw out a price that is far too low or far too high for the exposure. “Other markets respond differently,” she continues, “realizing while they have to turn quotes around quickly, their long-term viability depends on maintaining underwriting integrity. So they find ways to streamline the underwriting process. The goal is to develop systems and procedures that separate business into what needs more in-depth evaluation and that which can be ‘box’ underwritten and quoted almost immediately. “The increased capacity and softening market complicate the agents’ and brokers’ job as well,” states Corogenes. “Many seem unable to settle on their go-to markets and the result is that submissions we receive are often going to as many as 10 or 12 markets.” Corogenes urges caution when it comes to “bells and whistles. When the market is soft, the tendency is to offer everything, including the kitchen sink. If the applicant doesn’t need a kitchen sink, or if adding the kitchen sink actually increases the risk’s exposure by muddying up policy language, throwing it in may ultimately do more harm than good for agents/brokers and their clients. If an underwriter offers extensions, brokers should expect them to be able to explain how the extensions apply to the specific risk,” she says. Corogenes points out that some classes continue to be difficult to place in the soft and crowded marketplace. These would include mortgage-related service providers, mortgage brokers, bankers, appraisers or title agents. Markets are proceeding cautiously. “If they continue to play in this field, they are doing so with much tighter underwriting,” she observes. “Credit-related risks are also having a tougher time,” Corogenes says. “Whether it is a collection agency, credit bureau or credit counselor, the markets who consider these risks have become highly selective.” Corogenes says that one area that is performing well for Specialty Global is the marketing, advertising and media services classes, “primarily because we studied this segment and developed products that meet their specific needs.” Technology- and Internet-related risks continue to grab the headlines and account for much of the overall market growth in professional liability. “These risks have matured into a stable and standardized segment, but tech firms still speak their own language and face unique exposures, so it is important to find an underwriter who understands the language and industry, and who can tailor coverage appropriately,” Corogenes concludes. Upcoming Specialty Lines articles will include Health Care-related risks in November, 2008 Specialty Market Preview December and Commercial Vehicles in January. The following have responded to our survey and indicate that they are a market for Professional are a market for Professional Liability risks: Agency Marketing Services, Inc. An E&S broker/program admini-strator that operates in AL, FL, GA, MS, NC, NJ, SC, TN and TX with A&E limits of $5 million (minimum deductible $2,500; minimum premium $2,500); lawyers liability limits of $100,000 to $5 million (minimum deductible $0 and $20,000 maximum unless financials provided; minimum premium $1,000); med mal limits of $1 million/$3 million (minimum deductible $0; minimum premium $5,000). Target classes are all A&E firms; any size law firm, and med mal—distressed physicians, surgeons/dentists, clinics, labs, blood banks and home health care agencies. Can handle most E&O risks. Will not write armed security, financial advisers or stock brokers. Can offer D&O, nonprofit D&O, EPL, real estate agents and travel agents. All carriers are A rated. All Risks, Ltd. and All Risks of CA Insurance Services, LLC An MGA/E&S broker that operates in all states with limits as needed. Target classes are lawyers, accountants, distressed doctors, A&E, technology companies, nursing homes, medical staffing, allied medical, investment advisors, venture capital firms, private equity firms and other professionals. Can offer D&O, EPL, fiduciary, crime, and GL (medical risks). All carriers are rated A- or better. Allsouth Professional Liability, Inc. An E&S/wholesale broker that operates in AL, FL, GA, MS, NC, SC and TN with A&E limits of $5 million (minimum deductible $2,500; minimum premium $2,500); lawyers liability limits of $100,000 to $5 million (minimum deductible $0 and $20,000 maximum unless financials provided; minimum premium $1,000); med mal limits of $1 million/$3 million (minimum deductible $0; minimum premium $5,000). Target classes are all A&E firms; any size law firm, and (med mal) distressed physicians, surgeons/dentists, clinics, labs, blood banks and home health care agencies. Can handle most E&O risks regardless of claim history or size. Will not write armed security, financial advisors or stock brokers. Can offer accountants, dentists (FL only), miscellaneous E&O, D&O, nonprofit D&O, and EPL. All carriers are A rated. American Healthcare Indemnity, a member of The SCPIE Companies An insurance company that operates in CA only—specializing in health care liability for physicians, medical groups and health care facilities—with limits that vary by line of business. Target classes are (physicians/surgeons) MDs and DOs, nonstandard physicians, and physician groups/clinics; and (health care facilities) community health centers, dialysis centers, surgery centers, x-ray/imaging centers (stationary or mobile), clinical pathology labs, counseling/mental health facilities, mobile medical labs, occupational rehab centers, and other miscellaneous health care facility risks. Will not write emergency room doctors, bariatric surgeons, weight loss practices, assisted living centers, home health care, hospitals, nursing homes, or any residential facility. Can offer D&O (health care risks only), including or excluding EPL; billing E&O (solo physicians and small medical groups only); and managed care organization E&O (except HMOs). American Healthcare Company (a member of The SCPIE Companies) is rated B+. American Professional Liability Underwriters, Inc. A wholesale broker that operates in AL, FL, GA, MI, MS, NC, NY and TX with unlimited limits. Will write all classes of E&O and D&O. All carriers are rated A+. American Safety Insurance Services, Inc. An insurer that operates in all states with limits of up to $11 million. Target classes are environmental consultants/professionals such as Phase I, II and III; environmental regulatory consulting/permitting; industrial hygiene; environmental testing; project management; and remediation. Will not write geotechnical, structural or civil engineering. Can offer a combined professional, general and pollution liability product in addition to monoline coverage. American Safety Indemnity, American Safety RRG, and American Safety Casualty are all A rated. Atlantic Specialty Lines An E&S broker that operates in 35 states with limits of up to $25 million. Target classes are EPL, D&O, med mal, A&E, and miscellaneous professional. Can offer property, casualty, and crime. Philadelphia (A+), Chubb (A++), Maxum (A-), and Admiral (A+) are the carriers. Automotive Risk Management & Insurance Services, Inc. An MGA/E&S broker that operates in all states with limits of $1 million. Target classes are real estate brokers and auto dealers. BISYS Commercial Insurance Services An MGA that operates in all states with non-medical class primary limits of $2 million primary ($5 million available), medical class primary limits of $1 million/$3 million, with $25 million-plus excess. BISYS Specialty Programs An MGA that operates in all states with primary limits of $2 million ($5 million available). Target classes are A&E, construction managers, insurance agents/brokers, IT/computer specialists, lawyers, and miscellaneous consultants. Will not write accountants, medical professional or real estate agents. Carriers are A rated. Bohrer, Croxdale & McAdoo, Inc. An MGA/E&S broker that operates in AR, IL, KS, MO, NE, OK and TN with limits of up to $25 million. Target classes are home health care, nurse staffing agencies, distressed physicians, lawyers, accountants, real estate entities, and more. Will not write preferred physicians (with no claims and no practice issues). GL can be written in conjunction with professional on many classes. Various A rated admitted and nonadmitted carriers are used to place coverage. Brownyard Group A program administrator that operates in most states (varies by program) with limits that also vary by program. Target classes are security guards, pest control operators, private investigators/security consultants, beauty/cosmetics industry, and alarm installation firms. Can offer CGL, workers comp, excess/umbrella, auto, property, and crime. Business is placed with members of the Arch Insurance Company, an A rated company. Burns & Wilcox Ltd. An MGA that operates in all 50 states with in-house capacity from $100,000 to $5 million with additional limits available. Target classes are D&O for profit/nonprofit, EPL, miscellaneous professional, medical professional/ancillary professional, real estate professional, and all phases of Internet technologies. Will not write bonds. Can offer pollution coverage in several policy wordings, and first-dollar defense coverage may be included. All carriers are rated A- or better. Caitlin-Morgan Insurance Services An MGA/E&S broker that operates in IN only for its MGU program, and offers nationwide brokerage access, and nationwide captive/alternative risk/RRG formation with various limits. Target classes are nursing home PLGL, physicians professional liability, and alternative risk. Various carriers are used to place coverage. CCBsure.com An MGA that operates in all 50 states with limits of $1 million to $20 million. Target classes are computer-related consulting services, prepackaged software, custom computer programming, computer software development, IT placement agencies, IT employment agencies, and management consulting services. Can offer EPL, D&O, cyber liability, and workers comp. All carriers are rated A or better. Chittenden Insurance Group An agency that operates in ME, NH and VT with limits of $10 million/ Church Underwriters, Inc. An MGA that operates in all states except AK, FL, HI and MA with limits of $15 million. Target class is churches and synagogues only. Can offer D&O, umbrella, professional, and auto. Carriers are Continental Western, Great Central, Safeco, and Zurich. Continental/Marmorstein & Malone An E&S broker that operates in CT, DE, NJ, NY and PA with limits of up to $5 million/$5 million (excess limits also available). Target classes are miscellaneous professional liability plus specified professional liability classes including: difficult-to-place attorneys/doctors, medical risks, A&E, real estate agents, insurance agents, lawyers professional including employed lawyers, and nursing homes/home health care. Admiral, Chubb Executive Risk, Essex, Tudor, USLI, Lloyd’s, Chubb Custom Market, Western World, American Empire, U.S. Specialty, and Evanston are the carriers. Custom Assurance Placements, Ltd. An E&S broker that operates in CA, FL, GA, MS, NC, SC and TX. Target classes are human services, A&E, home inspectors, miscellaneous, and travel agents. Carriers are Chubb, Lexington, and AIG. Darwin Professional Underwriters, Inc. An insurer that operates in all states with primary limits of up to $10 million (up to $15 million for insurance agent/broker risks), and excess up to $10 million. Target classes are lawyers, physicians/physician groups, insurance agents, and roughly 300 other classes of professionals. Will not write accountants or A&E. Darwin National Assurance and Darwin Select are rated A-. Entertainment Brokers International A general agent that operates in all states with limits of $35 million. Target class is entertainment-type risks. Will not write E&O for engineers, doctors, etc. Can offer portfolio of DICE policies for theatrical exposure, GL, AL, property, inland marine, and workers comp. Praetorian Financial Group (part of QBE of the Americas) is the carrier. Euclid Managers An MGA that operates in all states except AK for A&E, and all states except AK, CA, HI and LA for public entity professional. A&E limits are up to $5 million, and public entity profes-sional limits are up to $11 million. Target classes are A&E with up to Euclid Managers, LLC An underwriting manager/claims administrator that operates in all states with primary or excess limits of up to $5 million. Target classes are small and mid-sized Internet, tech, media, manufacturers, and miscellaneous professional liability risks. The carrier is an A rated company. Evolution Insurance Brokers An E&S broker that operates in all states except AK, CA, CT, NH, NY, RI and WV with all limits. Can offer professional liability, assault/battery, molestation, wrongful acts, foreign products, cosmetic, laser, medispas, property, and GL. Prime Insurance and Prime Insurance Syndicate are rated B+. Fox Point Programs An agency/E&S broker that operates in all states with limits of $250,000 to $10 million. Will consider all classes. Carriers are HCC (A), AIG (A+), CNA (A+), Lloyd’s (A), Tudor (A), and Carolina Casualty (A). Freberg Environmental Insurance An MGA that operates in all states with limits of up to $10 million/$10 million. Target classes are environmental, engineering, contractors, consultants, EIL, and petroleum storage tanks. Will not write hazardous materials, waste haulers, engineers, laboratories, or consultants. In most states, supporting lines of coverage—except workers comp—are available through Arch Insurance Group. Carriers are Hudson Specialty (A), Hudson Insurance (admitted in NJ and NY) (A), Arch (A), and Lloyd’s (A). H.R. Keller & Co., Inc. A wholesaler that operates in NY and PA with limits of up to $5 million. Target classes are lawyers, accountants, A&E, social service agencies, miscellaneous malpractice, and miscellaneous E&O. All carriers are rated A or better. Health Care Insurers, a Division of Risk Placement Services, Inc. An MGA/broker that operates in all states with limits that vary by class of business from $100,000 to $300,000 and up. Target classes are medical professional liability—hospitals, nursing homes, retirement communities, labs, clinics, physicians, allied health facilities, and long term care facilities. Can offer professional liability, GL, property, and excess. All carriers are rated A or better. Herbert H. Landy Insurance Agency, Inc. An MGA/retail agent that operates nationwide with limits of up to $5 million. Target classes are accountants, attorneys, real estate agents/brokers, real estate appraisers, home inspectors, title agents, mortgage brokers, property managers, and tax preparers. Will not write med mal. Can offer D&O and bonds. General Star National (A++), Travelers, Philadelphia, and AIG are some of the carriers. Insight Insurance Services, Inc. A program administrator that operates in all states except AK, HI and NY with limits of up to $5 million. Target classes are A&E, accountants, and insurance agents only. Everest National (A+), and General Insurance Company of America (Safeco) (A) are the carriers. Insurance Innovators Group An MGA/E&S broker that operates in all states with limits of $10 million. Target classes are lawyers, accountants, insurance agents, and miscellaneous E&O. Carriers are rated A+ or better. Intercorp, Inc. A program administrator/wholesaler that operates in all states with limits that vary by type of class. Target classes are med mal for groups, A&E, real estate appraisers, mortgage brokers, and home inspectors. Can offer business-owners policies and workers comp. All carriers are rated A or better. International Excess Agency, Inc. An E&S broker that operates in all states except AK with limits of $5 million. Target classes are A&E, insurance agents, mortgage companies, consultants, environ-mental consultants, title agents, and home inspectors. Can offer package, EPL and privacy insurance on most classes of business. USLI, Beazley, and Lloyd’s are the carriers. IT Risk Managers, Inc. An E&S broker that operates in all states, depending on product and market, with limits of $1 million up to $10 million. Target class is technology companies. Can offer GL, property, EDP, professional liability, identity theft insurance, and database insurance. All carriers are rated A or better. James River Insurance Company An insurer that operates in all states except NH and OH with limits of up to $5 million. Target classes are primary and/or excess liability for law firms with up to 25 professionals, nonstandard and preferred physicians (solo or in small groups), A&E, insurance agents, and miscellaneous E&O. Will not write real estate. James River is an A rated company. The Lawyer’s Protector Plan An MGA that operates in all states except AK, HI, MS, ND, WV and WY with limits of $100,000/$300,000 to $10 million/$10 million. Target class is law firms engaged in private practice. Greenwich, a member of XL Capital Group, is the A+ rated carrier Lee and Mason Financial Services, Inc. An MGA that operates in all states with limits of $5 million. Target classes are insurance agents/brokers, and miscellaneous professional liability. All carriers are A rated. McLeckie Insurance Group An MGA/E&S broker that operates in AR, FL and TX with limits as required. Medical Professional Liability Agency An agency that operates nationwide with limits of $1 million/$3 million-plus. Target classes are all dental and NY medical. Medical Protective (A++), Fortress (A), PRI (NR) and PA/PRI (NR) are the carriers. Metcom Excess An MGA/E&S broker that operates in NJ, NY and PA with limits of up to $10 million. Target classes are lawyers, accountants and other professionals. Will not write NY physicians. Can offer EPL. Various carriers are used to place coverage. Midlands Management Corp. An MGA that operates in AR, KS, LA, MN, MO, MS, NJ, NM, OK, TN, TX, VA and WY with limits that vary by risk. Target classes are, when standard coverage is not available: lawyers hard-to-place or unusual firms (minimum premium $10,000); med mal: physicians/surgeons, dentists, oral surgeons, ob/gyn, radiologists, etc., with a history of claims, alternative medical therapies, hard-to-place; miscellaneous E&O; insurance agents E&O; EPL and nonprofit D&O; and A&E. Will not write security guards. Can offer GL for certain classes. Carriers include the A rated companies: Essex, Evanston, Markel American (Shand), and United National, as well as other carriers. National Specialty Underwriters, Inc. A wholesaler/program admini-strator that operates in all states with limits of $10 million. Target classes are physicians, nonstandard physicians, allied medical facilities, and hospitals. Can offer GL, D&O, ERP, and also can include endorsements dealing with defense outside the limits, defense outside the deductible, and consent to settle. All carriers are rated A- or better. NIF Group, Inc./NIF Pro An E&S broker that operates on an admitted basis in all states and on a nonadmitted basis in 35 states, with primary limits of $1 million/$3 million plus excess; for nonmedical professional classes: primary limits of $10 million with unlimited excess. Can offer GL and excess. All carriers are A rated. NorthCoast Excess & Surplus Agency, Inc. An E&S broker that operates in OH only with limits of up to $5 million. Can offer GL and property. All admitted and nonadmitted carriers are A+ rated. Ohio E&S Agency An E&S broker that operates in OH only with limits of up to $5 million. Target markets are doctors, lawyers, accountants, consultants, and computer technicians. All carriers are nonadmitted and A rated. Philadelphia Insurance Companies An insurer that operates in all states except LA with limits of up to $10 million. Target classes are miscellaneous professionals including accountants, advertising agencies, appraisers, career coaches, and claims adjusters. (See Web site for other classes.) Will not write doctors or lawyers. The Philadelphia Insurance Companies are A+ rated. Prime Insurance An insurer that operates in all states except AK, CA, CT, NH, NY, RI and WV with all limits. Target classes are professional liability, assault/battery, molestation, wrongful acts, foreign products, cosmetic, laser, medispas, property and GL. Prime is a B+ rated company. Professional Liability Insurance Services, Inc. A program administrator/MGA that operates in all states except LPL (Texas law firms only). Limits are: EPL, up to $5 million/$10 million; D&O, up to $2 million/$4 million; technology professionals, up to $5 million/$5 million; LPL, $100,000/$100,000 to $5 million/$10 million; and TNR, various options. Any class or professional occupation considered. Can offer EPL, miscellaneous E&O, technology professionals liability, LPL, BI for food-borne illness outbreaks (includes restaurants and hospitality industries). Carriers are A rated Lloyd’s of London for all product lines, except Service Lloyd’s (A-) which handles LPL (admitted product). Professional Program Insurance Brokerage An agency/E&S broker/MGA that operates in all states and the District of Columbia, with limits of up to $1 million/$3 million. Target markets are tattoo and body piercing, permanent makeup, tanning, laser, medispa, beauty salons and spas. Can offer GL and PL package with property in most states. Lloyd’s of London is the carrier. Professional Underwriters Liability Insurance Co. An insurer that operates in all states with limits of $2 million/$6 million. Target classes are physicians, surgeons, dentists and podiatrists who cannot obtain preferred/standard coverage. Professional Underwriters is an A- rated carrier. Progressive Casualty Insurance Co. An insurer (underwriter for the ABA-sponsored insurance program) that operates in all states with limits of $15 million for most coverages. Target class is banks only. Can offer D&O, bonds, Internet liability, privacy liability, excess deposit bonds, and EPL. Progressive is an A+ rated company. PULIC Insurance Services An MGA that operates in all 50 states with limits of $2 million/$6 million. Target classes are physicians, surgeons, dentists and podiatrists who cannot obtain preferred/standard coverage. Professional Underwriters is the A- rated carrier. Quadrant Insurance Managers An MGA that operates in most states with limits that vary by program. Target classes are insurance agents/brokers/wholesalers/companies, TPAs, third-party discrimination/harassment, program administrators, reinsurance intermediaries, technology E&O, EPL, D&O, nursing homes (FL, TX), and health care consultants. ACE, Arch, Century Surety, GAIC, Navigators, AIG, AWAC, Darwin, and Lloyd’s are the carriers. Rockwood Programs, Inc. Roush Insurance Services, Inc. An MGA/E&S broker that operates in IL, IN and OH with limits of $1 million (excess limits available on many classes). Target classes are counselors, day care centers, health clubs, and home inspection services. Will not write contractors or professionals who also provide contracting services. Can offer property, commercial auto, EPL, GL, umbrella, and inland marine. The A rated carriers are Scottsdale, Tudor, Evanston, Essex, and United National. Russell Bond & Co., Inc. An MGA/E&S wholesaler (admitted and nonadmitted) that operates in CT, MA, NJ, NY, PA, VA and VT with limits of up to $25 million depending on class and carrier. Will consider all classes including D&O, financial institutions, insurance agents, environmental, lawyers, accountants, and miscellaneous. Can offer EPL, fiduciary, e-commerce and CGL. All carriers are rated A- or better. Smith Bell & Thompson, Inc. An MGU that operates in ME, NH and VT with limits of up to $10 million. Target class is firms with up to 34 attorneys. CNA is the A rated carrier. Specialty Global Insurance An MGA that operates nationwide with primary or excess limits of $5 million. Target classes are consultants, associations, marketing/media services companies, technology/Internet service providers, and one-of-a-kind service providers. Will not write insurance agents, title agents, home inspectors, doctors, lawyers, CPAs, A&E, actuaries, or security guards. The A rated carrier is Allied World Assurance (U.S.) Specialty Risk Associates, Inc. An E&S broker that operates in AL, AR, LA, MS, OK and TX with maximum limits of $5 million/$5 million. Target classes are hard-to-place physicians, law firms, or miscellaneous professional. Will not write financial or investment-related businesses. The A rated carriers are Shand Morahan/Evanston, Tudor, and United National. Swett & Crawford An MGA/E&S broker that operates in all states with limits as needed by client. Will consider all classes (in-house capacity for lawyers and accountants). Can offer GL and excess liability. All carriers are rated A- or better. Target Insurance Services An MGU that operates in all states with limits that vary by program. Target classes are accountants, home inspectors, lawyers, staffing firms, and miscellaneous E&O. Will not write medical. Can offer GL, property, and crime. All carriers are rated A or better. Theodore Liftman Insurance An E&S broker that operates in all states with limits of $50 million. Target classes are (financial institutions) investment advisors, mutual funds, financial consultants, and E&O/bonds including surety and ERISA. Can offer EPL. Major companies are used to place coverage. U.S. E&O Brokers A broker that operates in all states with limits as required. Target class is insurance agents and brokers E&O. All carriers are A+ rated. Universal Insurance Facilities, Ltd. An MGA that operates in all states except HI with professional umbrella limits of $1 million. Target class is tanning salons only. Can offer package and umbrella. AIG is the admitted A+ rated carrier. Venture Insurance Programs An MGA that operates in all states with limits of $500,000 and up. Target classes are (E&O) health care professionals, technology companies, A&E/construction managers, property managers, and miscellaneous professions (including agents, brokers consultants, printers, franchises); (D&O) nonprofit: medical facilities/health care organizations, nursing homes, foundations, trade associations, private schools, and community associations/clubs; for-profit: financial institutions, nursing homes, technology companies, and private/public organizations; (EPL) various classes. Can offer E&O, D&O, EPL, and fiduciary liability coverages. All carriers are A rated or better. W.H. Greene & Associates An MGA/E&S broker that operates nationwide (if admitted) and in NY and PA for excess and surplus lines, with limits of $10 million. Target classes are miscellaneous, nurses, A&E, lawyers, accountants, contractors, construction managers, home health care, public entity, schools, not-for-profit, and social services. Will not write medical doctors in NY state. Can offer umbrella for certain classes of miscellaneous, public entity, and social service. AIG (A+), CNA, Zurich, Liberty International, ACE, National Casualty, Arch, Lloyd’s, Evanston, Tudor, and Northfield are the carriers. Western Security Surplus Insurance Brokers, Inc. An E&S broker that operates in CA and TX with primary limits of $1 million to $5 million (excess layers available). Target classes are distressed physicians, lawyers (up to 50), distressed accountants, distressed dentists/orthodontists, A&E, miscellaneous professional including real estate-related risks, allied medical, technology providers/users, media liability, D&O public/private/non-profits, fiduciary liability, EPL, and insurance agents E&O—new ventures okay. Can offer combo GL/PL with combined aggregate or separate limits. The A rated carriers are Admiral, Colony, Evanston, Markel, Philadelphia, Carolina Casualty, Houston Casualty, Underwriters at Lloyd’s, AIG, James River, Illinois Union, National Casualty, Hudson Insurance, Hudson Specialty, HCC Specialty Insurance, CNA, Great American, United National, and Fireman’s Fund. Western Summit, Inc. An E&S broker that operates in all states with limits of $100,000/$300,000 to $2 million/$4 million, excess. Target class is med mal only (physicians, groups, and medispas). Will not write nonmedical. Can offer GL, EPL, and sexual abuse. All carriers are rated A or better. Western World Insurance Co. An insurer that operates in all states with GL limits of $1 million/$2 million. Target class is health care professionals such as nurses, opticians, paramedics, therapists, etc. Will not write doctors, chiropractors, podiatrists, or ophthalmologists. Western World is an A+ rated carrier, as is Tudor. The Wholesale Insurance Group An MGA that operates in all provinces and territories of Canada with limits of up to $2 million. Target market is miscellaneous E&O. Will not write doctors, lawyers, accountants. Can offer CGL and property. Willis Programs A program administrator that operates in all states with limits of up to $5 million ($2 million in AK, CA, FL and HI). Target class is defense firms with at least 50% defense work. Travelers is the carrier. Yates & Associates Insurance Services, Inc. An MGA that operates in CA only with various limits. Will consider all classes. Can offer GL. All admitted and nonadmitted carriers are A rated. * |
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