Philadelphia Buys $27 M Fireman's Fund D&O Book
NU Online News Service, Nov. 15, 3:37 p.m. EST?Philadelphia Insurance Companies announced today that it finalized an agreement with Fireman's Fund Insurance Company to purchase the renewal rights on Fireman's Fund's non-profit directors and officers book of business.
The agreement is effective today.[@@]
The book of non-profit D&O covers 8,000 accounts with a premium volume of approximately $27 million.
All affected Fireman's Fund producers will be contacted over the next 30 days with instructions on how to process their business, the Bala Cynwyd, Pa.-based company said in its announcement.
In a statement, Sean Sweeney, executive vice president EVP of Philadelphia Insurance Companies, called the purchase of renewal rights "a perfect complement" to the company's existing non-profit insurance program, which targets most non-profit organizations for professional liability and associated coverages.
At Fireman's Fund, Gary Bhojwani, president of Commercial Business, said that the Novato, Calif.-based company will continue to offer D&O solutions to customers in for-profit industries.
Philadelphia Insurance Companies will provide Fireman's Fund agents and brokers with underwriting terms and conditions as the business expires. Each risk will be individually underwritten through Philadelphia Insurance Companies' 12 regional offices, Philadelphia Insurance said.
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