Lexington Insurance Company, an AIG company, is bolstering its commercial domestic property insurance capacity by a whopping $1 billion to support noncatastrophe exposures on its accounts.
With the $1 billion addition, Lexington said its total noncatastrophe property capacity has now been raised to $1.5 billion. The company added that the additional capacity will cover North American-based commercial occupancies on noncatastrophe-exposed accounts, including commercial real estate, manufacturing, municipalities, retail and health care risks.
Peter Tulupman, AIG public relations manager, said the additional capacity will help Lexington to both bolster its existing business and to pursue new business. He said, "We saw a need from clients who we currently insure for increased capacity. And we also saw that need from other AIG customers whose property coverage we do not write right now."
In a statement, Kevin Kelley, chairman and chief executive officer of Lexington, said, "This additional capacity demonstrates Lexington's commitment to best serve our clients that need significant property limits. The increased capacity allows us to help a market segment we believe is currently underserved."
Lexington said its commercial property coverage is available through retailers, wholesalers, and Lexington's London and Bermuda operations for North American-based property risks.
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