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 bolster its existing business and to pursue new business.
"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," he said.
In a statement, Kevin Kelley, chairman and chief executive officer of Lexington, said, "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.
In an earlier statement this month, Lexington announced "Upgrade to Green Commercial" insurance, allowing commercial property owners that sustain covered partial or total losses to rebuild insured property and replace personal property with products that embrace sustainability principles and reduce the overall impact of building on the environment.
In Bermuda, Ironshore, branching out from its roots in commercial property insurance, announced that it has entered the health care liability sector with the launch of IronHealth.
Ironshore said Matt Dolan will serve as president of IronHealth, leading a team of professionals that most recently ran OneBeacon Professional Partners.
The senior management team includes Josh Stein as chief underwriting officer, Randy Oates as chief operating officer and Tammi Dulberger as chief actuary.
Prior to forming OneBeacon Professional Partners in 2002, the team members were together at Executive Risk, which was bought by the Chubb Corporation in 1999.
IronHealth is the third specialty casualty platform that Ironshore has created since starting the company to write underserved property for small and midsize commercial risks in early 2007. The other casualty platforms are IronPro and IronBuilt, serving the professional liability and construction sectors.
"It is a logical extension of our commitment to meeting specialty insurance market needs," Bob Deutsch, chief executive officer of Ironshore, said in a statement.
IronHealth, based in Simsbury, Conn., will initially offer hospital professional liability, managed care errors and omissions liability, and long-term care professional liability.
C.V. Starr, Fireman's Fund and Darwin Professional Underwriters made other specialty insurance product announcements on the casualty side, with coverage offerings aimed at contractors, Hollywood producers and managed care organizations.
Targeting contractors, C.V. Starr & Company (California), a subsidiary of C.V. Starr & Co. Inc. in San Francisco, said it entered into a program agreement with The Chubb Corporation to begin offering contractor's pollution liability insurance coverage on behalf of Chubb.
Broadening an existing partnership with Chubb, C.V. Starr & Company (California) will market and underwrite contractor's pollution liability coverage across the agency's established commercial and residential contractor's book of business.
Scott McDougall, vice president of C.V. Starr & Company (California), will serve as the environmental specialty leader and chief underwriter for the Chubb program. Mr. McDougall has over 20 years insurance and environmental industry experience.
Fireman's Fund Insurance Company unveiled strike expense coverage for Hollywood production companies.
The Universal City, Calif.-based entertainment division of Fireman's Fund said the launch recognizes that there is a potential for a Screen Actors Guild strike at the start of July, which is a significant risk of concern to production companies.
Fireman's Fund requires a completion bond to be in place prior to issuance of coverage and that production be scheduled to be completed prior to June 15, 2008.
In a statement, Joe Finnegan, vice president, entertainment for Fireman's Fund, said, "We believe this coverage extension will help facilitate the financing and production of more film projects that are scheduled to wrap principal photography ahead of a possible strike or lockout."
Fireman's Fund entertainment division has an over 80-year history of insuring Hollywood films and a 40-member team, including underwriters and loss control experts with an average of about 20 years of experience in the entertainment field.
Darwin Professional Underwriters in Farmington, Conn., introduced a new multicoverage corporate liability insurance product for managed care organizations.
Coverages being included in the single integrated policy are: professional services errors and omissions liability, directors and officers liability, employment practices liability, fiduciary liability, media liability, and network security and data privacy.
Darwin said features of the duty-to-defend policy are:
o Supplemental coverage for privacy breach notification and credit monitoring costs.
o No exclusions for regulatory claims, antitrust, bankruptcy, or electronic data processing.
o Coverage for loss of medical and nonmedical personally identifiable information, including Health Insurance Portability and Accountability Act fines, fees and penalties.
o Standard terms that include punitive damages coverage (most favorable venue), third-party liability and final adjudication coverage.
The policy also includes a value-added risk management program that educates policyholders in loss prevention planning.
Managed care service providers eligible for coverage include independent physician associations (IPAs), physician hospital organizations (PHOs), administrative service organizations (ASOs), case and disease management providers, credentialing verification organizations (CVOs), management service organizations (MSOs), peer review service organizations (PRSOs), rental network entities, third-party administrators (TPAs) and utilization review organizations (UROs) with $25 million or less in annual revenues.
Limits of up to $5 million are available.
(Additional product announcements compiled by Susanne Sclafane.)
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