CORE INSURANCE

Chubb Launches a New and Improved Package Product for Commercial Clients

Chubb | May 24, 2021

Chubb has launched a new insurance product, Benchmarq Package, for the lower middle market segment, setting the standard for package plans based on broader, more scalable coverage and performance. Benchmarq provides a more comprehensive base coverage offering of both property and liability, resulting in insurance protection that is more robust than typical industry package policies. Although Benchmarq's base product is best suited to smaller or less complex package risks, coverage can be scaled up by higher limits and additional endorsements to build completely customized solutions for clients' unique and evolving needs in an underserved middle market space.

"Benchmarq addresses a gap in the lower middle market that isn't traditionally filled by a standard plan or company owners insurance scheme," said Ben Rockwell, Division President, Chubb Middle Market. "Chubb's latest modernized package broadens our presence in the middle market and allows us to include the esteemed insurance programs and offerings for which we've been popular to an ever wider range of customers, at a time when exposures in this space begin to emerge." We assume that the scalability, quicker quoting, and simplified product architecture would help agents and brokers—all backed by Chubb's advanced underwriting experience, excellent risk engineering, and claims scalability.

Benchmarq's key product features provide comprehensive and flexible property and general liability coverages that protect customers against the risks they are most likely to face within the sectors in which they specialize, which include education, food, manufacturing, professional services, real estate, retail, technology, wholesale, and wineries, with plans to expand into additional industries.

Benchmarq is currently accessible via field underwriters in 29 states, with more to follow in the coming months. Benchmarq will be available in the Fall of 2021 on Chubb's award-winning digital platform, the Chubb Marketplace. The Chubb Marketplace is intended to modernize the placement of insurance policies.

About Chubb
Chubb is the largest publicly traded property and casualty insurance corporation in the world. Chubb, which has operations in 54 countries and territories, offers a wide range to clients commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. We assess, assume, and manage risk with insight and discipline as an underwriting company. We service and pay claimants in a fair and timely manner. The company is also defined by its broad product and service offerings, extensive distribution capabilities, exceptional financial ability, and global-local operations. Chubb Limited, the parent company, is a member of the S&P 500 index and is listed on the New York Stock Exchange. Chubb has executive offices in Zurich, New York, London, and Paris, among many other places, and employs about 31,000 employees globally.

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INSURANCE TECHNOLOGY

Simply Business Partners with RLI to Offer Home Business Insurance

RLI | March 10, 2022

Simply Business, Inc., a Boston-based digital insurance agency focused on small businesses, today announced the launch of tailored insurance solutions for home-based businesses. The new offering, RLI Home Business Insurance, is underwritten by specialty insurer RLI and covers home and offsite exposures such as general liability, equipment, furniture, fixtures and inventory. Adequate protection for these risks is not typically provided through standard homeowners' insurance policies. A record number of new businesses were established in the U.S. last year, and many of those are owned and operated from home, This new offering from RLI is yet another example of the way we listen to our customers' needs and respond with products that help protect, and ultimately grow, their businesses." David Summers, Group CEO of Simply Business. We are excited about our partnership with Simply Business, RLI has insured home-based businesses for more than two decades, and we believe the combined expertise of our organizations uniquely positions us to serve small business owners and help protect their livelihoods." Eric Raudins, Senior Vice President, RLI Transactional Insurance Solutions. RLI provides tailored home business insurance for a wide range of entrepreneurs, including bakers, photographers, artists, entertainers and more. Coverage is available in all 50 states with limits up to $100,000. About Simply Business Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 750,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value. About RLI RLI Corp. is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI's products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI's subsidiaries are rated A+ "Superior" by AM Best Company.

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CORE INSURANCE

PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P. ANNOUNCES PARTNERSHIP WITH BRP GROUP, INC.

Baldwin Risk Partners | January 11, 2022

Performance Bonding Surety & Insurance Brokerage, L.P. ("Performance Bonding") is pleased to announce that its business will now be operated within the BRP Group, Inc. ("BRP Group") (NASDAQ: BRP) family through BRP Group's previously announced Partnership, BRP Group's nomenclature for a strategic acquisition, with Wood Gutmann & Bogart Insurance Brokers and certain of its affiliates and related entities (collectively, including Performance Bonding, "WGB"), which closed on December 1, 2021. BRP Group is an independent insurance distribution firm delivering tailored insurance solutions. With a strong foundation in surety company underwriting criteria and practices, Performance Bonding provides contract, commercial and miscellaneous surety bonds across a broad client base, including general contractors, subcontractors, developers, service industry professionals, private equity firms and publicly-traded entities. "This Partnership with Performance Bonding through WGB will add critical bonding and commercial insurance expertise to our national practice, Performance Bonding is highly-respected in their industry, and we are thrilled to welcome their team of experts into the BRP Group family." -Trevor Baldwin, Chief Executive Officer of BRP Group. "Performance Bonding could not be more excited to be joining forces with the highly-respected BRP Group organization and their brokerage Partners, We believe this Partnership will enable Performance Bonding to continue to grow while providing expanded resources and expertise to our clients. We look forward to continuing the expansion of our National and Global Surety brokerage platform with an organization that shares a common culture and desire to provide best-in-class service to their Colleagues, Clients, and Carrier Partners." -Erik Johansson, previously President of Performance Bonding ABOUT BRP GROUP, INC. BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally. ABOUT PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P. Performance Bonding has a combined 60+ years of surety experience, and an extensive resume of managing bond programs for notable clients in various industries. They specialize in creating custom surety solutions for their clients and insurance brokerage partners. Performance Bonding is a full-service national surety brokerage offering surety solutions for commercial, contract, and developer bond needs for private equity-owned firms, publicly-traded entities, and closely held private companies. Founded in 2014 and headquartered in Orange County, California, Performance Bonding provides a complete range of surety products and services, with access to every major surety carrier in the nation.

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CORE INSURANCE

COVID-19 Relief Ends: Car Insurance Rates Back On The Rise

The Zebra | January 12, 2022

The Zebra, the nation's leading insurance comparison site, released its 2022 State of Auto Insurance Report revealing the national average annual cost for car insurance to be $1,529, up 3% over last year's reduced rates from the COVID-19 pandemic. The Zebra's sixth annual State of Auto Insurance Report provides an under-the-hood look at more than 83 million auto insurance rates across all 34,500 U.S. ZIP codes. It examines over a decade's worth of data to reveal trends in pricing across the nation. "In 2021, drivers began taking their cars out of 'park' and returned to the roads, More drivers can lead to more potential accidents to occur. As soon as the number of claims filed increases, so will insurance rates. However, drivers aren't powerless – to lower rates, practice safe driving behaviors and take every precaution to protect your vehicles from damages caused by extreme weather." -Nicole Beck, Head of Communications at The Zebra. The COVID-19 factor The COVID-19 pandemic created major changes in how Americans traveled. The Federal Highway Administration reported a 14% decrease in the number of miles traveled by U.S. drivers during the first year of the pandemic. The number of annual miles driven is only one factor considered in car insurance pricing, which is why drivers only saw a 4% drop in rates during 2020, a year of less driving. As Americans began driving again – whether it was back to work, grocery stores or social gatherings – prices are on the rise as the number of claims filed have returned to its pre-pandemic baseline. More claims filed from deadly roads, extreme weather damages Drivers are back: the Federal Highway Administration estimates an 11% increase in miles driven through October 2021. But, roads have become deadlier, after risky driving behaviors like distracted and aggressive driving, speeding and impaired driving have increased. The National Highway Traffic Safety Administration estimates that 20,160 people died in motor vehicle crashes in the first half of 2021, up 18.4% over 2020. Weather is also an essential factor to consider as a factor in the national price increase, as insurance companies seek to make up for losses from claims filed. Even though fewer hurricanes occurred in 2021, it was still considered an above-average hurricane season. Winter storms this year caused a record $15 billion in insured losses, up from $1 billion in 2020, almost entirely due to two storms that occurred in February. Prices vary down to the zip code Each state has its specific requirements and regulations for auto insurance. Car insurance rates increased in 38 states (including the District of Columbia) and fell in 13 states in the past year. Louisiana saw the largest increase of 42%, putting the state at the top spot for most expensive insurance. Maryland had the most significant decrease at around 9%. About The Zebra The Zebra is the nation's leading, independent insurance comparison site. With its dynamic, real-time quote comparison tool, consumers can identify insurance companies with the coverage, service level, and pricing to suit their unique needs. The Zebra compares more than 100 auto and home insurance companies and provides agent support and educational resources to ensure consumers are equipped to make the most informed decisions about their insurance. Headquartered in Austin, Texas, The Zebra has sought to bring transparency and simplicity to insurance shopping since 2012 — it's "insurance in black and white."

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WORKERS COMPENSATION

KBRA Assigns Insurance Financial Strength Rating to Tower Hill Insurance Exchange

KBRA | December 30, 2021

Kroll Bond Rating Agency (KBRA) assigns an Insurance Financial Strength Rating of BBB+ with a Stable Outlook to Tower Hill Insurance Exchange (THIE). THIE was formed as a Florida reciprocal exchange and will begin writing residential property insurance in Florida within its first year of operation and continue to expand in the Florida market over the subsequent two years. The rating reflects its sound initial capitalization, conservative investment portfolio, and reasonable business plan. THIE will benefit from the established market presence, distribution, and risk management of the Tower Hill Insurance Group (Tower Hill) - a privately owned organization comprised of three Florida-domiciled direct writers, an affiliate offshore reinsurer, a managing general agency (MGA), and two claims services companies. Tower Hill is one of Florida’s largest residential property insurers with approximately 6% market share. Balancing these strengths are THIE’s exposure to natural catastrophes, and a lack of geographic and product diversification. THIE’s revenues and earnings are expected to be concentrated in Florida, a state exposed to both natural catastrophes and significant legal challenges for residential property insurance writers. In addition, initial capital is solely funded through surplus notes with annual interest expenses of approximately $16 million. This is somewhat offset by THIE’s low start-up costs versus more typical start-ups. Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. About KBRA Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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Technology comes with huge advantages for everyday life, but people should be aware that it comes also with significant risks. Insurance has an important role to play in protecting customers against cyber threats.

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