#USA #New York #Zurich #Chubb #National Indemnity

Innovative Insurance Solution for Large Companies

In a significant move to address the escalating litigation environment affecting large corporations, Chubb, Zurich North America, and National Indemnity Company have announced a new excess casualty facility. This initiative, set to begin underwriting on July 1, 2025, offers up to $100 million in claims-made excess casualty coverage, specifically designed for national and multinational businesses.

Navigating a Challenging Landscape

John Keogh, President and COO of Chubb Group, emphasized the necessity of reevaluating conventional practices in light of the increasingly aggressive litigation climate that corporate entities face daily. The new facility is a collaborative effort among three of the largest and most experienced stakeholders in the insurance sector. This partnership aims to introduce a refreshing perspective towards insurance protection and claims processing tailored for companies that often find themselves at the centre of legal disputes.

Moreover, Zurich North America's CEO, Kristof Terryn, highlighted the challenges businesses have been encountering, such as reduced insurance capacity and rising costs. The creation of this facility intends to provide a sustainable alternative, effectively stabilizing the excess casualty market and offering businesses the support they need during turbulent times.

Streamlined Coverage and Administration

This pioneering excess casualty offering is designed to simplify the process of obtaining insurance while enhancing the overall client experience. It features several advantages:

• - Single Access Point: Clients can choose between Chubb or Zurich, easing the acquisition process.
• - Cost and Administrative Efficiencies: The streamlined approach is expected to reduce costs related to overhead and streamline processes for clients, brokers, and agents alike.
• - Consistency in Coverage Terms: Companies can enjoy clarity and uniformity in their coverage, eliminating confusion often seen with multi-provider setups.
• - Expert Claims Management: Clients benefit from proactive and expert claims handling, ensuring they receive the necessary support precisely when they need it.

This arrangement between Chubb, Zurich, and National Indemnity emerges as a much-needed solution for clients looking to navigate the complexities of today's legal landscape effectively. Ajit Jain, Vice Chairman of Insurance Operations at Berkshire Hathaway, expressed his enthusiasm for this initiative, underlining the importance of innovative solutions in a challenging market.

Conclusion

As we move closer to the effective launch date of this facility, businesses can look forward to a robust set of offerings aimed at safeguarding their interests in an unpredictable legal environment. For more information about this new excess casualty facility, interested parties can reach out to key executives from Chubb and Zurich who are leading this transformative effort. The collaboration between these giants in insurance signifies a commitment to offering comprehensive coverage that addresses the modern needs of businesses. By pooling their knowledge and financial resources, Chubb, Zurich, and National Indemnity are not only responding to the current market challenges but also shaping the future of commercial insurance.