Zurich, a leading property and casualty insurance provider globally and
in North America, today said its Specialties' Management Solutions Group
has created a new dedicated practice aimed at offering management
liability solutions to public emerging growth companies with revenues
under $500 Million. The new practice, called Public Markets Group, will
offer Directors & Officers (D&O), Employment Practices Liability,
Fiduciary and Crime insurance coverages.
“We see this business segment as offering immense growth opportunities
utilizing our market-leading public company form, claims experience and
international value proposition to expand into this space, which
encompasses 5,400 publicly traded companies,” said Michael Karmilowicz,
head of Zurich North America Commercial's Management Solutions Group.
“With this new dedicated practice, Zurich will have the ability to
provide a disciplined and consistent approach to this market segment.”
“For this market segment, Zurich will have the ability to offer the
Public Markets endorsement for use in conjunction with the D&O Select
Primary Form,” said Beth Goldberg, head of the Public Markets Group for
Zurich North America Commercial. “This endorsement will raise the bar by
adding even more valuable policy enhancements to respond to today's
ever-changing risk environment in this focused market segment.”
Policy Enhancements include:
Definition of 'executive officer' limited to a company's chief
executive officer, chief financial officer and in-house general counsel
Employed Lawyers Coverage extension
Fully non-rescindable policy
Increased automatic coverage (up to 35 percent) for newly acquired
organizations
Notice of Claim limited to general counsel, risk manager or their
functional equivalent
Alternate Dispute Resolution requirement deleted
Disclosure management coverage sublimit
The Public Markets Group will have offices in New York (serving the East
Coast), Chicago (serving the Midwest) and San Francisco (serving the
West Coast).
About Zurich
Zurich in North America is a part of Zurich Financial Services
Group (Zurich), an insurance-based financial services provider with a
global network of subsidiaries and offices in North America and Europe
as well as in Asia Pacific, Latin America and other markets. Founded in
1872, the Group is headquartered in Zurich, Switzerland and employs
approximately 60,000 people serving customers in more than 170
countries, including more than 9,500 employees in North America.
Zurich was the first overseas insurer to enter the U.S. market in
1912. According to Highline Data LLC (NAIC 2008), Zurich in North
America (www.zurichna.com)
is the second-largest writer of commercial general liability insurance
and the fourth-largest commercial property-casualty insurance company,
serving the global corporate, large corporate, middle market,
specialties and programs sectors. Zurich's risk engineering services in
the United States are provided by Zurich Services Corporation.
This is intended as a general description of certain types of
insurance and services available to qualified customers through the
companies of Zurich in North America.
Your policy is the contract
that specifically and fully describes your coverage.
The
description of the policy provisions gives a broad overview of coverages
and does not revise or amend the policy. Insurance coverages
underwritten by individual member companies of Zurich in North America,
including Zurich American Insurance Company. Certain coverages not
available in all states. Some coverages may be written on a nonadmitted
basis through licensed surplus lines brokers.
Media contact:
Steve McKay
Zurich
(847) 706-2265
steven.mckay@zurichna.com