scarborough, a subsidiary of Aon Corp., announced that it has established a “new business relationship with CNA, one of the nation’s leading business insurers, to offer property and casualty insurance to financial institutions on a national basis.”
Scarborough, described as a “managing agent serving the financial institution industry for over 85 years,” specializes in coverage tailored to commercial banks and lending institutions. It provides property, casualty and professional lines coverage for institutions of all asset sizes.
“Backed by the financial strength and the small business program expertise of CNA, Scarborough will offer property, general liability, commercial auto, workers’ compensation and umbrella on a specialized form,” said the bulletin.
CNA Small Business Sr. VP Henry J. Pippins commented: “The combined entities will provide far reaching underwriting resources giving agents and their clients’ flexibility in accommodating risk and exposures inherent to financial institutions.”
The coverage, designated “Scarborough Premier,” will be offered throughout the U.S. to institutions of all asset sizes meeting program eligibility. Eligible institutions include commercial banks, savings banks, savings and loan associations, and thrifts and loan companies. Coverage can be significantly broadened for institutions electing the Choice Endorsement, a unique coverage enhancement for this program.
“The CNA partnership enables us to capitalize on the great franchise value of two specialty companies in the packaging and delivery of a comprehensive, cost-competitive product to this market,” stated Kim Waller, managing director of underwriting at Scarborough.