New York-based Arch Insurance Group, a division of Arch Capital Group Ltd., announced the formation of a Captive Agents Unit, which will specialize in addressing the professional liability exposures of Company Sponsored Life and Property/Casualty Insurance Agents.
“Arch’s entry into the Captive Agents arena gives the insurance buyer a strong alternative. We offer our customers a wealth of industry experience, talented underwriters and superior professional liability claims specialists,” said Ralph Jones, president and CEO, Arch Insurance Group. “This new capability allows Arch to replace some of the capacity that has been lost from the marketplace in recent months and help fill this niche market.”
Frank Frieri, a 15-year veteran of the industry, will head up the new unit serving as vice president, Captive Agents and Professional Liability. Frieri joins Arch with nearly a decade of experience managing, underwriting and administering E&O insurance for Company Sponsored Life and P/C Agents and Securities Broker/Dealer E&O programs.
Arch’s new Company Sponsored Life and P/C Insurance Agents E&O policies protect captive agents in claims arising due to wrongful acts in professional services, including wrongful supervision or termination. Coverage also responds to vicarious liability the sponsoring company can face from the alleged wrongful acts of a captive agent.
Arch will also be providing new capacity for Securities Broker/Dealer and Registered Representative E&O insurance.
Arch’s preferred accounts include firms that are insurance company affiliates with a minimum of 100 registered representatives and at least three years in business.
All accounts will be chosen on a highly selective and strategic account-by-account basis. Not all lines of business or products listed above are offered in all jurisdictions.
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