XL America, Inc. announced its acquisition of renewal rights for Royal & SunAlliance USA’s (“RSA”) DPIC unit, which provides professional liability insurance and services for architects, engineers and environmental consultants in the United States, Canada and Puerto Rico.
John Glancy, currently DPIC president and CEO, will be joining XL America’s insurance operations to lead the underwriting unit that will be responsible for this book of business which will be branded as XL Design Professional.
Glancy has more than 25 years industry experience including senior level positions with DPIC, CNA and Constitution State Services, a subsidiary of Travelers Property Casualty Corporation. He will report to Rich Banas, who leads numerous XL America insurance operations.
Nicholas Brown, XL’s chief executive of insurance operations, noted, “The purchase of DPIC’s renewal rights provides us with a great opportunity to continue to expand our specialty lines with a market leadership position in architect & engineer liability. We are pleased that John Glancy will lead the XL Design Professional underwriting unit and we are confident that DPIC agents and their customers will benefit from XL’s financial strength and underwriting expertise in this market.”
Glancy added, “By coupling XL’s well-regarded experience in the professional liability market with DPIC’s reputation for outstanding service to architects, engineers, environmental consultants and the design industry, we are confident that our agents and customers will experience a seamless business transition.”
XL Design Professional expects to begin renewing expiring policies on Jan. 1, 2004, using XL Specialty Insurance Company paper, subject to rate and form filing approvals. Those policies renewed with RSA with effective dates on and after Dec. 1, 2003 will be fully reinsured by an XL America company.
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