Philadelphia Insurance Cos. Finalizes Deal to Purchase Fireman’s Fund NDO Renewal Rights

November 15, 2004

Philadelphia Insurance Companies has finalized an agreement with Fireman’s Fund Insurance Company to purchase the renewal rights on Fireman’s Fund’s non-profit D&O book of business. The agreement is effective Monday, Nov. 15.

The book of non-profit D&O covers 8,000 accounts with a premium volume of approximately $27 million. Philadelphia Insurance Companies will provide the Fireman’s Fund agents and brokers with underwriting terms and conditions as the business expires. Each risk will be individually underwritten through Philadelphia Insurance Companies’ 12 regional offices. All affected Fireman’s Fund producers will be contacted over the next 30 days with instructions on how to process their business.

Sean Sweeney, executive vice president of Philadelphia Insurance Companies, noted, “Fireman’s Fund has been outstanding to work with during this transaction and this purchase of renewal rights is a perfect complement to our non-profit insurance program, which targets most non-profit organizations for professional liability and associated coverages.”

“Over the past three years, Fireman’s Fund has worked to increase our focus on industries where we are leaders so that we could intensify our underwriting and service to those customers. We will continue to offer D&O solutions to customers in our for-profit industries,” added Gary Bhojwani, president of Commercial Business for Fireman’s Fund Insurance Company. “In the case of non-profit D&O, we decided to transfer these accounts to Philadelphia Insurance Companies, a noted national specialist in non-profit D&O. This solution will benefit all parties: our agents, our customers, our
company and Philadelphia Insurance.”

Topics Carriers Directors Officers

Was this article valuable?

Here are more articles you may enjoy.