General Casualty Insurance Companies recently introduced enhanced commercial coverages and capacity and became a market for additional manufacturing lines of business.
The Sun Prairie, Wisconsin-based property and casualty insurer is now looking to write accounts with property values up to $60 million. Risks must fall within targeted classes and have adequate private and public fire protection. The company said it will consider increasing those limits to $75 million or more based upon class of business and an underwriting review.
“As a regional carrier, we’ve historically written smaller property accounts with less emphasis on manufacturing business classes,” says Jon Borgen, assistant vice president of commercial property at General Casualty. “However, we’ve become a billion-dollar company with a full menu of services to support this business. We’re now a market for larger properties, and we’re striving to grow market share specifically in the manufacturing sector.”
General Casualty also introduced enhanced supporting property coverages and limits, as well as a blanket coverage extension that makes its Comprehensive Insurance Policy more flexible.
In addition, the company has partnered with Hartford Steam Boiler to provide enhanced systems breakdown coverage, which can be written directly through General Casualty underwriters and covers a wide variety of mechanical or electrical failure of equipment, machines, computers and heating/cooling systems.
General Casualty can write many manufacturing classes, including plastics, food, metalworking, printing, wood products, textiles and paper goods manufacturers.
Plastics manufacturing is a new market for General Casualty, and the company is targeting the following classes: injection molding, extrusion molding, blow molding, compression molding, rotational molding, transfer molding and thermoforming.
General Casualty does not write plastics manufacturers that perform calendaring, plastic coating, casting, laminating or reaction molding, or produce foamed plastics, reinforced plastics or fiberglass.
The company offers its commercial customers excellent loss control services, liability and workers’ compensation coverages, local underwriting and 24-hour claim reporting.
Note to the editor: General Casualty Insurance Companies, headquartered in Sun Prairie, has insured autos, homes and businesses since 1925. General Casualty markets its products through 1,500 independent insurance agencies in 25 states. The company has built a reputation for exceptional claims service and financial strength, consistently earning high ratings from insurance analyst A.M. Best. General Casualty employs 1,800 people in 15 offices and reported direct written premiums of $1.2 billion in 2004. For more information visit generalcasualty.com.
General Casualty is a member of Winterthur U.S. Holdings, Inc. (WUSH), based in Sun Prairie, which oversees and provides business services to General Casualty (Sun Prairie) and Unigard (Bellevue, Wash.). Winterthur’s U.S. operations recorded direct written premiums last year of $1.5 billion and employ 2,200 people in offices throughout the U.S.
Winterthur Group is a leading Swiss insurance company with head office in Winterthur. As an international company, the Group provides a broad range of property and liability insurance products, as well as insurance solutions in life and pensions that are tailored to the individual needs of private and corporate clients. Winterthur Group has approximately 19,500 employees worldwide. The company achieved a premium volume of CHF 11.8 billion in Q1 2005 and reported assets under management of CHF 144.7 billion as of March 31, 2005.
Credit Suisse Group is a leading global financial services company headquartered in Zurich. It provides private clients and small and medium-sized companies with private banking and financial advisory services, and pension and insurance solutions from Winterthur. In the area of investment banking, it serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and in the form of American Depositary Shares (CSR) in New York. The Group employs around 60,000 staff worldwide. As of December 31, 2004, it reported assets under management of CHF 1,220.7 billion.
This news release may contain forward-looking statements as described in our corporate disclosure on forward-looking information. For a complete copy of our corporate statement please go to generalcasualty.com/aboutgc/newsCenter/forward.htm.
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