Liberty International Underwriters, a division of Liberty Mutual Group,- has reached an agreement to acquire the renewal rights to Quanta U.S. Holdings Inc.’s environmental liability business. Terms of the transaction were not disclosed.
“Estimates for the environmental impairment liability market run as high as $2 billion a year in premium. We wanted a bigger piece of that business,” said David Cohen, chief underwriting officer of Global Casualty for Liberty International Underwriters. “Quanta’s business and people complement our existing strategy and our acquisition of the renewal rights to Quanta’s environmental business lets their brokers keep the business with an ‘A’ rated company. It also will give many of their existing customers an opportunity to move their business without penalty.”
Environmental impairment, a niche insurance product, helps protect businesses and contractors against the risk of creating a pollution problem for which they are responsible.
Brokers representing environmental consultants, contracting risks and classes of manufacturing and commercial enterprises can contact William McElroy, LIU’s vice president of environmental lines, at 212-208-9518.
Source: Liberty Mutual Group
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