Schaumburg, Ill.-based Zurich, one of the nation’s largest commercial property-casualty insurance companies, has announced that it is expanding the number of subclasses of businesses its small business division will underwrite to provide more diversified market opportunities for agents doing business with the company.
“Zurich’s agents have been asking for a larger and more stable market in which to build their book of business of small business customers,” said Rick Law, president, Zurich Small Business. “This expansion can diversify the market opportunities for agents to write business with Zurich, and can enhance the consistency of our underwriting appetite and guidelines.”
Law said an additional 188 subclasses are now eligible under Zurich’s core retail, office and service segments for insurance programs that include auto, umbrella and, for many classes, workers’ compensation.
“Subclass expansion can help Zurich monitor trends and develop insights into a specific part of a primary class based on its experience,” Law said. “The benefits of this expansion extend to our underwriting practices as well. As we learn that an exposure in a particular class warrants different coverage and eligibility criteria or rates, we can make these changes without impacting the entire primary class.”
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe, as well as in Asia Pacific, Latin America and other markets. In North America, Zurich (www.zurichna.com) is a commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, small business, specialties and programs sectors.
Source: Zurich Financial Services Group
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