CNA Financial Corp. said it is taking over the underwriting and administration of the existing Not-for-Profit Directors & Officers (D&O) program formerly managed by Victor O. Schinnerer & Co. starting today.
In January, CNA and Victor O. Schinnerer & Co., Inc. ended their carrier and managing general underwriter relationship for the D&O program. The split, which the firms said is amicable, will begin for policies effective June 1, 2010.
At the same time, Schinnerer announced a new partnership for the non-profit D&O program with Navigators Insurance and said it has plans to expand it.
Although their partnership in the non-profit D&O market is ending, CNA and Schinnerer said they are retaining their partnerships – some spanning more than 50 years — in the architects, engineers, construction and real estate markets.
Both companies said they plan to stay in the non-profit D&O market.
Dan Auslander, vice president of Specialty Underwriting, CNA, said that for existing CNA customers the change will mean a streamlined process that provides agents and brokers with direct access to a pool of CNA underwriters “who better understand geographic particulars and business needs,” and access to an expanded U.S. network of CNA local branches across the country.
Was this article valuable?
Here are more articles you may enjoy.