CNA Takes Over Not-for-Profit Directors & Officers Liability Program

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.

Topics Profit Loss