Markets/Coverages: Coalition Exec Risk Insurance Now on Surplus Paper; ISO Adds 160 New BOP Classifications; MGU Verita Launches

Coalition’s Executive Risks Insurance Now Available On Surplus Lines Paper

Coalition announced its executive risks insurance products are now available on surplus lines paper, making comprehensive management liability coverage available to a wider range of businesses. Coalition offers executive risks insurance, including directors & officers liability (D&O), employment practices liability (EPL), fiduciary liability, and crime insurance.

The new surplus product is underwritten by certain underwriters at Lloyd’s (A rating by AM Best).

With the addition of surplus lines paper, Coalition now offers executive risks insurance in all 50 states and the District of Columbia, as well as to larger businesses with up to 1,000 employees and $500 million in assets. This expansion allows Coalition to offer coverage for a broader range of industries, such as healthcare, education, private equity and venture-backed portfolio companies, and more not-for-profit organizations.

Verisk’s ISO Businessowners Program Adds Nearly 160 New Classifications

To help insurers keep pace with the changing nature of today’s business exposures, as well as increase profitability and expand into new markets, Verisk announced the launch of its latest update to the ISO Businessowners (BOP) program. With more than 300,000 new small businesses created annually over four of the past five years, this update is essential to the industry.

The enhanced BOP program includes:

• Nearly 160 new classifications and updated 2022 NAICS codes, providing insurers with a more comprehensive and up-to-date classification system
• New rules and advisory prospective loss costs for hired and non-owned autos and drones
• The introduction of classifications that complement Micro-BOP and ransomware coverage exclusions

Insurers are encouraged to take advantage of the enhanced classifications offered by Verisk’s Businessowners program, designed to help them reduce premium leakage, and more accurately classify and price the risks of today and tomorrow.

For insurers that have questions about implementing these changes or navigating the actuarial and regulatory challenges of starting, growing, and tailoring a BOP program, Verisk’s Insurance Consulting services are available as a resource.

Highly Specialized MGU Verita Launches

Verita, a managing general underwriting (MGU) company, has officially launched. Verita is dedicated to providing innovative solutions and tailored products to meet clients’ unique needs. Verita’s team of industry veterans brings deep expertise and a comprehensive understanding of clients’ insurance needs across property, casualty, and financial lines of business.

The new company will initially focus on Real Estate, Hospitality & Leisure, Financial Institutions, and Professional Services industries.

Verita said its team aims to deliver a seamless, stress-free experience from initial onboarding to engaging with underwriting, claims and loss control experts.

Verita brings expertise with programs from guaranteed-cost policies to highly customized alternative insurance solutions. The company offers a distinctive and adaptable approach, permitting Verita to provide bespoke configurations for a young, growing company seeking flexible insurance program structures or in a similar fashion, providing an established corporation a niche insurance product.

“We are delighted to have the support of strategic allies, especially Markel. It is exciting to collaborate with industry specialists driven to be the best in the business, which will lead to mutual success.” said Edward Chiang, president and CEO.

Topics Excess Surplus New Markets Insurance Wholesale