One of the market’s top specialty insurance carriers announced Friday the expansion of its professional lines appetite to include private companies in the United States.
Berkshire Hathaway Specialty Insurance has launched the Executive First Private Company Portfolio, an insurance solution that includes directors and officers liability, employment practices liability, fiduciary liability, employed lawyers liability and commercial crime insurance in one written form.
Dan Fortin, head of executive and professional lines with BHSI, said the program falls in line with the company’s goals to expand into the private companies market as well as nonprofit structures.
“Our private company portfolio provides substantive coverage and value in a contemporary and comprehensive form, backed by BHSI’s financial strength,” Fortin said in a statement. “The new form is the first step in our long-term strategy of providing simple, concise management liability solutions for private companies.
“A similar solution, tailored for nonprofit risks, is coming soon.”
The Executive First Private Company Portfolio is available with shared or separate coverage limits of up to $50 million.
Customers purchasing the EPL coverage part will also have access to the company’s EPL First, which provides an online repository of human resources training and compliance resources and attorney-client privileged “help line” services from an employment attorney. Both services are provided by Littler Mendelson, the world’s largest employment and labor law firm.
BHSI is initially targeting private companies with revenue in excess of $15 million, sold through select insurance producers throughout the country.
Maura Verrone, head of private company and nonprofit organizations for executive and professional lines at BHSI, celebrated the announcement as benefitting both customers and insurance producers.
“We look forward to expanding into the private company sector and building lasting relationships with our insureds and brokers,” Verrone said. “The relationships developed by our underwriting specialists will be strengthened by the knowledge, experience and accessibility of our in-house claims and elgal resources.
“Our customers can expect a collaborative approach through the entire process from underwriting to claims handling.”
