Dateline: 24/10/2007
Schaumburg, Ill., October 24, 2007 – Zurich, one of the world’s largest property-casualty insurance companies, announced today that it is now offering its group captive product to agency, association and managing general agent (MGA) captives using independently owned segregated portfolio companies.
“With the segregated portfolio option we now offer the agencies we work with a broader set of captive capabilities that can help our customers mitigate the cost of forming and maintaining a captive facility,” said Lynn Cordes, president, Zurich Alternative Solutions.
The segregated portfolio company creates individual captive “cells” that are separate from each other but linked to the captive, segregating the assets and liabilities of each cell and protecting participants against another cell’s insolvency or bad loss experience.
“In the more than 16 years Zurich has been writing captive business, we have established a successful integrated team, combining underwriting, claims, marketing, risk engineering, actuarial, finance, policy issuance and regulatory compliance. We are now bringing that creativity and innovation to agency, association and MGA captives, utilizing established segregated portfolio companies,” said Jill Bryant, vice president, Zurich Alternative Solutions.
“We are continually seeking ways to augment our portfolio of group captive products to meet the needs of our customers and this approach allows us to offer specialized solutions designed to meet their unique requirements,” said Bryant.
The segregated portfolio option is one example of how Zurich customizes its group captive product. Zurich also offers coverage options such as umbrella and property to support the captive lines of business and provide a single-carrier solution to the client.
About Zurich Financial Services
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. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 58,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, small business, specialties and programs sectors.
Media contact:
Steve McKay
Zurich
(847) 706-2265
steven.mckay@zurichna.com