Private equity purchase creates an opportunity: A company that provides in-home health care services was spun out of a larger company and purchased by a private equity firm, which sought auto, property and workers’ compensation insurance coverage. A Select Broker presented Zurich with the chance to quote.
Zurich had two weeks after receiving the submission to get the account rated, underwritten and structured, so Senior Underwriter Bobby Steinsdoerfer went right to work.
Strength in numbers: The challenge was not confined to the short deadline, Bobby said. It was also important to balance the distinctive needs of the healthcare customer with the complexities of private equity ownership, and that balancing act called for Zurich’s experience and knowledge.
“We’ve done a lot with private equity. We understand the nuances of the private equity transaction and are able to respond with a broad and flexible solution,” Bobby said. “For me, while it’s private equity, the actual transaction of the insurance is the same. It’s just about being aware that the behaviors and the timeline are different, and having the understanding that there are multiple stakeholders.”
Bobby worked with his Zurich colleagues to get the account rated, underwritten and structured in a timely manner while addressing the stakeholders’ needs.
Multilayered solutions: “Although the other insurance provider was very competitive with our overall pricing, Zurich’s collective effort and our dedication to both the healthcare and private equity space enabled us to ultimately win,” Bobby said.
“We have all the different products to provide coverage for a private equity firm and portfolio company,” he added. “We are dedicated to this space. We’ve built teams to understand who the players are in private equity, understand their distinctive needs and monitor our results. For us, there’s power in understanding the multiple-party relationship and then being able to bring that to the table when we’re listening to needs and structuring solutions.”