CNA Pro Selects Ambridge Partners to Service Fiduciary Liability Insurance for Multi-employer Plans
1/1/2005
Working with a carrier who offers coverages that appeal to specific industries can provide a valuable advantage to agents and brokers. And having access to partners who have experience in underwriting risk and servicing clients in those segments can further enhance that value.
Two areas CNA believes hold growth potential for providing coverage are community banks and multiple employer plans. In each case a partnership was created with an MGU who brings considerable knowledge of the marketplace and the associated skills to address risks.
As of January 1, 2005 CNA Pro Open Brokerage partnered with Scarborough, a subsidiary of Aon, who will be a managing general underwriter offering Bond, Directors and Officers and related products to financial institutions. The specific target audience is the community bank segment with assets under $1 Billion. Coverage can be tailored to meet the exposure needs of community banks including a range of limits and retention options. With Scarborough, CNA has a strong partner who possesses over 8 decades of expertise in the financial institutions arena. This program is an expansion of the standard lines program announced in 2004. As an MGU, Scarborough will be responsible for underwriting, servicing, marketing and administration, and CNA will handle claim management.
Regarding the topic of multiple employer plans, also effective January 1, 2005 CNA Pro Open Brokerage teamed up with Ambridge Partners LLC, who will be the managing general underwriter for Fiduciary Liability Insurance for Multi-employer Plans. A multi-employer plan is an employee benefit plan where contributions come from multiple employers with employees who are members of a common union. This new program expands a current relationship with Ambridge covering Transactional Facilitation Insurance, which provides for various contingencies that can affect the completion of business deals such as M&A, asset sales, restructurings, etc. As an MGU for Fiduciary Liability for Multi-employer Plans, Ambridge is responsible for underwriting, servicing, marketing and administration, while claim management will be performed by CNA.
Key contacts and submission addresses for these programs are:
Fiduciary Multi-employer Plans
Jeffrey D. Cowhey
Ambridge Partners, LLC
135 West 29th Street, Suite 801
New York, NY 10001
Phone 212 871-5402
Fax 212 947-1838
jcowhey@ambridgepartners.com
Community Banks
Kim Waller, Managing Director of Underwriting
Aon/Scarborough
200 East Randolph Drive, 17th Floor
Chicago, IL 60601
Phone 800-525-2968
Fax 312-381-6215
scarborough@fprsi.com
For further information on these and other product and program offerings please visit www.cnapro.com
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