Chubb, Zurich and National Indemnity launch $100 million US excess casualty facility

By Isha Marathe

May 2 - (The Insurer) - Chubb, Zurich North America and National Indemnity have announced a new excess casualty facility for the U.S. and will begin underwriting business immediately with coverage effective on July 1.

The facility will offer up to $100 million in lead excess casualty insurance capacity on a claims-made basis for large national and multinational companies, and deliver excess umbrella liability coverage underwritten by Chubb and Zurich and supported by National Indemnity Company.

"The litigation environment for large companies in the U.S. is increasingly hostile, and business as usual is not the answer," said John Keogh, president and chief operating officer of Chubb Group.

"This initiative, between three of the largest, most experienced insurers in the large account market, is our effort to bring a new approach in terms of insurance protection and claims capability, that best serves those clients who are more and more often the target of legal abuse."

The new facility is intended to offer customers a single access point, being Chubb or Zurich, reduce administrative costs, provide claims consistency, and offer more efficient claims handling.

"Businesses were facing decreases in available capacity, as well as rising coverage costs," said Zurich North America CEO Kristof Terryn. "This facility creates a sustainable answer to the litigation environment, whose volatility has continued to frustrate our customers, while helping to stabilize capacity in the excess casualty market."