FORT LAUDERDALE, Fla. and SCHAUMBURG, Ill./PRNewswire/ — Zurich, a leading provider of property and casualty insurance in North America and globally, announced today an agreement with Patriot National Insurance Group, a leading provider of workers’ compensation insurance and related services, to underwrite workers’ compensation insurance through its agency captive platform.
Under its agreement with Zurich, Patriot is a captive program administrator with full underwriting and claims settlement authority for Patriot’s Preferred Agency Captives.
For Zurich, the agreement further builds its presence as a captive insurance and services provider and serves as an opportunity to build relationships with smaller retail agents. “This is a significant opportunity for us,” said Rod DeMaso, Head of Captives for Zurich’s Programs & Direct Markets business unit. “We are continually looking for ways to further assert ourselves as a captive solutions provider and the agreement with Patriot allows that as well as an opportunity to work with preferred agency captive owners.”
“We are excited about our relationship with Zurich,” said Steven M. Mariano, CEO and Chairman of the Board for Patriot National Insurance Group. “Zurich has a proven name, ‘A+’ rated paper, and is an industry leader with tremendous resources. Our financial alignment of interest with agents through captive risk sharing, combined with our proven SWARM claims handling approach and expertise in the preferred agency captive market segment lends value to current and future program enhancements for Zurich.”
Patriot introduced their agency-owned captive platform in 2009 and in two years surpassed $100 million in annual workers’ compensation premium. Patriot’s preferred agency captives are currently underwritten by Guarantee Insurance Company and Ullico Casualty Company. Agency captives provide an opportunity for independent insurance agents to gain a share of underwriting profit and investment income from their controlled book of workers’ compensation insurance business.
Source: PRNewswire