HARTFORD, Conn.--The Hartford Steam Boiler Inspection and Insurance Company (HSB) today introduced a plug-in property underwriting program for insurers and alternative risk transfer (ART) organizations. The program combines property reinsurance capacity with a complete turnkey set of underwriting and risk management services.
Designed for insurance companies with a casualty focus and ART groups such as pools, purchasing groups and captives, the plug-in capability can help companies expand their property offerings faster and easier without adding needless expense. HSB provides all the necessary underwriting and support services from risk selection by property-dedicated underwriters averaging 25 years of experience to product design, management of filings, inspections and claim processing.
Known for working with other property-casualty insurers to embed equipment breakdown coverage into their product offerings, HSB can do the same for property insurance by providing reinsurance, underwriting and risk management services. This approach offers flexibility, the financial strength of HSB and complete back-office support. HSB's turnkey solution enables insurers and non-traditional risk transfer organizations to broaden the range of property coverages and risk services available to their clients.
"There are traditional insurers and ART organizations losing business to carriers with property and packaging capabilities," said W. MacKay Heckles, senior vice president and chief reinsurance officer for HSB. "But they face significant barriers to expanding their property offerings since they lack the infrastructure, data and expertise. HSB can be their property department - providing everything they need to be more competitive while helping to manage their own risk."
Volatility in the reinsurance markets has made it more difficult for insurers and ART organizations to find capacity with financial strength and program flexibility. Some reinsurers have been downgraded and others have withdrawn from sectors of the market. At the same time, insurers face increased competition, including foreign carriers, and there is renewed pressure on their own ratings and reserves.
