Contingency insurance covers film and entertainment risks while Specie covers theft or loss of valuable portable property in transit
Cincinnati Financial, through its London-based speciality underwriting subsidiary Cincinnati Global Underwriting, has launched two new lines of business, Contingency and Specie.
Contingency insurance covers film and entertainment risks, including insuring film and TV production for their props, sets, wardrobe and filming equipment.
The new business is set to ensure that productions are completed within budget and delivered on time, and offers event cancellation for tradeshows, conferences, exhibitions, sporting events, theatrical performances, concerts and music festivals.
Specie business line offers coverage for theft or loss of valuable portable property such as fine art, jewellery, gold bullion and cash during transportation.
Cincinnati corporate development global director Kevin Timmons said: “We are delighted that Frankie, Ian and Charlotte are joining our expanding team.
“We have identified Contingency and Specie as historically profitable classes of business through which we can grow and provide excellent service to clients and brokers.
“Following CGU’s acquisition by Cincinnati Financial Corporation, we announced our intention to diversify our underwriting through the addition of new speciality classes of business.
“We believe Frankie and Ian’s lead underwriting capability will enable us to meet these objectives and facilitate future profitable growth.”
New heads of Contingency and Specie businesses
Cincinnati Global has appointed Francis Hernandez as ahead of the Contingency business and Ian Seakens as head of Specie business, who will join the company in early 2021.
Hernandez has recently served as head of Chubb’s International Film & Entertainment Division while Seakens is experienced in building profitable portfolios of entertainment business as an underwriter and a broker.
Cincinnati Financial primarily offers business, home and auto insurance services through Cincinnati Insurance Company and its two standard market property-casualty companies.
The companies offer products including life insurance, fixed annuities and surplus lines property and casualty insurance.