Philadelphia Insurance Companies and Cigna have finalized a strategic alliance to offer their insurance products to each others' customers in a mutually beneficial product enhancing cross-over deal.
Philadelphia Insurance will provide its property/casualty insurance to Cigna’s Participant Accident customers, while Participant Accident coverage will be made available to Philadelphia Insurance’s property/casualty customers.
Philadelphia Insurance agents will now have the ability to write Participant Accident coverage, not only for youth and amateur sports leagues and camps, but will also be able to place accident coverage for social service agencies, day care centers, and private schools currently insured by Philadelphia Insurance Companies.
Cigna’s Participant Accident managing general underwriters will also be given the opportunity to cross sell Philadelphia Insurance’s property casualty products to their customers. Each property and casualty risk will be individually underwritten through Philadelphia Insurance’s home office.
Commenting on the agreement, Doug Gaudet, VP of Commercial Lines of Philadelphia Insurance said, This is an excellent opportunity for two companies with products serving the same customer group to make it easy for agents and brokers to meet the full range of customer needs. Both organizations are well positioned in their segment of the amateur sports market and this alliance will allow each company to cross sell their respective products.