Zurich said that its Specialties' Management Solutions Group has created a new practice, Public Markets Group, aimed at offering management liability solutions to public emerging growth companies with revenues under $500m.
The company said that the new practice will offer directors & officers (D&O), employment practices liability, fiduciary and crime insurance coverages.
According to Zurich, the policy enhancements include definition of executive officer limited to a company’s CEO, chief financial officer and in-house general counsel; employed lawyers coverage extension; fully non-rescindable policy; increased automatic coverage (up to 35%) for newly acquired organizations; notice of claim limited to general counsel, risk manager or their functional equivalent; alternate dispute resolution requirement deleted; and disclosure management coverage sublimit.
In addition, the company said that it will have an ability to offer Public Markets endorsement for use in conjunction with D&O Select Primary Form. This endorsement will raise the bar by adding valuable policy enhancements to respond to ever-changing risk environment.
Michael Karmilowicz, head of management solutions group at Zurich North America Commercial, said: “We see this business segment as offering immense growth opportunities utilizing our market-leading public company form, claims experience and international value proposition to expand into this space, which encompasses 5,400 publicly traded companies.
“With this new dedicated practice, Zurich will have the ability to provide a disciplined and consistent approach to this market segment.”
The Public Markets Group will have offices in New York, Chicago and San Francisco.