Berkshire Hathaway Specialty Insurance unveiled two new products targeting nonprofits and the construction industry. TigerRisk found a partner with which to develop flood reinsurance analytics. Gridiron Insurance Underwriters launched a new platform product for small commercial businesses.
Berkshire Hathaway Specialty Insurance is launching two new insurance products in the U.S.
One, dubbed the Executive First Nonprofit Portfolio, is a collection of executive and personalized coverages designed for U.S. nonprofit organizations. BHSI said that the Portfolio includes director & officers liability, employment practices liability and commercial crime insurance.
Nonprofit clients who sign up get up to $50 million in capacity, with the flexibility of shared or separate coverage limits.
Separately, BHSI unveiled its Contractor’s Protective, Professional and Pollution (CP3) Liability Policy, designed for use on a primary and excess basis for U.S.-based practice or project-specific risks.
The CP3 Liability policy offers construction practices and products professional liability, protective indemnity, pollution liability, rectification of design defects and mitigation of pollution coverage.
CP3 also provides up to $50 million in capacity for select accounts.
Reinsurance broker TigerRisk and hazard modeling specialist JBA Risk Management will collaborate with a focus on developing flood reinsurance analytics.
Neither side is disclosing financial details.
The deal involves using TigerRisk’s TigerEye reinsurance treaty pricing and portfolio management platform along with JBA’s JCalf catastrophe models.
TigerEye is designed to allow for quick analysis of complex reinsurance structures. JCalf facilitates probabilistic loss assessment for a number of natural hazard perils, with models covering 20 percent of global GDP.
Gridiron Insurance Underwriters has unveiled a new platform product for small businesses.
Gridiron Package Select (GPS) is a fully automated program platform for small commercial businesses, with coverage available for property and commercial general liability.
The package-only product is eligible for more than 350 liability class codes. Property coverage includes additional broad enhancements including accounts receivable, valuable papers, EDP, employee dishonesty and more. GPS also can quote, bind and issue in real-time through a dedicated product portal.
Coverage comes through Interstate Fire & Casualty, which is part of Allianz, and will initially launch in 22 states on a non-admitted basis.
Gridiron Insurance Underwriters is a program manager that specializes in program business both regionally and nationally.
Sources: Berkshire Hathaway Specialty Insurance, TigerRisk/JBA Risk Management, Gridiron Insurance Underwriters Inc.