Beazley has a new consortium at Lloyd’s designed to boost capacity for wage & hour risks. QBE North America expanded its operating agreement with a specialist professional liability managing general underwriter.
Beazley established new consortium at Lloyd’s to bring increased capacity for wage & hour risks, expanding the choices available to U.S. organizations.
Building on Beazley’s experience in employment practices liability (EPL), and the 2015 launch of Workplace Protect, Beazley’s standalone wage & hour product, the Concorde Consortium will underwrite wage & hour risks on a surplus lines basis.
This coverage specifically covers claims made under the Fair Labor Standards Act (FLSA), which are excluded from most EPL policies. Limits up to $25 million are available for the costs of defending and indemnifying US organizations that are alleged to have violated their obligations under wage & hour law,
The Concorde Consortium will underwrite on both a primary and excess basis. The Consortium anticipates that the majority of risks will be for organizations with more than 5,000 employees, but can accommodate organizations with 10,000 or more employees.
The Consortium is led by Beazley whose underwriters will quote and bind 100 percent of all risks. It complements Beazley’s existing Workplace Protect policy, under which limits of up to $10 million are available. Companies can select either stand-alone wage & hour cover or incorporate it into their EPL policy. The other member of the Concorde Consortium is Hiscox, with additional capacity being provided by Beazley’s special purpose syndicate 5623.
QBE North America expanded its operating agreement with Jorgensen & Co., a specialist professional liability managing general underwriter.
The new deal makes available errors and omissions insurance on an admitted basis to small, independent registered investment advisory firms, or RIAs, and registered representatives. Also, the new coverage will be available via a new web-based click and bind program, called AdvisersGold Select.
According to Rickard Jorgensen, president of Jorgensen & Company, the new click and bind program provides immediate delivery of comprehensive coverage to independent RIAs.
The program offers expanded coverage features, including fiduciary coverage and social engineering. Optional coverage is available for management liability, cyber liability and product sales.
The Specialty Programs unit, part of QBE Specialty, partners with MGA/MGU program administrators to underwrite management liability and professional lines for trade associations and affinity groups.
QBE North America, an integrated specialist insurer, is part of QBE Insurance Group Limited.
Sources: Beazley and QBE North America