QBE North America Partners with Catalytic Risk Managers on Builders Risk Program

Rhea-AI Summary

QBE North America has announced a new program partnership with Catalytic Risk Managers & Insurance Agency, a division of DUAL North America. The Builders Risk program will offer construction All Risk coverage for builders risk projects on a non-admitted basis. This partnership aims to provide customers with tailored builders risk solutions. James Haggerty, Head of Commercial Programs at QBE North America, expressed excitement about the collaboration, emphasizing the unique coverage needs it will address. Jon Knouse, Chief Property Officer of DUAL North America, highlighted the enhanced expertise and opportunities this partnership brings to the construction market. Catalytic Claims Services will handle claims for the program. The collaboration aims to expand QBE's builders risk portfolio and reaffirm their commitment to comprehensive solutions.

Positive

• New partnership expands QBE's builders risk portfolio.
• Provides tailored construction All Risk coverage for builders risk projects.
• Claims handled by Catalytic Claims Services, enhancing efficiency.
• Partnership with experienced underwriting team of Catalytic Risk Managers.
• Strengthens QBE's commitment to delivering comprehensive and tailored solutions.

Negative

• Offered on a non-admitted basis, which may come with additional regulatory scrutiny.
• Potential for increased competition in the builders risk market.
• Reliance on Catalytic Risk Managers for underwriting expertise could pose integration challenges.

NEW YORK, May 30, 2024 /PRNewswire/ -- QBE North America today announced a new program partnership with Catalytic Risk Managers & Insurance Agency, LLC, a division of DUAL North America, Inc. The Builders Risk program, offered on a non-admitted basis, provides construction All Risk coverage for builders risk projects.

"We're excited to partner with the experienced underwriting team at Catalytic to provide customers with a builders risk solution that protects and meets the unique coverage needs of their construction projects," said James Haggerty, Head of Commercial Programs, QBE North America. "We look forward to building our relationship with Catalytic and DUAL North America as we expand our builders risk portfolio in the marketplace."

Catalytic Risk Managers writes builders risk business exclusively through regional and national wholesale brokers. Catalytic Claims Services, Inc., a division of DUAL North America, will handle claims for the program.

Jon Knouse, Chief Property Officer of DUAL North America, commented: "This new program partnership with QBE will enable us to reach new heights, providing additional coverage and expertise to the construction market. The combination of QBE's strength and experience, our underwriting expertise led by Kaycie Cook, and Catalytic Claims Services' claims handling abilities positions us to seize new opportunities in this market. This collaboration not only reaffirms our commitment to delivering comprehensive and tailored solutions to our insureds but also paves the way for continued innovation. We couldn't be more excited to be collaborating with our partners at QBE."

The Commercial Programs portfolio at QBE includes both Property and Workers' Compensation programs. QBE is committed to helping customers solve unique risks, offering tailored solutions, supported by underwriting and claims.

About Catalytic Risk Managers and DUAL North America, Inc.

Catalytic Risk Managers & Insurance Agency, LLC is a member of the DUAL North America, Inc. group of companies. DUAL North America, Inc. is a leading Specialty Program Administrator offering Property, Casualty, Financial Lines, and Surety products through several specialized operating subsidiaries. DUAL currently has offices in 14 locations throughout North America that underwrite and manage unique insurance programs utilizing advanced technology and simplified distribution methods.

DUAL North America transacted over $1.5bn in gross written premium in 2023 across over 45 insurance products. DUAL North America is a part of DUAL Group. DUAL, the specialist underwriting arm of Howden. DUAL is one of the world's largest international underwriting agencies and one of Lloyd's largest international coverholders with operations in 21 countries and $3.5bn GWP.

For more information, visit www.dualinsurance.com.

About QBE

QBE North America is a global insurance leader helping customers solve unique risks, so they can stay focused on their future. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in 2023 of $7.6 billion. QBE Insurance Group's results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn, Facebook and Instagram.

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SOURCE QBE North America

FAQ

What is the new partnership between QBE North America and Catalytic Risk Managers?

The new partnership is a Builders Risk program offering construction All Risk coverage for builders risk projects.

When was the partnership between QBE North America and Catalytic Risk Managers announced?

The partnership was announced on May 30, 2024.

What type of coverage does the Builders Risk program offer?

The Builders Risk program offers construction All Risk coverage.

Who will handle claims for the Builders Risk program?

Catalytic Claims Services, a division of DUAL North America, will handle claims for the program.

What is the stock symbol for QBE North America?

The stock symbol for QBE North America is QBIEY.

Why is the Builders Risk program offered on a non-admitted basis?

Offering on a non-admitted basis allows for more flexibility in coverage options but may also involve additional regulatory considerations.

Who leads the underwriting expertise for the Builders Risk program?

The underwriting expertise is led by Kaycie Cook from Catalytic Risk Managers.