Chubb, Zurich North America and National Indemnity have launched a new excess casualty facility that can offer up to $100 million in lead excess casualty insurance capacity on a claims-made basis for large national and multinational companies.
According to a joint statement, the facility will provide excess umbrella liability coverage underwritten by Chubb and Zurich, with reinsurance support from National Indemnity Company, the lead reinsurer of Berkshire Hathaway.
Key advantages of the program reportedly include a single point of access through either Chubb or Zurich, streamlined administration, and cost efficiencies. The firms suggested that clients will also benefit from consistent coverage terms and proactive, expert claims handling.
The facility will be available in the United States and will begin underwriting business immediately, with coverage effective starting July 1, 2025.
John Keogh, President and Chief Operating Officer of Chubb Group, commented, “The litigation environment for large companies in the U.S. is increasingly hostile, and business as usual is not the answer.
“This initiative, between three of the largest, most experienced insurers in the large account market, is our effort to bring a new approach in terms of insurance protection and claims capability, that best serves those clients who are more and more often the target of legal abuse.”
Zurich North America CEO Kristof Terryn said, “Businesses were facing decreases in available capacity, as well as rising coverage costs. This facility creates a sustainable answer to the litigation environment, whose volatility has continued to frustrate our customers, while helping to stabilise capacity in the excess casualty market.
“We are pleased to be working with Chubb and Berkshire Hathaway’s National Indemnity to make the most of our combined knowledge, financial strength and staying power to provide such a needed solution for our customers.”
Ajit Jain, Vice Chairman-Insurance Operations of Berkshire Hathaway, added, “We are thrilled to be supporting the efforts of leaders like Chubb and Zurich to deliver solutions for clients in this incredibly challenging market.”
