Core Specialty Insurance Holdings, Inc. and its subsidiaries have announced the launch of an excess liability program covering habitational risks with Professional Risk Facilities (PRF).
The program will be marketed publicly under the name Habitational Risk Facilities (HRF) and is the second PRF program to receive Core Specialty capacity support.
A press release has stated that HRF will provide excess coverage limits up to $5 million, attaching between $1 million and $5 million, for risks located in NY, NJ, CT and PA. Targeted risks include apartments, condominiums, co‐operatives, and townhomes with incidental commercial occupancies.
Moreover, the program is designed for smaller schedules with a maximum of ten locations and 250 units. The product will be distributed exclusively by PRF through select wholesale distributors.
“After years of large limits in the excess habitational market being written at rate levels which we believe to be inadequate, there is currently an opportunity to write smaller lead excess limits at appropriate premium levels for targeted classes of habitational business. We are very pleased to be expanding our relationship with PRF who has been a valued program manager for over five years,” said Jeff Consolino, President and CEO of Core Specialty.
“We are thrilled to continue to grow with Core Specialty and leverage our collective knowledge and expertise in the excess liability product line to provide a unique solution to the habitational marketplace,” added Christopher Cavallaro, Executive Chairman of PRF’s parent company, ARC Excess and Surplus.
Meanwhile, last month property and casualty firm Hallmark, sold its excess and surplus lines operations to Core Specialty.