Falvey Cargo Underwriting has added R&Q Accredited America and Great American Insurance Group to its panel of security partners alongside its existing supporters: Lloyd’s of London, Beazley, and Nationwide.
In addition to onboarding these new partners, Falvey has increased its in-house claims settling authority from $350,000 to $500,000.
This authority encompasses all the Group companies: Falvey Cargo Underwriting, Falvey Shippers Insurance, Safe Harbor Pollution Insurance, and Falvey Insurance Services.
Falvey is one of the largest providers of cargo insurance in the US.
The addition of security partners and increase in claims authority both allow for Falvey to continue to support the needs of the supply chain and to better service brokers and their clients.
“At Falvey, we continue to build our relationships with high-quality underwriting firms to mutually benefit and assist to meeting our strategic goals in the US marine marketplace,” said Mike McKenna, Chief Underwriting Officer at Falvey Insurance Group, the parent company of Falvey Cargo Underwriting.
“In the case of Great American (GA), the relationship allows GA to partner with Falvey, a first-in-class underwriting organization, to further its goals of profitable growth in the marine cargo sector,” McKenna explained.
“With Great American, the relationship is centered around building additional US admitted capacity as the needs of our customers grow. With R&Q Accredited America, it allows Falvey to enter into a strategic partnership to enable us to share in the profitable portfolio that we underwrite on behalf of our partners.”
Jack Falvey, Chief Operating Officer at Falvey Insurance Group, also commented “The Group is very excited to welcome these two new partners on board as we continue to meet the demands of our clients while also working with our new and existing partners on other upcoming opportunities.”
“The teams at both Great American and R&Q Accredited America have been exceptional to work with and we know this is just the beginning of two lasting relationships.”
Paul Amrose, Accredited’s Chief Underwriting Officer of Property, added: “Falvey understands the underlying issues impacting global commerce and are continually pursuing solutions to alleviate the pressure created by the worldwide imbalance in supply and demand. Accredited is excited to partner with Falvey in providing a solution to the supply chain obstacles impacting economies in the US and abroad.”
