Reinsurance giant Munich Re is partnering through its U.S. Specialty Markets branch with the Community Association Underwriters of America (CAU), a managing general agency and division of Alliant Specialty Insurance Services.
From July, Munich Re’s US-affiliated carriers will insure CAU’s existing business and also offer its client base a number of coverage enhancements, as well as new general liability and coastal coverage products.
“America’s community associations and the retail brokerage community have relied on CAU to provide high-value coverage options and industry-focused service for nearly three decades,” commented CAU President Lori Long. “Joining forces with Munich Re, US enables us to offer an even higher level of strength and sophistication for this growing market.”
Enhancements to policies will include broader coverage definitions for property, increased limits on certain exposures, additional cyber insurance coverage for computers, and the new liability product will offer broad coverage to community associations while the coastal cover will protect community associations with coastal exposures.
The policies will be issued through primary insurance companies affiliated with Munich Re, US that are rated at least A+ by A.M. Best.
This is another example of Munich Re leveraging another organisations distribution to put its insurance and reinsurance capacity to work.
The benefits of this work both ways though, as the organisation and its community association members now benefit from enhanced coverage and security thanks to the partnership with Munich Re.
