Liberty Mutual is eyeing up opportunities in the US wholesale insurance market. The insurance giant’s Global Risk Solutions (GRS) portfolio contains roughly $500 million in wholesale business – a fraction of GRS’s overall $13 billion in gross written premium. In an attempt to turn that around, GRS has appointed a new head of wholesale distribution in North America, with the key aim of addressing coverage needs within the wholesale market.
Boosted by a strong economy, a healthy excess and surplus lines market is thriving despite intense competition and continued standard market encroachment into the sector, said attendees at last week’s Wholesale & Specialty Insurance Association’s Annual Marketplace in Atlanta.
For the second year in a row XL Catlin has topped Advisen’s annual Pacesetter index, an annual recognition of product innovation in the P&C insurance industry. In fact the top three remain in place from our tally a year ago, with Chubb and Ironshore ranked second and third, respectively. Insurers XL Catlin, Chubb (formerly as ACE prior to the merger), and Ironshore have dominated the top three slots since 2013.
Ironshore distinguishes itself in the industry by closely aligning our claim professionals with members of the underwriting, actuarial and finance teams. This is our way of ensuring that the people who make the promises, keep the promises and that our policyholder claims are handled in a professional and expeditious manner.