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[ Published 2007-09-20 ]

International Insurance Company of Hannover Limited (Inter Hannover) has named Rockwood Programs, Inc. to serve as the administrator of an Errors and Omissions product specifically designed to address the liability exposures faced by Managing General Agencies (MGAs), Program Administrators, and large wholesale operations.  This insurance coverage will be marketed under the name of the Rockwood Defender. 

Inter Hannover has delegated full underwriting authorities to its program administrator.  Claims administration will be handled by Wilson Elser – a New York-based law firm with extensive insurance agent E&O-related litigation experience.

“The Rockwood Defender represents a unique partnership joining a committed insurance carrier, experienced claims administrator, and program manager”, says Glenn Clark, president of Rockwood.  “Inter Hannover has provided a product with a competitive rate structure and one of the most comprehensive policy forms in the industry.  The Rockwood underwriting team has extensive experience in this business segment.  Our Claims TPA will provide capable and passionate defense for our policyholders in the event of a loss.  Wilson Elser is also available for pre-claims consulting and loss mitigation.  We feel that introducing our insureds to their defense team before a claim occurs is a critical component of our policyholder relationship.”

“We are glad to have partnered with an organization like Rockwood”, adds Michael Wennin, Managing Director of Inter Hannover  “Their underwriting staff are very knowledgeable and customer service-oriented.  The Rockwood management team has demonstrated their commitment to issues that are important to Program Administrators through their deep involvement with Target Markets”.

The Rockwood Defender product offers limits of up to USD 5 million per claim and a USD 5 million aggregate.  Coverage is written on a claims-made and reported basis.  The policy includes carrier insolvency and punitive damages (where insurable) and can be endorsed to include supplemental defense limits and first dollar defense.  Inter Hannover is rated “A-“(Superior) by A.M. Best.

Interested parties can learn more about this program as well as the other products and services offered by accessing Rockwood’s website at www.rockwoodinsurance.com.  The company can also be contacted directly by calling toll-free 877-764-4555.  The fax number is 302-764-5477.

 

[ Published 2007-05-14 ]

Inter Hannover has entered into a five year partnership with Synergy Insurance Services (UK) Limited, the new insurance venture led by City financier, Sir Mark Weinberg.

Synergy Microcaptive works by adapting the captive concept used by large corporations and is focused on businesses with an annual insurance spend of between GBP 50k and GBP 1m. Unlike conventional insurance, a significant proportion of the annual net premium is allocated to an interest-bearing account in the client's name to cover smaller losses. The remainder pays for insurance cover on larger claims. If a business manages its risks well and has low or no small claims, it gets back the money in the account; it is estimated that up to 40% of net premiums could be saved per year for those firms with good claims records.

Commenting on his new venture, Sir Mark says "We are delighted that Inter Hannover has joined forces with us to launch Synergy Microcaptive - a product which does what insurance should do; that is to solve problems that might otherwise put companies in jeopardy, while not meddling in the small matters which are better dealt with by the businesses themselves."

Michael Wennin, Managing Director of Inter Hannover adds "We're excited to be playing a major role in the first insurance proposition which truly meets the needs of firms with good claims records. We look forward to working with Synergy to build partnerships with brokers throughout the country and encourage further take-up of the product."