Praetorian Insurance Division Business Insurance Programs
Praetorian Insurance Company is a division of the leading Insurance Group, one of the largest general insurers worldwide. The group’s head office is in Sydney, Australia, but it operates in 38 countries across the globe with a strong presence in the global insurance market. The head office of its North America division is in New York, and it runs five business segments, including:
- US P&C (US Property & Casualty) segment
- FPS (Financial Partner Services) segment
- Reinsurance segment
- Commercial specialty segments, including management liability, accident, health, aviation, and trade credit
In terms of business insurance, one of the strongest points of Praetorian Insurance is the company’s expertise in risk management. Hiring underwriting specialists worldwide, insurance solutions are available from all types of businesses with transparent and reasonable pricing and excellent quality control. Account services and claims handling are in the hands of the best.
Before underwriting every policy, Praetorian Insurance assigns a team of experts in client management to determine efficient insurance solutions by clients’ financial circumstances and needs. Every inspection also provides suggestions for strategic protections, allowing the clients to stay focused on the core of their business. So far, the company’s primary focus is on small to middle-market accounts that are not yet ready to deal with the standard commercial retail insurance market.
The North American division of the Insurance team has the license to sell and underwrite insurance policies in all 50 states, including the District of Columbia and Puerto Rico. There is no need for referrals or similar models to provide insurance nationwide. Some business programs available from the company are as follows.
The company has two capacity options. Primary commercial auto offers a limit of up to $1 million, and the Umbrella policy has a maximum capacity of up to $5 million. This business program now covers business auto, local trucking, and commercial auto specialties such as second-hand car dealers and auto rentals. Preferable businesses for commercial auto programs are business auto, special niche transportation, local distance transportation (up to 50 miles), and artisan contractor’s business auto.
This program also provides stand-alone primary general liability but with an umbrella limit. Similar to commercial auto, the limit for general liability can be up to $1 million for Primary and $5 million for Umbrella. The program covers diverse industry groups, for example, commercial agriculture, artisan contractors, condominium associations, and habitational businesses. Preferable businesses are hazard exposures (light to medium) and tail risk (short to medium).
The company property insurance is financial protection from losses due to natural disasters. Insurance helps to make sure your business keeps on running despite unfortunate events. The maximum capacity reaches up to $250 million for every risk. Property program covers many different business models, including those with the likelihood of exposure to natural disasters and those without:
- Homeowners Association
- Apartment buildings and condominiums
- Contractors’ equipment
- Risk of losses from winds with a focus on superior construction
- Self-storage facilities
- Builders’ risk
Preferable business models are middle market accounts, but the emphasis is on niche classes and homogeneous groups, including habitational risks, municipal businesses, school businesses, inland marine lines, excess/surplus lines, and unique risks.
The insurance flood program complies with the federal government’s NFIP (National Flood Insurance Program). The company offers WYO (Write-Your-Own) flood insurance as well. Some things the company provides are:
- Compliance with the NFIP program regarding the administrative system and policy processing. The company is one of the first companies to offer Flood insurance.
- Compliance with FEMA standards. Throughout the policy application process, the company uses an intuitive implementation and rating system, a contextual guide, and real-time editing to help agents. Efficiency and functionality remain strong points throughout the process.
- They are working only with professionals with NFIP certifications. Their experiences and expertise in administration processes ensure that all flood insurance claims are under proper handling procedures.
Loss of income and medical expenses are typical concerns that start a dispute between employers and employees. In such situations, the company’s protection ensures settling every dispute in quick procedural ways, allowing your business to keep running. The company offers solutions for which your businesses’ operating structures remain intact for better growth in the future. The protection under this program covers an in-house policy administration system, primary workers’ compensation, and data analytics. The company has the license to operate in all 14 non-monopolistic jurisdictions. Preferable businesses include small to large accounts (under $1M), low to moderate severity classifications, and businesses targeting more than 35 states.
Acquisition of PFG
Praetorian Financial Group, under which Praetorian Insurance Company runs its business, is one of the major insurance companies in the U.S. It underwrites 37 specialty property and casualty insurance programs through agents and brokers. The acquisition of PFP by the company in December 2006 was a consistent move to strengthen North America’s strategy in small to medium regional markets in the U.S. Praetorian Insurance Company was a follow-up of acquisitions of the National Farmers Union in 2005 and One Beacon Agriculture in 2006.
Praetorian Insurance Company’s underwriting strategy mainly focuses on small to medium size accounts, which complements the overall North American strategy. An emphasis on specialty business with low limits also agrees with the parent company’s business lines. Therefore, Praetorian Insurance Company strengthens North America’s presence in the general insurance market in the U.S. by adding more diversity in terms of geographic regions, customer types, and policy products.