Swiss Re Unveils E&O Agency Umbrella Coverage

Swiss Re's Commercial Insurance group announced the introduction of Errors and Omissions (E&O) agency umbrella coverage in all 50 states and the District of Columbia.

The insurance policy offering was developed in conjunction with the Independent Insurance Agents & Brokers of America (The Big "I") to meet the needs of the insurance agent marketplace. The coverage is expected to be available country wide contingent on filing approval from each department of insurance.

The Agency Umbrella policy from Swiss Re (www.swissre.com) offers broad coverage over primary lines, including professional liability, with a maximum limit of up to USD 10 million. The programme, underwritten by Westport Insurance Corporation (a member of the Swiss Re Group), is rated "A+" by A.M. Best and has a 34-year history of underwriting professional liability.

Swiss Re can write the umbrella over their own E&O coverage, or most other carrier's primary E&O coverage (except in California).

Swiss Re Unveils Medical Travel Offering

Swiss Re's Commercial Insurance announced they now recognize medical travel coverage as part of their existing stop loss offering. Employer stop loss is available in all 50 states and the District of Columbia, through Westport Insurance Corp., a member of the Swiss Re Group, which underwrites the company's stop loss products.

A dramatically growing number of uninsured and underinsured U.S. patients are reportedly traveling to countries with high-quality hospitals and staffs that offer services at costs often significantly lower than those available in the U.S. Heart by-pass surgeries by highly trained surgeons in India may cost only $10,000 as opposed to $130,000 in the U.S. (TIME, "Outsourcing your heart", May 21, 2006). Similarly, high quality hip replacements, and other major medical procedures can also cost far less in selected countries overseas than in the U.S.

Swiss Re has selected WorldMed Assist (www.worldmedassist.com) as the third-party medical logistics provider to manage its medical travel option.

WorldMed Assist, as Swiss Re's medical logistics provider, will reportedly ensure that strict standards for the level of care offered by the medical staff, the hospital, clinic and any recuperative care facilities are followed. Selected medical facilities will have to meet the criteria of the Joint Commission International (JCI) and/or an equivalent accreditation.

Coverage will be coordinated with the employer's primary policy and with the patient's primary physician in the U.S. For more information about Employer Stop Loss or to be directed to a licensed agent, contact Swiss Re at 1-866-266-0902.

Swiss Re Tabbed for Brazil Market

Swiss Reinsurance America Corporation and Swiss Reinsurance Company Ltd. are officially recognized as admitted reinsurers by Susep, the Brazilian insurance regulator, with the ability to sell reinsurance in the newly de-regulated Brazil marketplace.

Swiss Re's official recognition by Susep was announced in the Brazilian Official Gazette of May 26, 2008.

Beat Strebel, Head of Swiss Re's Latin America operations, said, "Swiss Re is pleased to officially become an admitted reinsurer in Brazil. Swiss Re has a long history of involvement in Brazil with more than 50 years of business relationships and we have maintained an office in the country for 12 years. We have a strong commitment to serve our Brazilian clients with the best solutions and products. The newly opened reinsurance sector will provide a healthy, competitive insurance landscape and add to the stability of the Brazilian economy."

As an admitted reinsurer, Swiss Re will reportedly benefit from greater flexibility and will be able to offer its wide range of reinsurance products and financial services solutions in Brazil.

"As a global expert on managing capital and risk, Swiss Re strives to add value to our clients' business by helping them manage their capital base in the most efficient way," said Strebel. "The benefits of our world-wide experience will now also be available to the Brazilian market."

Swiss Re, BISYS Team on Auto Program

Swiss Re's Commercial Insurance and BISYS Specialty Programs (a division of Crump Insurance Services, Inc.), reported the launch of an insurance program for auto dealers. Backed by the financial strength of Swiss Re and the industry experience of BISYS, this program offers high quality coverage and security for auto dealers who meet underwriting guidelines.

Swiss Re and BISYS recently reached the one year anniversary of their joint offering of insurance coverage for tow truck operators. The new auto dealer offering reportedly builds on the success of that partnership.

The program provides specialty underwriting for a full complement of insurance coverage for auto dealers. It entertains risks for franchised or non-franchised retail auto dealers, auto auctions, wholesale dealers, including those with service garages and body shops. Coverage includes commercial auto liability, physical damage, garage liability, garage keepers, dealers open lot, inland marine, crime and property.

An added benefit of this new program is a paperless submission process that allows agents to utilize electronic, fillable applications. All submission requirements and applications are available online at www.BISYSPC.com.

Swiss Re to Form TPA Service in China

Swiss Re has received approval to establish a consulting company in China to provide comprehensive third party administrator (TPA) and related consulting services to hospitals, insurers, policyholders and employers. Beijing Prestige Health Consulting Services Company Limited (Prestige Health) is wholly owned by Swiss Re, a global reinsurer, but will operate independently.

Prestige Health plans to open for business later this year, under the leadership of CheeKok Poh, who is transferring from Swiss Re’s Beijing Branch where he led the medical insurance team, to become CEO of the new company.

A recent Swiss Re sigma study estimates that China spent more than RMB 1,000 billion (USD137 billion) on healthcare in 2007, 52% of which was directly paid by households. Commercial medical insurance covered less than 6% of these costs, implying a market potential of RMB 489 billion (USD 67 billion).

To help insurers capitalise on this potential, Prestige Health will reportedly offer a highly-efficient form of business process outsourcing, which provides enhanced services to policyholders and an effective risk management platform for insurers. Prestige Health aims to deliver both cost savings and access to broad expertise, allowing insurers to focus resources on competing more effectively through product development, marketing and distribution.

Swiss Re Offers New Excess Liability Plan

Swiss Re’s Commercial Insurance announced the national launch of its Excess Liability coverage for Insurance Agents and Brokers Professional Liability. Eligible risks include agencies with primary coverage through various errors and omissions carriers. Policies are written on non-admitted paper from First Specialty Insurance Corporation, and are backed by Swiss Re’s financial strength and A+ (Superior) A.M. Best rating. First Specialty products are available only through licensed surplus lines brokers. For those seeking to apply for this coverage, refer to www.independentagent.com/eocontact for your local IIABA E&O contact. All applications for this product must be submitted through the Big I Markets, just like the primary non-admitted product offered through the Big “I” program. All underwriting authority for this product remains with Swiss Re subsidiary First Specialty.