Goodbye Westport... Hello, North American Specialty Insurance Company!
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You may have heard… our industry-leading E&O coverage is going through a name change to streamline its operations. The financial rating and stability of the long-term carrier, Swiss Re, is not going anywhere. Along with the name change, this shift to streamlining is also bringing several policy form enhancements.
Starting this March, E&O applicants will see North American Specialty Insurance Company on their forms, and you will hear our team refer to these policies as Swiss Re admitted instead of Westport. Similarly, our team will be referring to Swiss Re’s non-admitted product, First Specialty Insurance Corporation, as Swiss Re non-admitted.
These changes are coming about because Swiss Re Corporate Solutions is streamlining the legal entity structure of its North American business. This will be accomplished in two steps.
First, the legal entity will change from Westport Insurance Corporation to North American Specialty Insurance Company (NAS). Sometime thereafter, the legal entity will change to Swiss Re Corporate Solutions America Insurance Corporation (SIRCSAIC), as Swiss Re Corporate Solution’s North American flagship insurance carrier. These legal entity changes will reduce complexity, enable Corporate Solutions’ strategic growth, and improve financial efficiency.
Swiss Re continues to be the parent company and this name change will help streamline the North America operations.
So goodbye, Westport, Hello, North American Specialty Insurance Company!
A few highlights:
- Two new deductible reduction options
- Consent to settle clause removed
- Insolvency exclusion, relaxing the AM Best rating requirement from B+ to B.
- Enhanced definition of Professional Services to include client referrals
- Key Employee Assistance (New Coverage)
Westport policyholders, stay tuned for details – you will be provided with the entire list of enhancements. If you don’t have your E&O coverage with Westport, now would be a good time to get a quote. Click here to get a quote!
And don’t forget – if you don’t have your E&O coverage with Westport (soon to be NAS), you are missing out on one the leading E&O lawyers to defend you in the event of an E&O claim – Doug Palais
