Aspen Insurance to Provide Up to $15 Million in Additional Capacity
Chevy Chase, Maryland – October 2, 2019 – Chevy Chase, MD – October 1, 2019 – Victor O. Schinnerer & Company, a Victor company and a leading underwriting manager of specialty insurance, announced today an expansion of its market-leading professional liability insurance program for architects and engineers (A&E).
Brokers can now procure up to $35 million in coverage on behalf of qualified and eligible A&E clients with more than $10 million in annual revenue, including project-specific risks. Schinnerer has added an additional $15 million in capacity from Aspen Insurance to its existing $20 million program to meet the needs of large A&E firms in the US.
Architects and engineers have been seeking higher limits to address general market contraction and price adjustments in the sector,” said Brian Hanuschak, President of Victor North America. “We are pleased to welcome Aspen Insurance to our A&E professional liability program, which we established more than 60 years ago. By working with CNA, and now Aspen, Schinnerer can provide the additional capacity needed for large firms.”
Aspen will provide admitted and non-admitted capacity.
Schinnerer’s current large account A&E professional liability program serves design and construction firms with $5 million or more in revenue and continues to be written and issued on an admitted basis through A-rated CNA Insurance Companies.
Victor O. Schinnerer & Company is one of the largest and most experienced underwriting managers of specialty insurance programs in the U.S. Schinnerer serves more than 46,000 insureds in various specialty industries through independent insurance agents and brokers. Learn more at www.schinnerer.com.
Victor O. Schinnerer & Company is part of Victor Insurance Holdings, the global managing general underwriter.
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. For the year ended December 31, 2018, Aspen reported $12.6 billion in total assets, $7.2 billion in gross reserves, $2.7 billion in total shareholders’ equity and $3.4 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A” by Standard & Poor’s Financial Services LLC (“S&P”), an “A” (“Excellent”) by A.M. Best Company Inc. (“A.M. Best”) and an “A2” by Moody’s Investors Service, Inc. (“Moody’s”).
CNA is one of the largest U.S. commercial property and casualty insurance companies. CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada, Europe and Asia, backed by 120 years of experience and more than $45 billion of assets. For more information about CNA visit, our website at www.cna.com.
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