XL Insurance and All Risks Ltd Announce New Underwriting Agreement to Provide Dealers Open Lot Insurance Program
BOSTON and HUNT VALLEY, Maryland - July 28, 2011
BOSTON and HUNT VALLEY, Maryland, July 28, 2011 – XL Insurance, the global insurance underwriting operations of XL Group plc (NYSE: XL), and All Risks, Ltd., the nation’s largest independent privately held wholesale brokerage firm, today announced a new joint underwriting agreement to offer a Dealers Open Lot program, providing physical damage insurance coverage for Dealerships nationwide.According to Quinnon Purvis, President of XL Insurance’s North America Programs unit, “To effectively manage a business’ risk, you have to really know the business. That’s why XL Insurance values dedicated industry expertise and looks to work with program administrators like All Risks. Their dedicated underwriters have a thorough understanding of the niche markets they serve.”"Likewise, we are excited to be working with XL Insurance,” said Chris Kelleher, All Risks’ Vice President for National Specialty Programs. “We both have a mutual appreciation for technical underwriting expertise in niche industries that add value to our retail agency partners. This industry knowledge helps our clients successfully manage their risk exposures and allows us to provide the most effective coverage available on the market.”“We are looking forward to a long and productive relationship that will generate great results for both of us and the customers we’ll serve together,” Mr. Kelleher added.All Risks’ Dealers Open Lot program provides coverage for Franchised New Car Dealers, Large Used Car Dealers, Motorcycle Dealers, RV Dealers and ATV Dealers that have been in business for a minimum of 3 years. Available coverages through the program include: Comprehensive and Collision, False Pretense, Economic Loss, Spot Delivery Coverage, Hired/Non-owned, Consignment vehicles and, in certain states, weather aggregate deductibles.About XL InsuranceXL Insurance’s North America Programs group specializes in customized program solutions for market-leading Program Administrators with demonstrated underwriting and marketing excellence. The group works with Program Administrators possessing unique industry skills, specialized underwriting talent and a proven record of success with managing books of program business.XL Insurance is the global brand used by XL Group plc's insurance companies and underwriting divisions offering property, casualty, professional and specialty insurance products throughout the world. More information about XL Insurance is available at www.xlinsurance.com. XL was formed in 1986 in response to the unmet risk management needs of 68 of the world's largest companies. This year, as XL celebrates its 25th anniversary, it remains the company clients look to for innovative insurance and reinsurance solutions for their most complex risks. XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis. More information about XL Group plc is available at www.xlgroup.com About All Risks, Ltd. All Risks, Ltd. based in Hunt Valley, Maryland, is the nation’s largest independent privately held wholesale brokerage firm offering comprehensive insurance solutions with a full service platform of brokerage, contract binding, national programs and personal lines products for retail agents and brokers nationwide. The 47 year-old firm employs over 450 staff members in offices located in Maryland, Arizona, California, DC, Florida, Georgia, Illinois, North Carolina, Pennsylvania, Virginia and Washington. More information about All Risks Ltd. is available at www.allrisks.com.
Christine WeirskyCommunication Director, North America