Program Offers Professional Liability Insurance for Mortgage Companies, Title Agents, Abstractors and Escrow Agents in addition to Mortgage Banker Bonds
New York, NY — QBE North America today announced a program underwriting agreement with Stateside Underwriting Agency (SUA) to offer its clients who are Title Agents, Abstractors and Escrow Agents Professional Liability insurance for primary and excess coverage. Mortgage Company Professional Liability and Mortgage Bankers Bond insurance will be offered as excess coverage. This coverage will be provided through QBE North America's A.M. Best "A"-rated insurance companies on both an admitted and non-admitted basis. SUA is a pioneering, industry-leading agency that has served the business insurance needs of financial institutions for 26 years.
"QBE North America's partnership with SUA continues our strategy to expand our offerings to meet the unique risk management needs in the financial services arena. Working with an established and experienced industry leader for bonds and professional liability coverage gives QBE a substantial advantage in entering the marketplace. Our innovative solutions will greatly benefit this sector," said Erin Fry, Senior Vice President, Specialty Programs, QBE North America.
In today's highly regulated and litigious financial marketplace, Mortgage Bankers are often required to carry Bonds to help protect them from financial losses related to dishonesty of an employee or other specified individual. Mortgage Companies along with Title Agents, Abstractors and Escrow Agents rely heavily on Professional Liability insurance to cover their legal liability should a claim be brought against them by a third party in the rendering of (or the failure to render) professional services.
"The strategic alliance with QBE North America's Specialty Lines business provides us with greater opportunities to serve leading financial institutions, including mortgage services clientele, by increasing capacity and expanding our capabilities to handle a broader risk profile of clients," said Richard Nowell, President of Stateside Underwriting Agency. "We're pleased to be working with QBE, one of the world's most highly-regarded and financially sound global insurance companies."
The Specialty Programs unit, part of QBE Specialty, aligns with strategic partners to underwrite risks across a wide variety of industry sectors including Accident & Health, Aviation, Cyber, Public Company, Private Company, Commercial Errors & Omissions, Financial Institutions, Healthcare, Transactional Liability, Trade Credit, Surety, and Inland Marine risk, for appointed retail and wholesale producers.
"An important element of QBE's Specialty business is introducing new, niche, proprietary products and programs that are innovative, relevant, and market- leading," said Jeff Grange, President, Specialty, QBE North America. "We are committed to delivering these solutions with our MGA/MGU Program Administrator distribution channel in addition to our limited and preferred QBE-appointed producer partners in the retail and wholesale channels."
QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2015 of $4.6 billion. QBE Insurance Group's 2015 results can be found at www.qbe.com/us. Headquartered in Sydney, Australia, QBE operates out of 37 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbe.com/us, or follow QBE North America on Twitter.
Carla Ferrara, Vice President, Corporate Communications & Branding, 212.497.9604, Carla.firstname.lastname@example.org