Posted on 19 Dec 2011
Zurich Financial Services Group has inked a deal with Patriot National Insurance Agency Group to help distribute workers' compensation policies in Florida.
Zurich's subsidiary Zurich American Insurance Co. plans to expand its share of Florida's captive insurance market by way of Patriot's team of insurance agents.
For Zurich, the agreement will serve as an opportunity to build relationships with smaller retail agents. "This is a significant opportunity for us," Rod DeMaso, head of captives for Zurich's programs and direct markets business unit, said in a statement. "We are continually looking for ways to further assert ourselves as a captive solutions provider and the agreement with Patriot allows that as well as an opportunity to work with preferred agency captive owners."
Patriot introduced their agency-owned captive platform in 2009 and in two years surpassed $100 million in annual workers' compensation premium, according to figures provided by Zurich. Its preferred agency captives are currently underwritten by Guarantee Insurance Co. and Ullico Casualty Co. Agency captives provide an opportunity for independent insurance agents to gain a share of underwriting profit and investment income from their controlled book of workers' compensation insurance business.
Zurich American Insurance Co. is already engaged in a similar arrangement with Washington, D.C-based Ullico Casualty Insurance Co.
In recent months, Zurich Financial Services Group has been working to develop relationships with other insurers to help distribute its products.
Earlier this month, Prudential Financial Inc. and Zurich Financial Services Group teamed up on a referral program to help U.S. multinational companies offer group insurance benefits and retirement plans to their local, international and expatriate employees.
Prudential Group Insurance, a unit of Prudential Financial, will be able to refer to Zurich American Life Insurance Co. client requests to cover third-country nationals, and in some cases, local nationals and U.S. expatriates. Zurich American can refer to Prudential Group requests to cover large-scale U.S. domestic risks.