Praetorian's Specialty Insurance coverage
In December 2006, Praetorian Financial Group (PFG), formally part of the Hannover Re Specialty Primary Insurance Platform, became a subsidiary of QBE North America.
This American unit is a department of QBE Insurance worldwide. Regardless of the shift, PFG retains all the business working under its control.
Praetorian Specialty Insurance Program alone is responsible for nearly $1.4 billion of the company's yearly gross revenue. The company has more than 200 full-time employees in its headquarters in New York.
The underwriting of Praetorian Insurance Company focuses primarily on coverage for small and mid-sized customers, with the emphasis on small specialty businesses and low limit insurance. Property and casualty lines are the bulk of the company’s revenue and cover clients in all sections of the U.S.
Acquisition by QBE Insurance Group
QBE Insurance Group is one of the largest insurers not only in Australia but worldwide. QBE North America is among the group's sub-divisions covering the North American region. Praetorian Financial Group, together with all the companies working under its umbrella, officially became a part of QBE North America in December 2006, yet PFG's lines continue to be the same despite the merger with QBE.
QBE's main focus is getting primary insurance coverage for companies of all sizes, which in turn provides security to the client, knowing they are backed by a large, financially stable provider. QBE continues to expand its global presence by making key acquisitions all over the globe. The company’s quality management team creates lasting relationships with each client and believes in a mutually beneficial relationship in business. The current focus for the insurer going forward is to market more aggressively the quality property and casualty insurance lines throughout North America.
QBE's existing specialty lines in North America are comparable to those of PFG. Before the acquisition; Praetorian Specialty Insurance Company had the license to sell in only 37 states in the U.S. Now QBE North America has broadened the scope and the subsidiary now covers all 50 states, including Washington, DC, and Puerto Rico. Specialized lines include the following types of insurance:
Accident & Health
Accident and Health Insurance coverage offers protection for companies separate from their own company’s policy. With the fast growth in the health care and medical science unit, in addition to greater insurance coverage limits, the protection QBE is invaluable to any business big or small. Praetorian Insurance Company, with its specialty in underwriting business as well as personal insurance, has the resources to meet competitively the needs of any client, regardless of size.
The Aviation business can be very risky because of the value of the product being insured. Praetorian Insurance Company, with assistance from QBE, is one of the most prominent firms in aviation insurance. PIC has been dealing with Aviation insurance coverage and insuring many clients across the Asia Pacific area. This is a group of air travel experts that possess real-life aeronautics with experience managing the underwriting process and enabling the insured to have budget-friendly, yet extensive insurance coverage limits. Some of the benefits are:
From little companies to huge corporations, Inland Marine Insurance from Praetorian Insurance Company covers a broad range of coverage for every need possible. Some of the benefits and functions include:
Management Liability & Professional Lines offer robust options including Commercial Errors & Omissions, Fiduciary/Crime, and Bonds, EPL as well as Director’s & Officer’s Liability. Every policy is unique to your business’s requirements.
Trade Credit is the protection that allows businesses to reduce financial risk, including overdue accounts, and client insolvency. The main benefits of Trade Credit consist of Risk Mitigation, Trade Finance Tool, Balance Sheet/Cash Flow Protection, and Trade Credit Insurance Asset as Collateral. Trade Credit Insurance is offered for big corporations as well as new companies.
Praetorian Insurance Company Surety contains contract bonds to middle-market professionals.
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For a single range program, the bond can go up to $50 million and it can rise to $150 million for higher limit needs. Support for industrial bonds is available for small licenses, permit bonds as well as a variety of fiduciary and court bonds.