Praetorian Insurance Division Business Insurance Programs

Praetorian Insurance Division Business Insurance Programs
Praetorian Insurance Company is a division of QBE Insurance Group, one of the largest general insurers worldwide. The group’s head office is in Sydney Australia, but it operates in 38 countries across the globe with strong presence in the global insurance market. The head office of its North America division is in New York, and it runs on five business segments including:

  • US P&C (US Property & Casualty) segment
  • FPS (Financial Partner Services) segment
  • Crop (QBE NAU) segment
  • Reinsurance (QBE Re) segment
  • Commercial specialty segment including management liability, accident, health, aviation, and trade credit

In terms of business insurance, one of the strongest points of Praetorian Insurance is the company’s expertise in risk management. Hiring underwriting specialist from around the world, insurance solutions are available from all types of business with transparent and reasonable pricing as well as excellent quality control. Account services and claims handling are in the hands of the best.

Before underwriting every policy, Praetorian Insurance assigns a team of experts in client management to determine efficient insurance solutions in accordance to clients’ financial circumstances and needs. Every inspection also provides suggestions for strategic protections, allowing the clients to stay focus on the core of their business. The company’s main focus so far is on small to middle market accounts which are not yet ready to deal with standards commercial retail insurance market.

North America division of QBE Insurance has the license to sell and underwrite insurance policies in all 50 states including District of Columbia and Puerto Rico. There is no need for referrals or similar models to provide insurance across the country. Some business programs available from QBE Insurance are as follows.

COMMERCIAL AUTO
The company has two capacity options. Primary commercial auto offers a limit of up to $1 million, and the Umbrella policy has maximum capacity of up to $5 million. This business program now covers business auto, local trucking, and commercial auto specialties such as second-hand car dealers and auto rental. Preferable businesses for commercial auto program are business auto, special niche transportation, local distance transportation (up to 50 miles), and artisan contractor’s business auto.

GENERAL LIABILITY
Similar to commercial auto, the limit for general liability can be up to $1 million for Primary and $5 million for Umbrella. The program covers diverse industry groups for examples commercial agriculture, artisan contractors, condominium associations, and habitational businesses. This program provides stand-alone primary general liability but with umbrella limit as well. Preferable businesses are hazard exposures (light to medium) and tail risk (short to medium).

PROPERTY
QBE’s property insurance is financial protections from losses due to natural disasters. The insurance helps to make sure your business keeps on running despite the unfortunate events. The maximum capacity reaches up to $250 million for every risk. Property program covers many different business models including those with likelihood of exposures to natural disasters and those without:

  • Homeowners Association
  • Apartment buildings and condominiums
  • Contractors’ equipment
  • Risk of losses from winds with focus on superior construction
  • Self-storage facilities
  • Builders’ risk

Preferable business models are middle market accounts, but the emphasis is on niche classes and homogeneous groups including habitational risks, municipal businesses, school businesses, inland marine lines, and excess/surplus lines and unique risks.

FLOOD
QBE Insurance flood program complies with the federal government’s NFIP (National Flood Insurance Program). The company offers WYO (Write-Your-Own) flood insurance as well. Some things the company offers are:

  • Compliance with NFIP program both in terms of administrative system and policy processing. QBE is one of the first companies to offer QYO Flood.
  • Compliance with FEMA standards. Throughout the policy application process, QBE uses intuitive implementation and rating system along with a contextual guide and real-time editing to help agents. Efficient and functionality remain strong points throughout the process.
  • Working only with professionals with NFIP certifications. Their experiences and expertise in administration processes make sure that all flood insurance claims are under proper handling procedures.

WORKERS’ COMPENSATION
Loss of income and medical expenses are typical concerns that start a dispute between employer and employees. In such situations, QBE’s protection ensures to settle every dispute in quick procedural ways, allowing your business to keep on running. The company offers solutions for which your businesses’ operating structures remain intact for better growth in the future. QBE has the license to operate in all 14 non-monopolistic jurisdictions. The protection under this program covers in-house policy administration system, primary workers’ compensation, and data analytics. Preferable businesses include small to large accounts (under $1M), low to moderate severity classifications, and businesses targeting more than 35 states.

Acquisition of PFG
Praetorian Financial Group, under which Praetorian Insurance Company run its business, is one of the major insurance companies in the U.S. It underwrites 37 specialty property and casualty insurance programs through agents and brokers. The acquisition of PFP by QBE in December 2006 was a consistent move to strengthen QBE North America’s strategy in small to medium regional markets in the U.S. Praetorian Insurance Company was a follow-up of acquisitions of National Farmers Union in 2005 and One Beacon Agriculture in 2006.

The main focus of Praetorian Insurance Company’s underwriting strategy is in the small to medium size accounts, which means it complements with the overall QBE North America strategy. An emphasis on specialty business with low limits also agrees with the parent company’s business lines. Therefore, Praetorian Insurance Company strengthens QBE North America’s presence in the general insurance market in the U.S. by adding more diversity in terms of geographic regions, customer types, and policy products.