Philadelphia Buys $27 M Fireman's Fund D&O Book

NU Online News Service, Nov. 15, 3:37 p.m.EST?Philadelphia Insurance Companies announced today thatit finalized an agreement with Fireman's Fund Insurance Company topurchase the renewal rights on Fireman's Fund's non-profitdirectors and officers book of business.

The agreement is effective today.[@@]

The book of non-profit D&O covers 8,000 accounts with apremium volume of approximately $27 million.

All affected Fireman's Fund producers will be contacted over thenext 30 days with instructions on how to process their business,the Bala Cynwyd, Pa.-based company said in its announcement.

In a statement, Sean Sweeney, executive vice president EVP ofPhiladelphia Insurance Companies, called the purchase of renewalrights "a perfect complement" to the company's existing non-profitinsurance program, which targets most non-profit organizations forprofessional liability and associated coverages.

At Fireman's Fund, Gary Bhojwani, president of CommercialBusiness, said that the Novato, Calif.-based company will continueto offer D&O solutions to customers in for-profitindustries.

Philadelphia Insurance Companies will provide Fireman's Fundagents and brokers with underwriting terms and conditions as thebusiness expires. Each risk will be individually underwrittenthrough Philadelphia Insurance Companies' 12 regional offices,Philadelphia Insurance said.