We Insure International Risks, Says St. Paul
By Mark E. Ruquet
NU Online News Service, March 19, 9:26 a.m. EST New York ? The St. Paul Companies has begun a national campaign to pitch the company to agents and brokers as an insurance provider well equipped to handle overseas commercial risks.[@@]
At a session with invited agents and brokers this week in New York, Bonnie W. Preston, assistant vice president for global underwriting, business and product development, outlined the St. Paul, Minn.-based insurer's activities as a provider of insurance for U.S.-based companies doing business overseas, no matter what their scale of international involvement.
Ms. Preston told the gathering that one of the first actions taken to reorganize the company by Jay S. Fishman, chairman and chief executive officer, after coming to St. Paul, was to close small international operations that could not compete with the major European insurers.
The move left St. Paul with three international company operations: the United Kingdom, Ireland and Canada, she said.
In 1999, the company began forming partnerships with foreign insurers. The intent was to provide insurance coverage and services for domestic companies seeking to do business overseas, she said.
Today, explained Frank Makovec, regional international manager for the Northeast region, The St. Paul has formed contracted partnerships with insurers in 80 countries to provide insurance and services.
"These are people who we can go to and who will provide answers," noted Mr. Makovec. He added that the company paid attention to forming relationships with financially sound companies that provide underwriting and claims services for St. Paul clients.
In addition to these partnerships, the carrier designed St. Paul Global Companion, which the executives explained is designed to provide consistent and clearly defined coverage to a wide range of risks.
Ms. Preston said The St. Paul is looking to make its product available to "all domestically appointed agents." Accounts must have a minimum premium of $2,500 in order to qualify for the comprehensive international product, she said.
The need for this program, Ms. Preston pointed out, is especially important for technology companies, 90 percent of which have some form of foreign exposure, she said.
Risks, she said, can range from a business striking out in a foreign territory for a trade show to the development of manufacturing overseas. Coverage provided ranges from general liability to workers' compensation, and even includes kidnap and ransom insurance for traveling executives.
"Our focus is to round out an account where we have domestic business with international interests," said Ms. Preston. "We are trying to provide a consistent approach so the service looks seamless, and there is the same consistency in coverage and prices for the domestic and international risk."
Additional information about Global Companion can be found at www.stpaul.com/international.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.