Lexington Insurance Company, a subsidiary of New York-based American International Group Inc., said it has increased its capacity for commercial domestic property insurance to $250 million from $100 million.
Lexington said its increased capacity would cover all commercial property on any noncatastrophe account. It would cover not only commercial buildings, but also municipalities, retail spaces, office buildings and hotels. The company said it also would support the carrier's focus in key areas such as health care, real estate and higher education as well as hospitals and communications risks.
"Lexington is committed to providing a meaningful facility for commercial property risks," Kevin Kelley, chairman and chief executive officer of Lexington, said in a statement. "This announcement represents a substantial commitment of capacity to our client base, many of whom maintain significant commercial property schedules."
George Stratts, division executive and senior vice president, added, "Not only does Lexington offer significant critical catastrophe capacity up to $25 million, but now the company provides considerable capacity for noncatastrophic risks as well."
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