A specialty errors and omissions captive founded by Assurex Global and The Council of Insurance Agents & Brokers celebrates its 20th anniversary this month.
Professional Agencies Reinsurance, Ltd. (PAR), the captive program founded by the two groups, provides E&O cover and risk-management counsel to large agencies and brokers.
Columbus, Ohio-based Assurex Global, an insurance brokerage partnership firm, and Washington, D.C.-based CIAB, a major broker association, found the captive in the mid-1980s during a period of liability availability and affordability. The program today offers its services to 9,500 insurance professionals in more than 65 of the largest agency and brokerage firms in the United States.
"Over those two decades we have grown and have become more sophisticated in our risk management techniques to meet the evolving E&O needs of our agencies and brokers," said Jim Hackbarth, president of both PAR Ltd. and Assurex Global. "The excellent E&O results of our clients combined with our high customer retention rate--consistently at 90 percent--show that we have been and will continue to be indispensable business partners with our clients."
"PAR was born out of the desire of participating agencies and brokers to better control liability costs and to improve management of their operations. It has done that and more," said Ken A. Crerar, CIAB president.
The program insures roughly one-quarter of the 100 largest brokers in the United States, according to a statement. Fireman's Fund Insurance Company underwrites the program and handles all claims.
More information on the program is available at www.parltd.com.
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