Canadian Underwriter

Berkshire Hathaway Specialty Insurance introduces four executive & professional lines for financial institutions, P&C insurers in Canada

July 20, 2016   by Canadian Underwriter

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One day after it announced that it had expanded into the transactional liability insurance market in Canada and the United States, Berkshire Hathaway Specialty Insurance (BHSI) said that it is introducing four new executive and professional lines in Canada.

SkyscrapersBHSI added in a press release on Wednesday that it has named Andrew Knight as national director of financial institutions, Executive & Professional Lines, in Canada.

The new products include:

  • Professional First Insurance Company Professional Liability Insurance for property & casualty and life insurance companies;
  • Professional First Asset Manager Liability Insurance tailored for hedge funds, mutual funds, private equity funds, venture capital funds and other investment funds and firms;
  • Professional First Bankers Professional Liability Insurance for banking and lending institutions, including credit unions; and
  • Financial Institution Bonds, including manuscript/enhanced Forms 14, 24, 25 for Canada and fiduciary bonds.

“We are pleased to have Andrew leading our efforts as we round out our executive & professional lines offerings for financial institutions,” said Michael Densham, BHSI’s head of Executive and Professional Lines in Canada. “With our new, current and concise forms, financial institutions across Canada will benefit from coverage customized to their specific needs and backed by BHSI’s financial strength.”

BHSI already offers Executive First Directors & Officers Liability, Side A DIC and Fiduciary Liability Insurance for Canadian financial institutions.

Related: Berkshire Hathaway Specialty Insurance enters into transactional liability insurance market in Canada and the U.S.

Knight joins BHSI with more than a decade of industry experience. He was most recently director & FPC national practice leader, financial institutions, at Chubb Insurance. Knight – who was named Young Insurance Professional of the Year in 2015 by Young Insurance Professionals of Toronto – holds a bachelor’s degree in business administration, risk management and insurance from Michigan’s Olivet College.

“BHSI’s financial strength gives us tremendous flexibility so we can offer features like full-limit Cost of Corrections coverage with our Asset Manager Liability Policy, and take a highly responsive, highly customized approach to the financial institutions segment,” Knight said in the release. “Working with Paul Emerson, our vice president of liability claims, we also offer customers dedicated local expertise when they face claims.”

BHSI provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs, medical stop loss and homeowners insurance. In Canada, it underwrites on the paper of National Liability & Fire Insurance Company, a part of Berkshire Hathaway’s National Indemnity group of insurance companies. Based in Boston, BHSI has offices in Atlanta, Boston, Chicago, Fort Lauderdale, Houston, Irvine, Los Angeles, New York, San Francisco, San Ramon, Seattle, Stevens Point, Auckland, Brisbane, Düsseldorf, Hong Kong, Melbourne, Singapore, Sydney and Toronto.

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