Praetorian Specialty Insurance Company
By: Praetorian AutoPublished: April 30, 2017
Praetorian Financial Group (PFG), which was once a subsidiary of Hannover Re, is now part of QBE North America. Focusing on providing specialty insurance for both admitted and non-admitted business in the country, QBE made the right step to buy the Praetorian from Hannover Re back in 2006 because most product lines from both entities were very similar or at least complement each other. Due to the acquisition, all subsidiaries of PFG including Praetorian Insurance Company, Redland Insurance Company, and Praetorian Specialty Insurance Company are now part of QBE North America as well. Even after the acquisition by the global insurer, Praetorian Insurance Company website remains non-existent.
Before the acquisition, Praetorian’s underwriting strategy focused on providing primary insurance to small to medium size accounts with low coverage limits, and it emphasized on specialty business. Now that it is part of QBE, the main focus of the business remains the same, but it covers more area. Praetorian Specialty Insurance Company held the license to sell and underwrite insurance policies in 37 states, for both admitted and non-admitted business. QBE North American broadens the coverage that the subsidiary now has license to conduct business in all 50 states including District of Columbia and Puerto Rico. It also means the addition of Praetorian Insurance brought more diverse customer types, product lines, and geographic regions to QBE in an instant.
The Specialty Insurance
All information about coverage, contracts, options, and different types of specialty insurance programs are available from the parent company’s official web page. Praetorian Insurance Company website is not accessible now, but customers from all around the world can find the insurer’s products in QBE North America.
Specialty insurance is a product or coverage to provide financial protection for any special item or property that the standard insurance policy does not cover. Praetorian’s specialty products include six different protections for Accident & Health, Aviation, Inland Marine, Management Liability & Professional Lines, Trade Credit, and Surety.
1. Accident & Health
Praetorian Insurance Company offers its accident & health insurance products to companies by providing them with funds, expertise, and supports. The insurer assigns a team of professionals with extensive backgrounds in accident & health policies as well as the underwriting process to create effective insurance solutions and build long-term relationships with customers.
Exemplary services and coverage are available for employers to cope with increases in medical inflation, changes in government regulations, higher liability limits, and advancements in medical science which often require employers to rely on plan administrators and brokers. Coverage programs are available in four broad categories including Medical Stop Loss, Captive, Critical Illnesses, and Accident & Travel.
It does not matter if a company runs an aviation business, owns an aircraft, or rents an aircraft for a business purpose; the liability risk is high. A team of underwriters consisting of professionals with field knowledge of the aviation business handles the underwriting process to find comprehensive insurance programs depending on the client’s necessities. Some of the benefits Praetorian Insurance Company offers with its Aviation coverage are:
• Extensive knowledge in general aviation business. Many of the team members are in fact aircraft owners and pilots.
• Claim staffs consisting of individuals who have been dealing in this industry for many years. Their experience allows for quicker and easier understanding between clients and insurers to settle any claim.
• Rewards programs for customers who demonstrate a commitment to safety. This is an advantage for lower-risk clients.
• Aviation program covers all types of aircraft including corporate jets, light aircraft, and airports.
• Flexible payment options to help clients manage cash flow.
3. Inland Marine
One of the best things about Praetorian Insurance Company as part of QBE North America is that the company has abundant human resources to handle specific programs. Concerning inland marine, the underwriting team consists of professionals who deal with a wide range of businesses, from small companies to giant corporations. Financial resources are also more than adequate, for example, the maximum capacity of Inland Marine reaches up to $250,000,000. However, Praetorian Insurance works in agreement with its general underwriting strategy to focus on low limit insurance. The target premium is as low as $10,000 to $25,000. Some advantages are:
• Option to combine warehouse and truck cargo liability into a single package
• Builders’ risk appetite includes terms and reporting forms. Praetorian Insurance also writes primary, quotes share, and excess placements.
• Ability to combine personal property and time element coverage options.
4. Management Liability & Professional Lines
Management is not without its liability risk due to the complexity of the Directorate tasks. The risk in technology services including network and private security are also part of management liability. This program provides:
• Flexible and adjustable coverage for every client. The ability to combine different coverage parts to provide tailor solutions to meet every client’s specific needs. The modular structure of insurance products allows for quick adjustments regardless of the risks.
• Multiple approaches to handling every risk. There is a possibility that specific risk requires a different kind of protection, but the company provides multiple coverage types for one risk if needs be.
5. Trade Credit
Trade credit specialty program helps clients to mitigate the risk of customer insolvency, overdue accounts, and even political risks. Selling on trade credit is becoming a norm in the world of volatile credit environment. With Trade Credit program, Praetorian gives the following benefits:
• Trade finance tool
• Trade Credit insurance asset as collateral
• Protection for balance sheet or cash flow
• Risk mitigation
Surety program was only available in tri-state, but since January 2015, Praetorian Insurance Company made it available in all states in the country. The program provides bonding needs for industries and various businesses. Every policy is adjustable depending on client’s circumstances.