Darwin Enters into Strategic Underwriting Partnership with K&B to Provide Specialty Liability Coverages to Senior Living Facilit
September 24 2007 - 8:29AM
PR Newswire (US)
FARMINGTON, Conn., Sept. 24 /PRNewswire-FirstCall/ -- Darwin
Professional Underwriters, Inc. (Darwin) (NYSE:DR) today announces
that it has signed a strategic underwriting services agreement with
K&B Underwriters (K&B) of Reston, Virginia. Under the terms
of the agreement, K&B will act as Darwin's exclusive
underwriter for the company's new line of specialty liability
products designed for the senior living segment of the health care
industry. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060829/NETU014LOGO ) On
behalf of Darwin, K&B will administer submissions and
underwrite eligible senior living risks, which include stand-alone
independent living, assisted living, intermediate care, nursing
homes, continuing care retirement communities (CCRCs), adult day
care, and respite care facilities. Risk management and
claims-handling support for business underwritten by K&B will
be provided by Darwin's expert resources in these areas. "K&B
is recognized as one of the largest providers of insurance services
to the senior living segment of the health care industry," explains
Steve Spina, Darwin's vice president for Medical Professional
Liability business. "Since our inception, Darwin has consistently
demonstrated our commitment to the health care industry -- a
commitment that has allowed us to earn a substantial position in
the medical professional liability market. Our decision to enter
into a strategic underwriting services partnership with K&B
supports a long-term strategy to provide meaningful coverage and
client services to the broad continuum of health care and medical
facilities. We are very excited about our underwriting partnership
with K&B, as they have expertise and a practice dedicated to
the senior living segment." Darwin's new line of specialty
liability products for senior living facilities includes
professional, general, employee benefits, and sexual misconduct
liability coverages. Policies will be issued by K&B on Darwin
Select Insurance Company (Darwin Select) paper, Darwin's excess and
surplus lines carrier which has earned a rating of "A- (Excellent)"
by A.M. Best Company. Darwin has created these specialty liability
products with active involvement from K&B following extensive
analysis of the senior living segment, and has included unique
features such as professional liability coverage which includes
"residents' rights" claims and liability arising from "elder abuse"
statutes. Prior acts coverage is available, and defense outside the
limits of liability is a standard policy feature. Supplementary
coverages will also be offered, including defense expenses for
disciplinary proceedings, medical payments coverage, and fire
damage legal liability coverage. Other optional coverages,
including non-owned automobile injury, punitive damages, and excess
employers liability and auto liability, are available by
endorsement. Primary limits of liability up to $1 million per
claim, with a $3 million annual aggregate per facility and excess
limits up to $10 million per claim, with a $10 million annual
aggregate, are available. "Darwin's approach and commitment to the
health care industry is so closely aligned with K&B's that it
provides a solid foundation for a seamless strategic underwriting
partnership and a superior overall product experience for our
senior living clients," says Bryan Baird, president of K&B.
Agents and brokers interested in accessing coverage for their
senior living clients should contact K&B at (888) 760-3194.
Important Information Coverage descriptions in this press release
are summaries only; all coverages will be determined by the policy
as issued. Policies are available only through licensed surplus
lines brokers and in conjunction with Darwin's exclusive
underwriting partner, K&B. Additionally, this press release may
contain projections, comments, and other forward-looking statements
as defined in the Private Securities Litigation Reform Act of 1995.
Each forward looking statement is based on Darwin's plans and
expectations, as well as on current events and industry trends.
Such statements are subject to risks and uncertainties, and the
actual outcomes or results may differ materially from those
expressed or implied by any of these statements. About Darwin
Professional Underwriters, Inc. Darwin is a specialty insurance
group based in Farmington, Connecticut. The company is focused on
the professional liability insurance market and underwrites
directors and officers ("D&O") liability for public and private
companies, errors and omissions ("E&O") liability insurance,
medical malpractice liability insurance, and other specialty
coverages. Darwin member companies include Darwin Professional
Underwriters, Inc., Darwin National Assurance Company (DNA), and
Darwin Select Insurance Company (Darwin Select). DNA and Darwin
Select have earned a financial strength rating of "A- (Excellent)"
from A.M. Best Company. Darwin is traded on the New York Stock
Exchange under the ticker symbol, "DR." About K&B Underwriters
K&B Underwriters was founded in order to satisfy the need for a
customer- focused wholesaler specializing in the health care
industry. K&B Underwriters strives to deliver optimum value to
each participant in the risk transfer transaction. We are the
silent partner in the retail agent's relationship with eldercare or
medical malpractice providers. Our goal is to provide the retail
agent with the resources, timely service and effective solutions to
address their clients' needs in an ever-changing environment.
http://www.newscom.com/cgi-bin/prnh/20060829/NETU014LOGO
http://photoarchive.ap.org/ DATASOURCE: Darwin Professional
Underwriters, Inc. CONTACT: Drake Manning of Darwin,
+1-860-284-1500, , or Bryan Baird of K&B, +1-888-760-3194, Web
site: http://www.darwinpro.com/
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