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HARTFORD, Conn.Hartford Financial Services Group Inc. has teamed up with units of Omaha, Neb.-based Berkshire Hathaway Inc. to expand its surplus lines commercial property business.
First State Management Group, an underwriting manager owned by Hartford, will underwrite the coverage and handle claims. Hartford's surplus lines insurance companies along with the Berkshire Hathaway Group's National Fire & Marine Insurance Co., National Indemnity Co. and National Indemnity Co. of the South will provide the capacity.
"By leveraging existing underwriting capacity with the Berkshire Hathaway Group, we can reach additional surplus lines customers and provide greater capacity to existing policyholders," said Judith Patterson, executive vp of First State, in Boston, in a statement.
Coverage limits available under the arrangement are expected to be double those previously available through First State, according to the statement. Depending on the risk, the limits could reach $25 million.
Policies will be offered on a quota share basis and each company will be responsible for a portion of the risk.