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Victor O. Schinnerer and Co. said Wednesday it is boosting the limits of its professional liability insurance program for certain architects and engineers by $15 million to $35 million.
Chevy Chase-based Schinnerer, a unit of Marsh LLC’s Victor Insurance Holdings, said the additional capacity is being provided by Aspen Insurance, a unit of Bermuda-based Aspen Insurance Holdings Ltd.
The $35 million in coverage is available to architects and engineers clients with more than $10 million in annual revenue, including project-specific risks, according to the statement.
The existing $20 million limit on the program has been provided by a CNA Financial Corp. unit, according to a spokeswoman.
Hiscox Ltd. said in August it is offering enactments to its architects and engineers coverage that are designed for construction professionals.
Christopher Schaper is CEO of the Schinnerer Group, Marsh & McLennan Cos. Inc.’s underwriting management group that comprises its global managing general agent and managing general underwriter business, including Victor O. Schinnerer & Co. Based in Bermuda, he joined Schinnerer from Montpelier Re Ltd. in September last year, having previously served in management and executive positions at a variety of insurers and reinsurers. Over the past several months, Schinnerer has made several significant moves, including the launch of an alternative capital vehicle, Alternus, which provides property insurance buyers with access to alternative capital, and the purchase of International Catastrophe Insurance Managers L.L.C., an MGA providing property catastrophe coverage. Mr. Schaper recently spoke with Business Insurance Editor Gavin Souter about those moves and Schinnerer’s global strategy. Edited excerpts follow.