Core Specialty, insurtech partner to provide D&O insurance

Core Specialty Insurance Holdings Inc. said Thursday it has made an underwriting arrangement with Celerity Pro, an insurtech professional liability and cyber risk underwriter backed by a Munich Reinsurance Co. unit, to provide directors and officers liability insurance for the U.S. management liability market.

Cincinnati-based Core Specialty said in a statement the program will be available to the wholesale market in the Northeast and Mid-Atlantic regions on a nonadmitted basis. It is offering limits of up to $5 million per incident, with a $15 million aggregate, according to a spokesman.

Celerity Pro will offer public and private company D&O and related lines on a primary and excess basis, Carl Pursiano, New York-based president and founder of Celerity Pro, said in the statement.

Celerity Pro officially launched in December,  with cyber liability and miscellaneous professional liability products designed for small to midsized businesses.

New capital has recently entered the hard D&O market.