First Indemnity changing insurance partnersPosted On: Mar. 29, 2021 5:04 PM CST
A professional liability underwriter for lawyers and law firms said Monday it is adding other insurer partners to enhance coverages for its insureds after having terminated its relationship with units of Skyward Specialty Insurance Group Inc.
Boston-based First Indemnity Insurance Group said in a statement it has added A.M. Best-rated A (Excellent) and A+ (Superior) insurer partners to enhance coverages for its client insureds. A spokesman would not identify who they are.
The statement said the new partnerships follows the termination by First Indemnity of its relationship with Skyward units Houston Specialty Insurance Co., Imperium Insurance Co. and Oklahoma Specialty Insurance Co. in May.
The spokesman said in a statement, “We terminated the relationship because, at the time, Houston had an A.M. Best Rating of A- with negative implications.”
In August, however, A.M. Best said it had revised the outlook for these units, as well as other units of Houston-based Skyward, which was then known as Houston International Insurance Group, to A- (Excellent) to stable from negative.
Skyward announced its name change from Houston International in November.
First Indemnity said in its statement it is now offering to the more than 8,250 law firms with which it works additional defense expense limits, waiver of deductibles, employment practices liability insurance and broad cyber protection that encompasses wire fraud.
It said other coverages include broader definitions of professional services, free nonpracticing, unlimited extended claim reporting endorsements with no waiting periods, and 100 percent waiver of a deductible for early resolved claims.