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Swiss Re Corporate Solutions, part of Swiss Reinsurance Co. Ltd., announced on Monday a workers compensation insurance product for mid-sized businesses in the U.S.
The product will be offered through Elevate, Swiss Re’s suite of insurance products designed for middle-market companies with revenue between $25 million and $500 million in the U.S. The company says it is initially targeting the hospitality, manufacturing, professional services, real estate and wholesale/retail segments with this new product, available through the broker market.
Workers compensation is the latest product offering from Elevate, which launched in March of this year and has since expanded to include property and general liability coverage as well.
At the time of its launch, Elevate was available in 11 states and has since expanded to include Alabama, Arizona, Georgia, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Minnesota, Mississippi, Nebraska, New Mexico, North Carolina, Ohio (Stop Gap), Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah and Virginia.
Frank Reichelt, head of Northern, Central & Eastern Europe at Swiss Reinsurance Co. Ltd., has warned that secondary peril losses will increase as severe loss events like summer floods of Europe become a common occurrence, Reinsurance News reported. The recent natural catastrophes in Europe, including floods and wildfires, will influence the pricing at the upcoming January 2022 reinsurance renewals.