Chatham Insurance Services has launched a new excess of loss coverage aimed at mitigating the financial instability brought on by large, unpredictable claims.
The policy, designed to support healthcare entities facing catastrophic medical claims, is underwritten by United States Fire Insurance Company, which operates under Crum & Forster’s registered trademark.
“Sudden, catastrophic medical claims can be financially and operationally devastating in today’s healthcare market,” said Tony Stephans, executive vice president at Chatham Provider Excess. “This is why Chatham is pleased to introduce excess of loss coverage to our insureds.
“Excess of loss coverage can provide financial stability in the face of catastrophic claims, no matter the cause, and allow risk-bearing entities to continue to operate at full capacity.”
A significant player in the management liability insurance sector for the managed care industry, Chatham’s extensive product offerings include managed care, errors & omissions, cyber, directors and officers, employment practices liability, crime, identity fraud, and kidnap and ransom coverage.
The introduction of the excess of loss line further strengthens Chatham’s portfolio, which now encompasses HMO reinsurance, medical excess reinsurance, and provider excess of loss.
Chatham president Kerry Stetz expressed enthusiasm about the widened product range, stating: “I am very excited to expand our product offerings to meet the needs of our existing and future insureds. Financial stability is an important aspect of underwriting management liability lines, so excess of loss products are complementary to Chatham’s current product offerings.”
Tanya Arrowsmith, senior vice president of Crum & Forster accident & health, shared the company’s perspective on the partnership: “Crum & Forster is pleased to partner with Chatham Insurance Services to provide excess of loss coverage to our managed care insureds and their brokers.
“Catastrophic claims can make it more difficult, financially, for managed care organizations to adapt to market changes, maintain regulatory compliance, and mitigate risk. This excess loss coverage will help insureds respond to many of these challenges, including managing claim costs and providing reinsurance solutions.”
Arrowsmith added that her camp looks forward to working with Chatham to mitigate the risks facing the managed care industry.
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