Business News

Sedgwick has signed a definitive purchase agreement to acquire OSG Group, the leading independent specialist outsource services provider in Ireland. OSG provides property and liability loss adjusting services, as well as third-party administration, motor and specialist claims, customer support and staffing services to a diverse range of clients in the Irish and overseas markets.

The purchase marks Sedgwick’s first investment in Ireland and a milestone in the expansion of its global footprint. As part of the purchase agreement, OSG’s team of more than 400 colleagues in eight locations across Ireland will join the international operations of Sedgwick and its subsidiary Vericlaim.

The transaction is expected to close next month, subject to customary conditions and approvals.

Chubb has launched a new suite of insurance coverages that responds to the unique professional and management liability exposures faced by U.S. family offices. Named Family Office Amplifier, the flexible package of coverages includes many new specialized terms and conditions.

Family offices, which help high-net-worth families preserve and transfer wealth, offer a mix of professional and trustee services involving fiduciary standards of care. Supported by a dedicated team of liability claims specialists, Family Office Amplifier includes:

• Professional liability coverage to help protect directors, officers and other family office professionals accused of breach of fiduciary duty, inadequate or inaccurate advice, or professional errors or omissions.
• Trustee liability coverage to help protect a family office against claims alleging violations of trust agreements while acting as a trustee for trusts administered or advised by the family office.
• Employment practices liability coverage to help protect family office professionals against discrimination, harassment, wrongful discharge and defamation claims.

Many coverage terms and conditions in the new family office product have been updated to reflect today’s evolving financial services industry, including:

• The definition of organization includes any trust, in addition to family office; subsidiary of the family office; private funds, including management entities such as general partners, managing members and advisors; and investment holding companies of any trust or private fund.
• The policy now specifies that covered professional services include the review, selection, and monitoring of other funds invested in by the family office private fund and the investment in, formation, capitalization or disposition of a portfolio company.
• If the policy is renewed, claims can be reported up to 180 days after policy expiration. Previously, notice was required as soon as practical but not later than 60 days.
• Once Chubb has received all requested information after a claim has been submitted, it will advance defense costs to the insured within 90 days. Previously, defense costs were paid at final disposition of claim.
• The new policy is fully non-rescindable.

Verisk Insurance Solutions, an information provider about property/casualty insurance risk, announced that its FireLine wildfire risk management service is expanding to include the Canadian provinces of Alberta and British Columbia. FireLine, which is well established in the western United States, enables property-specific assessment of wildfire risk that insurers use for underwriting, rating, and exposure management purposes.

Verisk Insurance Solutions is a Verisk Analytics business.

FireLine uses advanced satellite data to assess the impact of three primary contributors to wildfire risk: fuel, slope, and road access. Fuel represents the vegetation surrounding the property; slope is the grade of land upon which the property is built; and road access identifies potential barriers for firefighters. For every address it covers, FireLine gives a score for each primary risk factor and an overall wildfire hazard score.

Based in Plano, Texas, Unity Claims Management is a multi-line claims management company serving carriers of all sizes nationwide.

Founded by experienced claims managers and using vetted, credentialed adjusters, Unity handles all types of perils.

Visit unityclaimsmanagement.com or call 888-394-1072.