Margaret Woodruff
Head of Communications, Content and Digital
BETHESDA, MD | May 13, 2024
Victor, the leading global managing general underwriter (MGU), announced today that it has entered into an agreement with Berkshire Hathaway Specialty Insurance (BHSI) to expand coverage capacity for its US builders risk and contractors equipment offerings, effective immediately.
The construction industry has been facing a range of persistent challenges in recent years, including inflation, climate-related catastrophes, and tightening capacity. As part of the agreement, Victor’s builders risk program will be able to offer increased coverage maximums of up to $8 million for frame and joisted masonry, and up to $15 million for non-combustible building projects. In addition, Victor has doubled the coverage maximum under its recently launched contractors equipment insurance product to $10 million.
BHSI has been providing capacity for Victor’s builders risk program since 2021 and collaborated with Victor to bring the contractors equipment product to market in 2023.
Jeff Benson, Vice President and Program Manager, Victor, said: “We are proud of our growing relationship with BHSI, which is centered on applying Victor’s specialized underwriting expertise to protect clients against existing and emerging risks in the construction industry. This new capacity arrangement reflects our dedication to empowering brokers and their clients by delivering high quality insurance solutions that help them thrive through changing market conditions.”
About Victor
Victor Insurance is one of the world’s largest managing general underwriters with locations in the US, Canada, UK, Netherlands, Germany, Italy, and Australia. It handles more than $3.7 billion in premium on behalf of numerous insurance and reinsurance relationships, through a large network of more than 20,000 active insurance agents and brokers. With deep, specialized underwriting expertise, the company provides a wide range of insurance solutions – from specialty property and casualty and professional liability insurance to group and retiree benefits. Victor is committed to building on 65-plus years of experience to develop products that address risk in new and evolving areas. For more information, visit www.victorinsurance.com.