Crum & Forster Accident & Health Division Announces Launch of New Life Insurance Business Unit
New Business Unit Builds on Acquisition of Monitor Life, Catalyzes Continued Expansion of Accident & Health Product Offerings
NEW YORK, Sept. 15, 2022 /PRNewswire/ -- Today, Crum & Forster announced the launch of its new Life Insurance business unit, building on the organization's 2021 acquisition of Monitor Life Insurance Company of New York.
AM Best has also reaffirmed Crum & Forster's "A" financial strength rating, which includes Monitor Life and the wholly owned captive facility, Crum & Forster Segregated Portfolio Company (SPC) located in the Cayman Islands. S&P has also recently upgraded the financial strength rating for Fairfax Financial Holdings, the parent company of C&F, to "A."
Crum & Forster's acquisition of Monitor Life and launch of a new life insurance business unit will allow the organization to continue expanding its Accident and Health (A&H) offerings in an evolving marketplace. With Certificates of Authority in 48 states (pending approval in MN, OR), filings for the initial suite of products are underway and sales will begin in Q4 this year. The acquisition and new unit will give Crum & Forster A&H the ability to write a full suite of life products, and also give the company the flexibility to add additional A&H products moving forward.
"This is an exciting development for Crum & Forster, and we look forward to expanding our offerings to enhance our capabilities to meet and exceed clients' expectations," said Gary McGeddy, A&H President. "As a business, we are committed to designing a diversified portfolio that delivers superior customer service to our partners. Our new life business is another step along that journey."
The company will continue marketing through MGUs, TPAs, brokers, agents and program managers. Crum & Forster's nationwide licensure also allows other insurance companies to round out their geographic footprint through strategic partnerships and flexible risk share arrangements.
"We look forward to working with our partners to expand our value proposition and continue providing new, high-quality products and services," said Gary Nidds, head of Crum & Forster's new Life business unit and its A&H Medical business unit. "As we continue to diversify and put forth innovative product offerings, we're excited to be a catalyst of opportunity within the life insurance ecosystem."
Crum & Forster,* rated A (Excellent) by AM Best (2022), is a national commercial property and casualty group of insurance companies wholly owned by Fairfax Financial Holdings Limited. Since 2000, Crum & Forster's Accident & Health Division has offered a diverse portfolio of specialty insurance and reinsurance products nationwide. We place a strong focus on product development and creative distribution methods, along with excellent client service and support. In addition, our ability to provide international Accident & Health solutions through our Cayman Island captive facility as well as through various partnerships within the Fairfax family demonstrates our dedication to providing alternative strategies in an ever-changing insurance market. Follow us on LinkedIn, Twitter and Instagram.
*The C&F logo, C&F and Crum & Forster are registered trademarks of United States Fire Insurance Company.
Media Contact
Hallie Harenski
VP C&F Corporate Communications
[email protected]
Michelle Tavora
AVP C&F A&H Communications
[email protected]
SOURCE Crum & Forster
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