Falvey Cargo Underwriting Increases Capacity to Handle Growing Supply Chain Exposures with the addition of Great American Insurance Group and R&Q Accredited America to Security Panel

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Jan 11, 2022, 09:00 ET

NORTH KINGSTOWN, R.I., Jan. 11, 2022 /PRNewswire/ -- Effective January 1, 2022, Falvey Cargo Underwriting welcomes Great American Insurance Group and R&Q Accredited America to its panel of security partners alongside its existing supporters: Lloyd's of London, Beazley, and Nationwide.

Falvey Cargo Underwriting is one of the largest providers of cargo insurance in the United States and as the supply chain continues to grow more complex, the need for capacity and innovative solutions is at an all-time high. Falvey Cargo Underwriting continues to stay ahead of these trends to ensure it has the capacity and internal resources to provide solutions with a World-Class level of service.

Mike McKenna, Chief Underwriting Officer at Falvey Insurance Group – the parent company of Falvey Cargo Underwriting – explains, "At Falvey, we continue to build our relationships with high-quality underwriting firms to mutually benefit and assist to meeting our strategic goals in the US marine marketplace. In the case of Great American (GA), the relationship allows GA to partner with Falvey, a first-in-class underwriting organization, to further its goals of profitable growth in the marine cargo sector. With Great American, the relationship is centered around building additional US admitted capacity as the needs of our customers grow. With R&Q Accredited America, it allows Falvey to enter into a strategic partnership to enable us to share in the profitable portfolio that we underwrite on behalf of our partners."

Jack Falvey, Chief Operating Officer at Falvey Insurance Group adds, "The Group is very excited to welcome these two new partners on board as we continue to meet the demands of our clients while also working with our new and existing partners on other upcoming opportunities. The teams at both Great American and R&Q Accredited America have been exceptional to work with and we know this is just the beginning of two lasting relationships."

"Falvey understands the underlying issues impacting global commerce and are continually pursuing solutions to alleviate the pressure created by the worldwide imbalance in supply and demand," said Paul Amrose, Accredited's Chief Underwriting Officer of Property. "Accredited is excited to partner with Falvey in providing a solution to the supply chain obstacles impacting economies in the US and abroad."

In addition to onboarding these new partners, Falvey Insurance Group has increased its in-house claims settling authority from $350,000 to $500,000. This authority encompasses all the Group companies: Falvey Cargo Underwriting, Falvey Shippers Insurance, Safe Harbor Pollution Insurance, and Falvey Insurance Services.

The addition of security partners and increase in claims authority both allow for Falvey to continue to support the needs of the growing and complex supply chain and to better service brokers and their clients.

About Falvey Insurance Group

Falvey Insurance Group began as a single division, Falvey Cargo Underwriting, opening its first office in 1995 in Wakefield, RI by the company's founder: Mike Falvey. After 25 years, the company has evolved into Falvey Insurance Group, comprised of four divisions: Falvey Cargo Underwriting, Falvey Shippers Insurance, Safe Harbor Pollution Insurance, and Falvey Insurance Services. "The Specialized Insurance Experts" underwrite on behalf of Lloyd's of London, C.V. Starr, Nationwide, Beazley Insurance Company, Hiscox, Ascot Group, and State National. The flexibility, World-Class customer service, claims processing excellence, and comprehensive knowledge and expertise that Falvey companies are known for are unparalleled in the insurance industry. Falvey was also named Insurance Insider's MGA of the Year in 2020.

About Great American Insurance Group

Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of "A+" (Superior) affirmed January 28, 2021.

About R&Q Accredited America

R&Q is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant growth opportunities.

Accredited is R&Q's leading program manager operating across the US and Europe. It is the only dedicated program partner to provide A-rated insurance capacity in each of the US, UK, and Europe, including licenses to write admitted business in all 50 US states. R&Q Accredited America offers a broad range of insurance solutions in 49 states and the District of Columbia. R&Q Accredited America is underwritten by Accredited Specialty Insurance Company and is rated A- by A.M. Best with a Financial Size Rating of IX.

CONTACT: Megan Bell, 401-214-5600, [email protected]

SOURCE Falvey Insurance Group