Assurex Global Captive Insurer Named To Bermuda Captive Hall of Fame
Captive has provided Professional Liability Insurance to Large, Independent Insurance Agents and Brokers for 30 years
HAMILTON, BERMUDA – Professional Agencies Reinsurance, Ltd. (PAR), a captive insurance company domiciled in Bermuda, has been named to the Bermuda Captive Hall of Fame. Conceived and established by Assurex Global and The Council of Insurance Agents and Brokers (CIAB) in 1986, PAR provides professional liability insurance (E&O) for large independent insurance agents and brokers. Its founding group also included Allianz Global Corporate & Specialty (AGCS, formerly Fireman’s Fund Insurance Company).
PAR is best known for E&O Plus, its industry leading errors-and-omission insurance program – available exclusively to those firms that meet the stringent underwriting guidelines of AGCS. E&O Plus also provides program-related risk management and claims services for its insured participants, all of which are also shareholders in PAR.
“We’re pleased to welcome Professional Agencies Reinsurance, Ltd. into the Bermuda Captive Hall of Fame,” said David Gibbons, chairman of the Bermuda Captive Conference. “Well-conceived, maintained and managed businesses, such as PAR, are the reason Bermuda remains the world’s leading domicile for captive insurance companies. We appreciate the value PAR brings to its shareholders and insureds, and are thankful for its many contributions over the years to Bermuda’s commercial and economic development.”
“On behalf of PAR, all of its shareholder-participants, underwriter, managers, and the other co-founders, I want to thank the executive committee of the Bermuda Captive Conference for this significant recognition,” said Albert R. “Skip” Counselman, a founding director of PAR and chairman and CEO, RCM&D. “We created PAR and E&O Plus with a focus on attracting large, independent brokers and agents who share a commitment to high-quality client services, adherence to strict guidelines, and established best practices in the conduct of their business operations.
“The result has been the industry’s pre-eminent solution provider for the challenging and evolving professional liability exposures facing large independent agents and brokers,” he continued. “It’s no surprise that many of the original firms that joined E&O Plus in 1986 continue to be shareholders today.”
About Assurex Global
Founded in 1954, Assurex Global is an exclusive partnership of the most prominent independent agents and brokers in the world. With $28 billion in annual premium volume and more than 600 partner offices, Assurex Global is the world’s largest privately held commercial insurance, risk management and employee benefits brokerage group. An international insurance powerhouse, the partnership combines the local expertise and global reach of international brokers on six continents.