|Lexington Insurance Company Introduces LexTransForm(SM) Claims-Made Casualty Coverage with Guaranteed ERP Option|
Timely Solution Addresses Both Short-term Cost Concerns and Long-term Coverage Needs
New York – December 9, 2009 – Lexington Insurance Company (“Lexington”), a Chartis company, today announced the introduction of LexTransFormSM , a claims-made casualty policy with an optional extended reporting period (ERP) that an insured may purchase for a pre-set sliding scale rate. This innovative coverage enables occurrence form policyholders to pay up to 50 percent less for Lexington claims-made casualty coverage immediately, without creating coverage gaps or increasing retentions. The schedule is established at the inception of the first claims made policy and remains locked in through up to six claims made renewals upon conversion back to a Lexington occurrence form.
“With insurance budgets under extraordinary pressure in this difficult economic climate, our renewal clients need premium options unaccompanied by undue risk from a new carrier. LexTransform enables our insureds to defer significant amounts of occurrence premium out into the future without compromising long tail claim reporting,” said David Bresnahan, Executive Vice President of Lexington’s Casualty, Programs and Healthcare Divisions. “LexTransform enables companies to stretch their insurance dollars today, while adding more certainty to their future liability insurance protection and budget.”
LexTransForm is available exclusively to Lexington policyholders currently carrying occurrence-based general or products liability insurance with more than $100,000 in premium. LexTransform comes with an automatic option to reinstate limits, as well as Lexington’s industry-leading litigation management, risk management support, claims service and financial strength.
For more information about LexTransform, contact Thomas McLaughlin, Senior Vice President of Lexington’s Casualty Division, at (617) 330-8555 or Thomas.Mclaughlin@chartisinsurance.com. You can also visit www.lexingtoninsurance.com.
Chartis is a world leading property-casualty and general insurance organization serving more than 40 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.chartisinsurance.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.