Chubb, Zurich and National Indemnity launch excess casualty facility

Chubb Ltd., Zurich North America and National Indemnity Co. said Thursday they have launched an excess casualty facility focused on large national and multinational companies.

The facility will offer up to $100 million in lead excess casualty capacity on a claims-made basis. Coverage will be underwritten by Chubb and Zurich and backed by National Indemnity, the lead reinsurer of Berkshire Hathaway Inc.

It will begin underwriting business immediately, with coverage effective from July 1 in the U.S.

“The litigation environment for large companies in the U.S. is increasingly hostile, and business as usual is not the answer,” John Keogh, president and chief operating officer of Chubb Group, said in a statement.

“Businesses were facing decreases in available capacity, as well as rising coverage costs,” Zurich North America CEO Kristof Terryn said in the statement. “This facility creates a sustainable answer to the litigation environment.”