Swiss Re Corporate Solutions’ middle market-focused Elevate platform is entering the US workers’ compensation market with the new offering rounding out its existing property and general liability (GL) coverages, The Insurer can reveal.
Elevate was launched in the US at the end of March offering a suite of easy-to-understand property and GL products that provide a predictable and transparent underwriting process to middle market companies.
It targets clients whose revenues range from $25mn to $500mn, or that have premiums ranging from $10,000 to $250,000. It can also write accounts with premiums above $250,000 in certain circumstances.
After the initial launch in the US, Elevate then unveiled a package product of property, GL and employers’ liability in the UK market during the second quarter.
And now the platform has made a move into the US workers’ compensation market.
“Our goal is to bring 21st century experience to the middle market. We are truly focused on addressing broker and client pain points in the middle market space,” Katarina Scamborova, head of standard propositions North America at Swiss Re Corporate Solutions, told The Insurer.
“In the middle market, clients and brokers want a holistic experience and, in order to provide that, workers’ compensation is just a natural extension,” she added.
The Elevate workers’ compensation offering will initially target clients in the manufacturing, commercial real estate, wholesale retail, professional services and hospitality sectors, with distribution largely led by brokers and independent agents.
To begin with, it will be available in Tennessee, Georgia, Illinois, Pennsylvania, Michigan, Indiana and Maryland, with Elevate also writing stop-loss business in Ohio, supporting clients who buy their workers’ compensation coverage from the state’s Bureau of Workers’ Compensation.
Scamborova said the workers’ compensation offering will be expanded into other US states in the coming weeks and months.
Arthur J Gallagher’s subsidiary Gallagher Bassett will oversee the claims management function of Elevate’s workers’ compensation offering.
“[Gallagher Bassett has] over 60 years of experience in managing workers’ compensation claims, so we do believe they can really deliver best in class claims experience and management,” said Scamborova.
Elevate eyes further expansion
Elevate can currently write GL business in all 50 states and Washington DC. Scamborova said Elevate is working on getting its property offering approved in all 50 states and Washington DC, along with the workers’ compensation coverage.
“We are also exploring entering into other countries. We have already entered the UK and we’re looking to enter other markets as well. We’ll just continue to expand our portfolio of solutions and will continue to evaluate and explore what our customers and brokers need,” said Scamborova.