Venture Programs (www.ventureprograms.com), a provider in the design and underwriting of select industry-focused insurance packages, announced an underwriting partnership with Discover Re for its Venture Technology and Venture Life Sciences programs. The relationship with Discover Re, a provider in alternative risk transfer, expands workers’ compensation coverage in these two programs and became effective on Oct. 1, 2003.
Venture Technology was introduced in 1998 as a workers’ compensation solution for technology and related business. Venture Life Sciences was introduced in 1999 as a highly selective workers’ compensation solution for biomedical, research and development, as well as medical device manufacturers. Today, both programs offer an all-lines solution, including workers’ compensation, general liability, property, commercial auto and professional liability coverages.
“By adding Discover Re to our Venture Technology and Venture Life Sciences programs, we offer our clients additional access through a strong, financially sound carrier,” said Philip Harvey, managing director and founder of Venture Programs, Inc. “The expansion of our workers’ compensation programs is another step in our commitment to build an all-lines technology solution for all states.”
Discover Re has been a wholly owned, alternative risk transfer (ART) subsidiary of The St. Paul Companies since 1998 and benefits from their A. M. Best “A XV” rating. Policies for Venture Technology and Venture Life Sciences programs can be issued in all 50 states.
“We are extremely impressed with the quality of underwriting standards and the marketing expertise of Venture Programs.” said Brian Hanuschak, president of Discover Re’s Specialty Marketing Group. “We also believe that their information technology systems enhance claims management and other important functions in a very positive way.”
Both programs are marketed exclusively through agents and brokers and offer risk management, loss control and claims management services through Gallagher Bassett.
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