GenStar®: A Unique and Exclusive Insurance Partner for Tough Classes of Business

by | Aug 11, 2023

We were recently working on a placement for a unique medical practitioner, so unique nearly every carrier come up with reasons to decline the risk, we were nearing a dead end, our last and best hope rested with one remaining carrier. Fortunately for us, that carrier was the right arrow to have in our quiver. A carrier boasting an impressive AA++ XV rating, financials exceeding $2 billion, committed to a wholesale only distribution channel, focused on the miscellaneous allied healthcare business sector, known for a willingness to underwrite the more challenging classes of business. GenStar® Insurance Services came to the rescue and chose to come up with reasons to insure the practitioner.

As may be expected after a successful transaction, I began to think about GenStar®, their product offering, my history and experience with them, the successes we’ve experience over the years…so I decided to share some of the highlights that crossed my mind about the carrier that just helped us out.

One of the most reliable carriers

I’ve had the pleasure of working closely with GenStar® Insurance Services for many years. As a Berkshire Hathaway company with a rich history dating back to 1967, GenStar® stands out in the commercial insurance industry for its exclusive focus on wholesale distribution. They are highly selective about the brokers they partner with, which has enabled them to build a reputation as one of the most reliable carriers in the market, boasting an impressive AA++ XV rating and financials totaling $2 billion.

GenStar®‘s specialization lies in the miscellaneous allied business sector, particularly in the realm of physicians and selected miscellaneous allied classes of business. They are known for their commitment to taking on more challenging classes of business, such as pain management and radiology, which inherently come with higher risks of malpractice claims due to the complex nature of patient care involved.

Committed to the more challenging classes of business

For instance, the field of pain management involves prescribing opioids and dealing with patients who may find it difficult to communicate their issues to the physician. GenStar® understands the unique risks associated with this specialty.

Radiology is another specialty that GenStar® caters to, recognizing the intricate challenges faced by professionals in this field. As doctors in these disciplines encounter more demanding circumstances than most in the Allied market, GenStar®‘s expertise has proved invaluable.

GenStar®‘s commitment to challenging classes of business extends to areas such as midwives and birthing centers. Few companies are willing to underwrite these types of facilities, but GenStar® has shown the dedication to take on such risks and support these essential healthcare providers.

Their expertise also encompasses miscellaneous facilities, where they cover a wide range of entities such as teleradiology facilities, imaging centers, surgery centers, nonemergency medical transport, outpatient, and urgent care facilities, addiction treatment facilities, and ambulance companies for PL/GL, both emergency and nonemergency. GenStar®‘s ability to handle these unique and narrow-scoped facilities is a testament to their extensive knowledge in this domain.

An impressive track record

Looking at GenStar®‘s success in the industry, they write about 60% of the business they quote, an impressive figure compared to their peer group. Their premium growth over the past three years has seen a remarkable 40% increase in written premiums for 2020, with a current trajectory of approximately 25% for the current year. This stands in stark contrast to the 14% premium growth observed by their peer companies. GenStar® also enjoys high retention rates for the business they underwrite, attesting to the satisfaction and confidence of their policyholders.

GenStar®‘s uniqueness lies in their exclusive wholesale distribution approach. As one of their preferred markets, we, at Westwood, understand the tremendous value we can offer to our retail partners by providing access to GenStar®‘s products. Most brokers might not have access to GenStar®‘s specialized offerings, leading them to miss out on opportunities to serve clients in those tough classes of business. As a broker with GenStar® as one of our carriers, we stand ready to assist retailers in identifying opportunities and providing the necessary support to navigate the complexities of these unique markets.

GenStar®‘s willingness to underwrite challenging classes of business, and tenure doing so, in the healthcare, dedication to offering coverage in areas that many others avoid, their commitment to a wholesale distribution network and their financial strength sets them apart as a reliable and valuable insurance partner.

Let us put GenStar® to work for you today…send an Allied Health submission to: submissions@westwood.insure

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    Dale Nelson

    Dale Nelson

    Senior Broker, Westwood Insurance Group

    Dale has worked in the insurance industry since leaving college, specializing in the healthcare niche. He has developed long-term relationships with insurance carriers and retailers in the Medical Professional Liability area. Dale has worked with carriers, retailers and brokers and so works effectively at helping agents solve problems for their clients.

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