HOUSTON, Dec 01, 2008 (BUSINESS WIRE) -- Ivy Capital Group is pleased to announce that the Department of Justice Antitrust Division has indicated it will not challenge Ivy's formation of an insurance facility that will link businesses that require large property and business interruption coverage limits with multiple underwriters that, in combination, can provide those limits. This new approach, to be implemented by Concepta Services (an Ivy Capital Group subsidiary), will enable large policyholders to access insurance capacity through commercial brokers on a single policy form by having multiple insurance companies participate in the risk.
The current tightening of the financial markets and recent negative environment for investment returns will restrict the ability of some insurance companies to provide large policy limits to individual clients.
Concepta intends to work with commercial brokers and Concepta insurance company participants to aggregate capacity to serve large risks.
Ivy has already been engaged in discussions with a number of insurance companies regarding their participation in the Concepta model and Ivy's receipt of a favorable review from the DOJ is another step in the implementation of this new approach to insurance coverage. Ivy anticipates Concepta will be in a position to start operations during the second quarter of 2009.
A copy of the DOJ's press release can be found at: http://www.usdoj.gov/atr/public/press_releases/2008/239710.htm.
The current tightening of the financial markets and recent negative environment for investment returns will restrict the ability of some insurance companies to provide large policy limits to individual clients.
Concepta intends to work with commercial brokers and Concepta insurance company participants to aggregate capacity to serve large risks.
Ivy has already been engaged in discussions with a number of insurance companies regarding their participation in the Concepta model and Ivy's receipt of a favorable review from the DOJ is another step in the implementation of this new approach to insurance coverage. Ivy anticipates Concepta will be in a position to start operations during the second quarter of 2009.
A copy of the DOJ's press release can be found at: http://www.usdoj.gov/atr/public/press_releases/2008/239710.htm.
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