Pivix, an excess and surplus lines managing general agent (MGA) and part of Octave Specialty Group, Inc., has launched a new monoline commercial property programme.
Designed to expand Pivix’s growing portfolio of specialty products, the new programme focuses on well-maintained commercial properties across a broad range of occupancies, including habitational, office, retail, hotels, healthcare offices, parking garages, restaurants, vacant buildings, and other commercial properties.
Supported by an A+ AM Best rated insurer, the programme is available in 20 state within the United States and distributed exclusively through wholesale brokers.
Sandy Vertuno, Senior Vice President and Chief Underwriting Officer-Contract Binding Authority at Pivix, commented: “Commercial property is a natural area of expansion for Pivix and one where we see an opportunity to deliver a focused, efficient solution to our wholesale partners.
“We’ve developed a clear underwriting framework around the types of risks we want to write, supported by technology that can make the placement process faster and more straightforward for brokers.”
The programme provides coverage for accounts with up to $4 million in total insured value at a single location and property schedules reaching $10 million.
Additionally, Pivix features an automated workflow that streamlines eligible risks seamlessly, from initial quote to final policy issuance.
Mike Miller, Chief Executive Officer of Pivix, said: “We’re building Pivix around areas where we believe specialized underwriting and strong wholesale relationships can create meaningful opportunities.
“We’ve made significant progress in expanding our capabilities, and commercial property is another important step in that growth. We’ll continue to look for opportunities to add products where we believe Pivix can bring something differentiated to the market.”
