Protective Specialty Announces New Professional Liability Division

Indianapolis, Ind.-based Protective Specialty has created a new Professional Liability Division, which joins the company’s portfolio of nationwide products by offering Miscellaneous Professional Liability.

A subsidiary of Protective Insurance Company, which is rated A+ (Superior) by A.M. Best, this is Protective Specialty’s initial foray into the Professional Liability market. The plan in the near term is to grow a broad-based Professional Liability Division offering a number of Professional Liability products.

Ed Velasquez has been hired to lead this division. He is a 30-year insurance industry veteran who started his career at AIG as a professional liability underwriter. He has a broad background in the management and underwriting of diverse products across Errors and Omissions, Directors and Officers Liability and various other financial product lines at market leaders including AIG, CNA and Zurich.

The team includes industry veteran Nathaniel Aiken who has 23 years of Professional Liability experience at market leaders AIG, ACE and Fireman’s Fund.

Protective Insurance’s parent company is Baldwin & Lyons Inc., which was incorporated in Indiana in 1930. Through its divisions and subsidiaries, Baldwin & Lyons, Inc. (B&L) specializes in marketing and underwriting specialty and niche property and casualty insurance as well as the assumption of property (primarily catastrophe) reinsurance.

B&L’s principal subsidiaries are: Protective Insurance Company (Protective) with licenses in all 50 states, the District of Columbia and all Canadian provinces and Sagamore Insurance Company (Sagamore), which is currently licensed in 47 states