Dubbed Benchmarq, the new proposition has a base offering that is optimal for smaller or less complex package risks. Credit: Tumisu from Pixabay

Property and casualty insurer Chubb has unveiled a new insurance offering targeted at the lower middle market segment.

Dubbed Benchmarq Package, the new proposition has a base offering that is optimal for smaller or less complex package risks.

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However, the coverage can be scaled up through higher limits and additional endorsements to offer tailored solutions for clients.

The product’s features include scalable property and general liability coverages to safeguard clients against risks in various industries.

Among these industries are education, food, manufacturing, professional services, real estate, retail, technology, wholesale as well as wineries. The firm plans to extend the service to more industries.

At present, the new product is available in 29 states through field underwriters. Plans are on for a broader roll-out soon.

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Later this year, the product can be accessed on the Chubb Marketplace, the digital platform of the insurer.

Chubb Middle Market division president Ben Rockwell said: “Benchmarq helps to fill a gap in the lower middle market space that isn’t typically served by either a traditional package or business owners insurance policy.

“Chubb’s new modernised package extends our reach within the middle market, and enables us to deliver the renowned insurance services and offerings we’ve become known for to an even broader range of clients, at a time when exposures in this space continue to emerge.”

With a presence in 54 countries and territories, Chubb has around 31,000 employees.

The firm has executive offices in Zurich, New York, London, Paris, among others. It also offers personal accident and supplemental health insurance, reinsurance as well as life insurance.

Last month, the insurer chose Willis Towers Watson’s advanced pricing delivery software, Radar Live, to augment customer experience.

Notably, Chubb recently made a $23.2bn offer to acquire rival The Hartford. However, the offer was rejected by The Hartford.