NEW YORK--(BUSINESS WIRE)--Arch Insurance today announced it is offering a combined short term disability (STD) and paid family leave (PFL) product to employers in Pennsylvania. This product, LeaveAssure™, provides partial income replacement for employees who are unable to work due to their own illness or injury, or who need a leave of absence to care for a close family member.
Underwritten by Arch Insurance Company, LeaveAssure™ also includes coverage for employees who are placed under an order of quarantine due to exposure to an infection or contagious disease as certified by a local health board. This includes COVID-19.
Employers can choose from a combined plan, which offers both STD and PFL benefits, or they can select either benefit individually.
“We want to work with employers to develop more comprehensive and flexible solutions to match the evolving needs of their employees. This may include STD benefits, PFL benefits or both,” said Thomas Foschino, Arch Insurance’s Vice President of Accident & Health. “The addition of coverage for a confirmed quarantine order is also important in today’s environment.”
With the STD benefits, employees can receive up to 65% of their weekly salary up to a maximum of $6,500 per week. PFL benefits can provide up to 100% of an employee’s weekly salary for the first two weeks, then up to 65% each week thereafter, for a maximum coverage period of 12 weeks. PFL is most often used for child bonding or caring for a family member with a serious health condition.
Arch Insurance is hosting a webinar on September 16, 2020, to provide additional information. Register here. Insurance brokers or employers who are interested in learning more about Arch Insurance can also visit the Arch Insurance website or call 855-951-2328.
About Arch Insurance North America
Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance operations in the United States and Canada. Business in the U.S. is written by Arch Insurance Company, Arch Specialty Insurance Company, Arch Excess & Surplus Insurance Company and Arch Indemnity Insurance Company. Business in Canada is written by Arch Insurance Canada Ltd.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $14.7 billion in capital at June 30, 2020, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses the Company has acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage the Company’s gross and net exposures; the failure of others to meet their obligations to the Company; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR and other factors identified in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
