NEW YORK, NY | May 5, 2025
Victor, a leading global managing general underwriter (MGU), today announced the expansion of its real estate errors and omissions insurance program, and a reduction in premium rates in several US states, in direct response to a changing risk environment for professionals in the real estate market. The updated offering and rate reductions are effective immediately for all new business and are slated to begin rolling out on September 1 for renewing policyholders.
The Victor Real Estate program is currently available in all US states and territories, and regulatory approval has been granted to offer the new policy enhancements and rate reductions to real estate professionals in Alabama, Arkansas, Connecticut, Florida, Illinois, Indiana, Kansas, Maine, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, Ohio, Pennsylvania, Utah and Wisconsin. Victor anticipates regulatory approvals will be granted in most remaining states and territories by early 2026.
Policy enhancements are intended to broaden definitions of the insured as well as coverage for emerging risks related to cyber network damage and discrimination. In addition, Victor has added coverage for agent protection against bodily injury, and fees and expenses related to regulatory actions under the Telephone Consumer Protection Act (TCPA) and Dodd-Frank. Rate reductions range from single digits to over 20 per cent in some cases, depending on the size and scope of risk. Coverage for new business is delivered through Victor’s digital platform, V2 (V Squared), where brokers have 24-hour access to quote, bind and issue policies.
“Real estate professionals are facing increased risk in their normal day-to-day responsibilities, from rising litigation related to buying and selling property to allegations of regulatory non-compliance, network security breaches, and even threats of physical attack while on the job,” said Steven Stecker, SVP, Real Estate Program Manager, Victor US. “To respond to recent changes in the industry, we felt the time was right to modernize our solution, providing brokers and their clients fast, easy access to broader coverage options. We’ve also been able to lower pricing to meet market demand and make it easier for professionals to protect themselves from added risks.”
Brian Pierce, Chief Underwriting Officer, Victor US, added: “In these uncertain times, our mission remains the same, to help clients navigate complex risk through innovative and sustainable insurance solutions. The Victor Real Estate program supports this mission by helping to provide secure, comprehensive solutions for real estate professionals, backed by the same A-rated carrier for almost 40 years, and will continue to evolve as market conditions change.”
About Victor
Victor Insurance is one of the world’s largest managing general underwriters with locations in the US, Canada, UK, Netherlands, Germany, Italy, and Australia. It handles more than $4 billion in premium on behalf of numerous insurance and reinsurance relationships, through a large network of more than 20,000 active insurance agents and brokers. With deep, specialized underwriting expertise, the company provides a wide range of insurance solutions – from specialty property and casualty and professional liability insurance to group and retiree benefits. Victor is committed to building on 65-plus years of experience to develop products that address risk in new and evolving areas. For more information, visit www.victorinsurance.com.
Media contact:
Margaret Woodruff
Head of Communications, Content and Digital
margaret.woodruff@victorinsurance.com
+1 9057552276