PETALUMA, Calif., Oct. 14, 2020 /PRNewswire/ — Tangram Insurance Services, Inc. (“Tangram”), a Managing General Agency, and Markel Corporation on behalf of its affiliated insurance companies  (“Markel”) today announces the launch of a program to provide excess liability above Tangram’s current program in propane and fuel distribution niche.

Tangram’s program provides comprehensive insurance solutions for dealers and distributors of fuel oil, propane, diesel and gasoline. The additional excess liability capacity that Markel provides will make Tangram a one stop shop for this niche. With the additional capacity, Tangram’s program now has the ability to provide General Liability, Property, Commercial Auto, Workers’ Compensation, Environmental Liability and Excess Liability cover up to $15 million.

“Our downstream energy program is our fastest growing niche.  Tangram’s focus for the past 5 years has been to provide our specialty brokers with meaningful coverage and services from a single source.  With the addition of Markel’s capacity, commitment and experience in the energy space, our brokers and customers have an even more compelling reason to partner with us for the long term,” said Rekha Skantharaja, Tangram’s President & CEO.

Tracy Bernard, Tangram’s Head of Program Development noted, “We are excited to partner with an industry powerhouse like Markel to provide excess liability to this niche. By providing this additional capacity we continue to demonstrate our commitment to the Fuel Distribution industry, providing a full suite of coverages for our broker partners and insureds operating in these challenging times.”

“Tangram provides an excellent underwriting platform for risk analysis, and they have a long history in this insurance space. We’re looking forward to building a solid partnership with Tangram in this line of business and sharing in mutual success and profitability,” said Tim Pasik, Managing Director, US Excess Casualty at Markel.

About Tangram Insurance Services,

Adds specific targets, names of Chinese banks, background

SHANGHAI/BEIJING Sept 30 (Reuters)China on Wednesday published draft rules that require its global systematically important banks to beef up capacity to absorb losses to head off financial instability.

Such banks must meet specific total loss-absorbing capacity (TLAC) targets starting 2025, and the move is aimed at improving the risk-disposal mechanism at Chinese lenders, the China Banking and Insurance Regulatory Commission (CBIRC) said.

China’s top four lenders – Industrial and Commercial Bank of China 601398.SS1398.HK, Agricultural Bank of China Ltd 601288.SS, 1288.HK, Bank of China 601988.SS3988.HK and China Construction Bank 0939.HK601939.SS are designated as global systemically important banks.

The new rules require that such banks in China hold a TLAC amount of at least 16% of risk-weighted assets starting Jan 1, 2025 – six years later than major global banks elswere – and the bar is further raised to 18% from Jan. 1, 2028.

They face an estimated funding gap of 5.77 trillion yuan ($847.45 billion) to 6.51 trillion yuan by 2024 to meet TLAC requirements set by the Switzerland-based Financial Stability Board (FSB), S&P Global Ratings said on Aug. 25.

The TLAC requirement was designed by the FSB to ensure global systemically important banks having a bottom line of risk buffers in case “too big to fail” financial institutions go bankrupt.

($1 = 6.8087 Chinese yuan renminbi)

(Reporting by Samuel Shen in Shanghai, Cheng Leng and Ryan Woo in Beijing; Editing by Christian Schmollinger and Stephen Coates)

((samuel.shen@thomsonreuters.com; +86 21 20830018; Reuters Messaging: samuel.shen.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article