Who is PADI's Liability Insurance (issued by V&B) Underwritten By?

[El Jefe]

I am finishing my DM this month and I have an insurance question...

I was wondering if anyone can tell me who the underwriter is for the PADI liability insurance coverage that is offered by V&B? My coverage is being paid for by the LDS, but I am still curious as to who underwrites the policy. All the V&B website says is that it is an "A RATED XV COMPANY" . I'm in the insurance industry and I'm not even sure what they are trying to convey except that they don't want to come out and say who the underwriter is. A rated by which rating agency (Fitch, S&P, Moody's, AM Best?). XV Company? What does that even mean?

Any insight would be appreciated.

 

[Joe-Diver]

I don't know for sure, but probably a big national or worldwide, like American National.

 

[Peter Guy]

As I understand it, the company is AIG!

 

[El Jefe]

AIG would make sense, they have been in the dive and travel insurance business for a while. That is who underwrites DAN's travel assist program as well. While AIG may be a mess at the corporate level, being in this industry, you can rest assured that the insurance subsidiaries are just fine. The insurance subsidiaries of AIG are some of the most stable and well capitalized carriers and when they are sold, those proceeds will help AIG pay back that small debt they have to us taxpayers.

Bottom line, if it's AIG - I'm good with that...

 

[knotical]

This site also says it's AIG:
https://diveinsuranceapps.com/DS2008_09_enroll.htm

Underwritten by a member of the American International Group

 

[El Jefe]

Thank you -- that seems to settle it.

On a slightly related note, I wonder why they choose to disclose the underwriter on the Dive Store/Resort application, but not on the individual Divemaster/Instructor application.

I still have no idea what "XV" refers to.

Thanks again!

 

[knotical]

I still have no idea what "XV" refers to.

Best's Rating Center - Guide to Financial Strength Ratings

and scroll down

 

[El Jefe]

Thanks for that! I was unaware that Best rated financial size using that nomenclature.