Professional indemnity

The capacity partnership is led by International General Insurance Company.

A number of staff will be leaving the D&O team as a result of the restructuring.

The insurer denies it is responsible for the actor’s legal fees.

Rates continue to drop as capacity is ample, the broker said.

The offering will provide D&O, professional indemnity/errors and omissions, crime and cyber cover.

The underwriter will manage and develop the MGA’s professional indemnity portfolio.

The business will trade via London, the US and Canada.

The appointment follows the departure of two Talbot PI underwriters last year, who left to join Faraday.

The Aquiline-backed motor syndicate is hiring a team to lead a build-out in specialty lines.

The appointment confirms the carrier’s prospective involvement in the rapidly hardening market.

The appointment reflects a diversification push at the carrier.

The broker will add a Belgian office alongside its London operation for post-Brexit trading.

The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders. 

Mike Newson will lead the division as PI and financial lines manager.

Bermudian’s Lloyd’s platform to begin underwriting class by early 2021.

The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.

Olivier Hamon and Alice Batchili will write executive and professional lines products from the carrier’s Paris office.

It will be led by senior M&A lawyer Rob Faasen.

Michael Lock is the latest appointment to the team led by Niraj Perera, who joined from AJ Gallagher in April.

The trade body says unpaid premiums and excesses risk making policies unsustainable.

Massachusetts-based Surround will provide a variety of coverages in one combined policy with a flat price.

Frank Amandi moves to the new post in Cologne after more than six years with the Allianz unit.

He replaces Chris Mauduit, who has retired after leading the team for the previous five years.

Average price growth accelerated to the fastest pace since the recovery began at the end of 2017.

Global pricing for financial business risks rose by 26 percent in the quarter, according to the broker’s survey.

Covid-19 has led to a surge in potential exposure in what was already a challenged market.

Tesla says it has not renewed D&O cover for the 2019-20 policy period because of the cost of premiums.

The syndicate reported a £25mn profit for 2019 as it delivered strong investment returns.

Antonio Bellanca will lead the PI line, working alongside three former Neon colleagues.

A round-up of InsurTech news from 13 March to 20 March.

WTW’s former executive director of financial and executive risks will lead the division. 

Chloë Cox comes from Marsh JLT Specialty and Alex Atkinson was previously at Alesco.

The analyst said claims development in the sector usually takes three to five years.

Jarrod Schlesinger said insurers should engage with industry groups on the issue.

Recent rate rises have been partially offset by rising defence and cost containment expenses.

Fitch placed ProAssurance ratings on negative watch following the announcement of the acquisition, noting concerns about the medical professional liability space.

Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.

The broker has experience placing business for offshore law firms and trust companies.

Inside P&C questions whether emerging pressures in medmal are receiving enough attention.

The tussle over the financial lines broker comes amid rising competition for talent between rival insurance intermediaries.

The downgrade comes following the carrier’s disclosure of impacts from a worsening tort environment.

Shares of Travelers also fell by about 5 percent after the carrier reported its fourth quarter results on Thursday.

The carrier expects to book a Q4 P&C loss ratio of between 134 percent and 148 percent.

In its 2020 manifesto the association demands action to get the market segment moving.

North American PL, international financial products and environmental liability latest shut-downs.

Former Generali UK manager and head of financial lines hired.

The new business segment will target premiums of about $50mn-$100mn over the next five years.

Steven Moore will become lead underwriter for PI as Russell Newell moves to head up MGA Collegiate.

The InsurTech, formerly named Verifly, sells short-term liability insurance for freelancers and small businesses.

Both senior brokers work in professional liability, with Jones also operating in the cyber market.

The senior underwriter joins from Abu Dhabi National Insurance Company.

The purchase of healthcare liability renewal business comes amid a retreat by SRCS from some specialty classes.

Ratings agency AM Best has affirmed the Birmingham, Alabama-based carrier's financial strength rating (FSR) of A+ while revising the outlook.

The portfolio holds almost $200mn in net reserves.

The two executives join from JLT Re and are specialists in binding authority and open market general and professional liability.

Sompo GRS mid-market leader Matt Burns will oversee the small business team.

The second quarter rate uptick compares to low single digit increases achieved in the prior year period.

The underperforming division is working to reduce annual gross premiums written by $900mn.

Axa XL has named Simona Fumagalli as head of financial lines for Europe.

Professional lines underwriter Lillies joins from Everest Re.

The Citibank-run sale process attracted interest from The Hanover.

Lloyd’s underwriters, Arch and Lexington will need to reach a new accord with victims of Allen Stanford’s $5bn investment fraud.

The group will start by underwriting property, casualty, executive and professional lines.

A New Jersey federal judge rejected insurers’ request to throw out key counts in the lawsuit.

Despite performance improvement, the segment still faces challenges, the ratings agency noted.

Bill Sullivan will retire after six years leading Berkshire’s casualty construction team.

Sector posts profit in 2018 but mounting concerns mean challenges are on the horizon.

“Distressed” D&O market pushes for correction as professional indemnity notches up double-digit rate increases.

EC3 execs described low-to-mid single-digit increases on average, with aviation, property D&F and PI rates pushing higher.

Mark Wood, Sarah Hughes and Adam Codrington will all join the David Howden-led firm.

Arguments were held Monday before the US Supreme Court in a case that could open the door to more lawsuits and D&O claims.

Jonathan Kennett will lead the operation following the fusion of the UK and Ireland and Chubb Global Markets teams.

The planned disposal would be the latest in a series of run-off sales at the global insurer.

The executive replaces Steve Redding, who left Antares to join Volante.

The increase to £350,000 per claim and the widening of the pool of those eligible for compensation could push up the cost of professional indemnity insurance.

The Australian Royal Commission into financial services misconduct has led to withdrawal of local capacity

Howard Friedman will leave his leadership role but will continue working at ProAssurance.

Aside from the noise around elevated catastrophes and lacklustre renewals, Q4 underlying loss ratios continued to rise.

Report shows insurers are increasing scrutiny of sexual harassment risk.

Carriers are reluctant to expand their appetite in areas like cryptocurrency before D&O prices rise.

An increase in securities litigation is expected to lead to greater D&O losses in 2019.

Casualty lines paint mixed rating picture going into 2019.

Five roles are under consultation as a result of the market withdrawals.

Philippe Aerni has helmed the segment’s financial and professional lines unit since 2014.

Philippe Aerni will lead both casualty and financial and professional lines.

Underwriting manager Richard Whelan will relocate to Liberty Specialty Market’s London headquarters.

Tom Grandmaison has led AIG’s construction practice for four years, focusing on clients in the US and Canada region.

The Lloyd’s carrier will provide paper for the insurer’s property, liability and professional indemnity lines from 1 January.

Axa anticipates claims could arise from regulatory changes as Brexit takes hold.

Professional lines and casualty leader roles also change with the departure of Steve McGill.

Channel Syndicate has exited professional liability, A&H, hull and cargo to gain 2019 approval.

The syndicate joins a growing list of carriers to exit the challenged line of business.

Next’s offering expands its coverage into general and professional liability insurance for general contractors.

The offering combines D&O, outside directorship, E&O and employment practices liability coverage

The WR Berkley CEO highlighted areas for concern in professional liability lines.

She worked at Liberty Mutual, BP and Siemens before joining AGCS.

Data from the Florida state insurance supervisor gives Universal an 8.3 percent market share in the counties lying in the path of the hurricane.

Sam Adamson has been promoted while Pavittar Bansel and Joe Dearsley join.

In theory doing insurance for big business should be very similar to selling reinsurance.

Levine was formerly a professional risks specialist at the rival broker.

The decline comes as almost one in five W&I policies attract a claim.

The executive joins from Marsh.

Liberty’s Global Transaction group will function as a stand-alone business unit.

Workplace harassment took center stage last year with the outcry over celebrities such as movie producer Harvey Weinstein and the number of people ousted from positions of power seems only to grow amid the continuing fallout.

The Primark store was reportedly undergoing a $38mn refurbishment and expansion at the time of the blaze.

The former investment bank executive joins the broker as the financial institutions team becomes part of the broker's global specialties arm.

Lloyd’s presentation slides from July obtained by The Insurance Insider throw a harsh spotlight on non-US professional indemnity business.

The medical liability insurer’s earnings surged over 21 percent from last year’s Q2.

Property, financial and professional lines recorded the largest rate increases in the period.

But the medical liability insurer’s combined ratio deteriorates to 99 percent.

This publication understands Aspen will either look to strike renewal rights deals on the aviation, marine hull and international professional indemnity books, or put them into run-off.

The start-up will initially focus on management liability lines in the UK and Ireland.

The seller’s board has also refused to grant exclusivity to the investment firm as hopes of a 1 August deal fade.

Senior underwriter Fergus Fergusson will take over following the departure of Donnacha Smyth to XL Catlin.

Aspen has lost more underwriters as members of its Bermuda FinPro team jump ship.

The Bermudian lost six underwriters and a claims specialist last week.

California, Florida, Texas and New York account for more than three quarters of premiums, which rise over 9 percent.

The team will be led by David Doe, formerly a director at the London market broker.

Ed Beckwith has held the role since August 2015.

Survey shows 80 percent identify breaches as top concern.

Axis was most recently professional lines unit leader for that nation at Axis.

The consortium has £10mn of primary capacity.

Diane Link becomes head of E&S lines casualty for North America while Allen Kwan will run sales for the west of the US.

Proprietary data bolster CEO Greenberg’s call for legal system reforms.

David Mercer’s professional indemnity-focused underwriting cell is one of nine in the pipeline for Volante.

He has been CEO of the broker's international finex business for 16 years.

Financial institutions underwriters John Dexter and Janine McGriskin have resigned, sources said.

The Japanese-owned Lloyd's business claims $25mn in IP capacity.

Greg Roberts is the latest underwriter to leave the company.

The firm’s Bradford says a market awash in capital may never harden again.

There is a stronger belief that commercial insurance rates with be at or above the three-year average.

Weinstein says his insurers are acting in bad faith by refusing to cover suits against him.

Earthquake capacity continues to grow and is now at an all-time high, seeing the same ugly pricing as elsewhere in the property sector, according to AmWins.

The (re)insurer’s expansion will provide warranties and indemnities coverage for M&A.

The Liberty Mutual unit has added ex-bankers and lawyers to Swan’s new M&A team.

Bowmark Capital has also bid for a slice of the high-net-worth broker.

The launch follows the hire of Neil Beaton in November

Open-market property and marine are the worst-performing areas.

Commercial auto segment leads the way with another near double-digit increase in Q1.

Appeals court says ambiguous language is construed in favour of the insured.

Buyer Allianz would probably offer shares for its Swiss peer, the analysts say.

The carrier will stop underwriting open market PI and FI business from London.

Bluefin Underwriting and other Schinnerer Group entities will adopt the new brand over the next year.

The former Zurich and AIG executive will be president of the alternative markets business.