Professional indemnity
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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.
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The insurer denies it is responsible for the actor’s legal fees.
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Rates continue to drop as capacity is ample, the broker said.
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The offering will provide D&O, professional indemnity/errors and omissions, crime and cyber cover.
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The underwriter will manage and develop the MGA’s professional indemnity portfolio.
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The business will trade via London, the US and Canada.
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The appointment follows the departure of two Talbot PI underwriters last year, who left to join Faraday.
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The Aquiline-backed motor syndicate is hiring a team to lead a build-out in specialty lines.
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The appointment confirms the carrier’s prospective involvement in the rapidly hardening market.
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The appointment reflects a diversification push at the carrier.
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The broker will add a Belgian office alongside its London operation for post-Brexit trading.
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The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders.
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Mike Newson will lead the division as PI and financial lines manager.
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Bermudian’s Lloyd’s platform to begin underwriting class by early 2021.
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The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.
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Olivier Hamon and Alice Batchili will write executive and professional lines products from the carrier’s Paris office.
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It will be led by senior M&A lawyer Rob Faasen.
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Michael Lock is the latest appointment to the team led by Niraj Perera, who joined from AJ Gallagher in April.
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The trade body says unpaid premiums and excesses risk making policies unsustainable.
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Massachusetts-based Surround will provide a variety of coverages in one combined policy with a flat price.
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Frank Amandi moves to the new post in Cologne after more than six years with the Allianz unit.
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He replaces Chris Mauduit, who has retired after leading the team for the previous five years.
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Average price growth accelerated to the fastest pace since the recovery began at the end of 2017.
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Global pricing for financial business risks rose by 26 percent in the quarter, according to the broker’s survey.
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Covid-19 has led to a surge in potential exposure in what was already a challenged market.
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Tesla says it has not renewed D&O cover for the 2019-20 policy period because of the cost of premiums.
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The syndicate reported a £25mn profit for 2019 as it delivered strong investment returns.
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Antonio Bellanca will lead the PI line, working alongside three former Neon colleagues.
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A round-up of InsurTech news from 13 March to 20 March.
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WTW’s former executive director of financial and executive risks will lead the division.
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Chloë Cox comes from Marsh JLT Specialty and Alex Atkinson was previously at Alesco.
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The analyst said claims development in the sector usually takes three to five years.
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Jarrod Schlesinger said insurers should engage with industry groups on the issue.
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Recent rate rises have been partially offset by rising defence and cost containment expenses.
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Fitch placed ProAssurance ratings on negative watch following the announcement of the acquisition, noting concerns about the medical professional liability space.
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Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
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The broker has experience placing business for offshore law firms and trust companies.
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Inside P&C questions whether emerging pressures in medmal are receiving enough attention.
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The tussle over the financial lines broker comes amid rising competition for talent between rival insurance intermediaries.
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The downgrade comes following the carrier’s disclosure of impacts from a worsening tort environment.
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Shares of Travelers also fell by about 5 percent after the carrier reported its fourth quarter results on Thursday.
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The carrier expects to book a Q4 P&C loss ratio of between 134 percent and 148 percent.
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In its 2020 manifesto the association demands action to get the market segment moving.
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North American PL, international financial products and environmental liability latest shut-downs.
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Former Generali UK manager and head of financial lines hired.
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The new business segment will target premiums of about $50mn-$100mn over the next five years.
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Steven Moore will become lead underwriter for PI as Russell Newell moves to head up MGA Collegiate.
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The InsurTech, formerly named Verifly, sells short-term liability insurance for freelancers and small businesses.
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Both senior brokers work in professional liability, with Jones also operating in the cyber market.
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The senior underwriter joins from Abu Dhabi National Insurance Company.
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The purchase of healthcare liability renewal business comes amid a retreat by SRCS from some specialty classes.
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Ratings agency AM Best has affirmed the Birmingham, Alabama-based carrier's financial strength rating (FSR) of A+ while revising the outlook.
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The portfolio holds almost $200mn in net reserves.
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The two executives join from JLT Re and are specialists in binding authority and open market general and professional liability.
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Sompo GRS mid-market leader Matt Burns will oversee the small business team.
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The second quarter rate uptick compares to low single digit increases achieved in the prior year period.
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The underperforming division is working to reduce annual gross premiums written by $900mn.
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Axa XL has named Simona Fumagalli as head of financial lines for Europe.
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Professional lines underwriter Lillies joins from Everest Re.
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The Citibank-run sale process attracted interest from The Hanover.
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Lloyd’s underwriters, Arch and Lexington will need to reach a new accord with victims of Allen Stanford’s $5bn investment fraud.
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The group will start by underwriting property, casualty, executive and professional lines.
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A New Jersey federal judge rejected insurers’ request to throw out key counts in the lawsuit.
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Despite performance improvement, the segment still faces challenges, the ratings agency noted.
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Bill Sullivan will retire after six years leading Berkshire’s casualty construction team.
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Sector posts profit in 2018 but mounting concerns mean challenges are on the horizon.
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“Distressed” D&O market pushes for correction as professional indemnity notches up double-digit rate increases.
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EC3 execs described low-to-mid single-digit increases on average, with aviation, property D&F and PI rates pushing higher.
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Mark Wood, Sarah Hughes and Adam Codrington will all join the David Howden-led firm.
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Arguments were held Monday before the US Supreme Court in a case that could open the door to more lawsuits and D&O claims.
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Jonathan Kennett will lead the operation following the fusion of the UK and Ireland and Chubb Global Markets teams.
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The planned disposal would be the latest in a series of run-off sales at the global insurer.
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The executive replaces Steve Redding, who left Antares to join Volante.
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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.
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The Australian Royal Commission into financial services misconduct has led to withdrawal of local capacity
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Howard Friedman will leave his leadership role but will continue working at ProAssurance.
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Aside from the noise around elevated catastrophes and lacklustre renewals, Q4 underlying loss ratios continued to rise.
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Report shows insurers are increasing scrutiny of sexual harassment risk.
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Carriers are reluctant to expand their appetite in areas like cryptocurrency before D&O prices rise.
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An increase in securities litigation is expected to lead to greater D&O losses in 2019.
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Casualty lines paint mixed rating picture going into 2019.
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Five roles are under consultation as a result of the market withdrawals.
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Philippe Aerni has helmed the segment’s financial and professional lines unit since 2014.
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Philippe Aerni will lead both casualty and financial and professional lines.
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Underwriting manager Richard Whelan will relocate to Liberty Specialty Market’s London headquarters.
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Tom Grandmaison has led AIG’s construction practice for four years, focusing on clients in the US and Canada region.
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The Lloyd’s carrier will provide paper for the insurer’s property, liability and professional indemnity lines from 1 January.
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Axa anticipates claims could arise from regulatory changes as Brexit takes hold.
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Professional lines and casualty leader roles also change with the departure of Steve McGill.
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Channel Syndicate has exited professional liability, A&H, hull and cargo to gain 2019 approval.
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The syndicate joins a growing list of carriers to exit the challenged line of business.
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Next’s offering expands its coverage into general and professional liability insurance for general contractors.
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The offering combines D&O, outside directorship, E&O and employment practices liability coverage
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The WR Berkley CEO highlighted areas for concern in professional liability lines.
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She worked at Liberty Mutual, BP and Siemens before joining AGCS.
