D&O (Directors and Officers)
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The firm will specialize in professional liability insurance for SMEs.
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The deal is the D&O MGA’s first acquisition since launching in 2021.
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Securities class actions are a perennial source of claims for D&O insurers.
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Q2 was the ninth consecutive quarter of year-over-year price decreases.
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Underwriters fear that misleading statements about AI capabilities could result in claims.
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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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The US regulator faces litigation from both sides of the climate issue.
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Rates continue to trend downwards in the D&O class of business.
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The move comes as rates continue to decrease in the D&O class.
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A total of 30 carriers entered the US public company D&O space in 2023.
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There is frustration in the market that remediation work has been squandered.
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WTW said the rise of the risk from health and safety was “surprising”.
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The findings have implications for businesses and D&O.
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Insurance Insider reported last year that the facility was relaunching.
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The broker has been adding to its capabilities in the region.
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The pace of price decreases has eased since Q2 last year.
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This publication recently noted that ongoing rate declines and questions about past accident years are leading to calls for D&O price discipline.
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The Hartford, Canopius, Newline, QBE, CNA Hardy, Travelers, Hamilton and Volante are participating in the facility.
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Sources said that there was still rating adequacy in the market, but that further pricing falls would be unsustainable.
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The D&O market continues to soften, following several years of substantial rate increases.
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A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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The decline marked the sixth consecutive quarter of double-digit pricing declines.
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Hema Mistry returns to the UK to run the finpro division, following a stint at the broker in San Francisco.
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Sources said a move towards facilities was the latest evidence of market softening in the D&O class.
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Plus this week’s people moves and all the top news from this week.
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Strong words from Patrick Tiernan have caused a stir in the market as pricing continues to fall off fast.
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The carrier is rebuilding its financial lines team following a number of staff exits from the division.
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The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting.
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She joins the D&O team in London following the exit of senior underwriter Tim Carpenter, who is joining BHSI.
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Average renewal premiums decreased 20% to 30% over the previous year’s price, with some public companies posting premium falls of 50% to 60% in the past 18 months.
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Aviva has seen a number of staff exits from its D&O team, with senior personnel leaving to launch a book at Westfield Specialty.
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The hammering of hailstorm losses that US homeowners’ carriers reported for H1 will drive positive change in property markets.
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BHSI grew to be one of the largest writers of D&O in London during the hard market of 2020 and 2021.
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Aon report marks the fifth consecutive quarter of year-over-year pricing decreases in the D&O space.
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The business will offer products including commercial financial lines, financial institutions and investment management insurance.
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The underwriter has previously worked at AIG, Chubb and Markel.
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Cyber GWP could exceed $50bn by 2030, the broker predicts.
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The executive will work as director of underwriting for the specialty casualty division.
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The executive oversaw lines of business including management liability, financial institutions and healthcare.
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It emerged earlier this month that Westfield Specialty was launching a D&O book through Syndicate 1200.
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The class is attracting increasing scrutiny from executives and within Lloyd’s, as a descent in pricing persists.
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The broker said clients could save money, increase limits and buy extra coverage.
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Syndicate 1200 exited London D&O in 2020 when it was under the ownership of Argo.
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D&O insurers have long warned that economic conditions could push up insolvencies and associated claims.
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The MGA will now offer employment practices liability, pension trustee liability, and commercial crime cover.
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Prices are continuing to decline in the D&O market following significant hardening.
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The scale of reductions is increasing as the class of business experiences its fourth consecutive quarter of rate falls.
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The broker said pricing reductions might decelerate throughout the year if carriers perceive increased risk.
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The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.
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High capacity and an ongoing faith in the financial system have mitigated against instant action from insurers.
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AIG’s head of commercial D&O in the UK, Christopher Magee, is leaving the business to take up a role with Starr in the US, Insurance Insider can reveal.
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WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.
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The demise of the lender underlines concerns about global economic conditions and high interest rates.
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D&O underwriters, as well as financial institution insurers supporting startups and venture capitalists, could have faced “financial distress” without government intervention.
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Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.
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The market has undergone substantial multi-year hardening after a surge of painful loss activity.
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Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
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The broker said that rates were falling but remained well above soft market levels.
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The product launch comes soon after the MGA started a new professional indemnity binder.
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There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.
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The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.
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Slowing primary pricing, the looming threat of inflation and increased cat retentions were key themes from this reporting round.
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The business marks the latest launch into a financial lines market that has attracted substantial amounts of capacity.
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Companies will also face claims relating to cyber security and problems with ESG disclosures.
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The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.
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The underwriter joined the company in 2020 amid hard market conditions.
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Prices are falling in the London D&O market amid competition to secure business from incumbents and new entrants.
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Convex joined the financial lines space at the height of a hard market, when capacity was scarce.
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Plus the latest executive moves and all the top stories of the week.
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Some multi-national cedants are using US addresses to source cover from US carriers, risking issues in the event of claims, amid a desperation for growth on both sides of the Atlantic.
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In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon.
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The declining number of IPOs has reduced demand for public D&O cover and created competition, but current rates may not adequately price the risk, the executive said.
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Consilium’s financial lines operation specialises in professional and executive risks as well as cyber.
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The appointment comes following the departure of Renette Pretorius, who is joining Berkshire Hathaway Specialty Insurance.
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Sources said that some entities were exhibiting “sheer desperation” to hit 2022 plans, driving down prices.
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The executive has worked at the carrier for over nine years, initially within the accident and health team.
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The appointments come following the exit of underwriter Matthew Howard-Coombe to Starr.
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The broker said clients could achieve broader terms and higher limits in D&O, although there was frustration over pricing fluctuation.
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The rapid cooling of the US SPAC and de-SPAC market could also prove fertile ground for the plaintiff bar.
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The underwriter joined CNA Hardy last year amid a flurry of people movement in the D&O market.
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Are we set for the shortest softening D&O market ever?
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Accredited Insurance will be the fronting partner for Nexus Frontier.
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The policy, which Beazley claims to be the first of its kind in London and the US, will offer $10mn of capacity.
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A Howden report on the D&O market shows that clients “heavily penalised” for Covid-19 exposures have seen “meaningful rate reductions”.
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With pricing surpassing a previous peak in 2002, new entrants and established carriers vied to secure business.
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Plus this week’s Q1 results and all the top news of the week.
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Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.
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The impact of the war in Ukraine has led to a drop-off in IPO activity, which many carriers were relying on for growth.
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The hire follows the appointment of Keith Mather to head up financial lines for the international business.
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Linda Daly will join the company’s D&O division led by Michael Chu.
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The start-up said its survey shows that SPAC and de-SPAC claims would drive increasing litigation throughout 2022.
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Underwriters are navigating tricky territory as they look to hit growth targets while maintaining discipline on pricing.
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The broker has reported successive slowdowns since price increases climbed to a peak in Q1 2020.
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For the SPAC market, sources said that prices should continue to harden, while D&O rates are expected to stabilize amid a capacity flush.
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The unwinding of the pandemic, inflation and specialty pricing are set to be some of the areas of focus for the market.
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The appointment comes after Sarah McGurk resigned to join Aviva.
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Increased competition is shifting market dynamics after a transformation in rating conditions.
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Staff movement in the line of business has remained high amid firm market conditions coming into 2022.
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New markets have reset the balance between supply and demand in the market.
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The hire follows the addition of former Berkshire Hathaway executive Michael Densham to expand the MGA’s Canadian operations.
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The carrier has been rebuilding its D&O team after a number of staff left to launch new books of business.
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In his new role at the specialist D&O MGA, Densham will report to Banyan founder and CEO Tim Usher-Jones.
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Plus, the latest executive moves in the sector and all the top news of the week.
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The market was divided about the outlook for 2022, with some predicting a substantial reduction in rates.
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Insolvencies are a key source of claims but have been prevented by government support measures during the pandemic.
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Competition for staff remains fierce in the D&O market, where there has been substantial rating remediation.
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Spring Partners said the new underwriting capacity and product launch were part of its London market growth plans.
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The broker has announced several senior leadership changes since John Doyle was promoted to group president and COO.
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The carrier has been rebuilding its team after losing key underwriting staff earlier in 2021.
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The carrier has faced a string of resignations amid a battle for talent in the D&O market.
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Chris Warrior will take on additional responsibility for professional indemnity, cyber and transactional liability.
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The broker has reported successive slowdowns since rate increases hit a high in Q1 o 2020.
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Plus the latest in aviation broking account wins and all the top news from this week.
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The carrier has seen an exodus of financial lines staff amid a battle for top talent in the line of business.
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SPAC coverage has attracted favourable pricing, but underwriters are scrutinising claims trend following a boom in blank cheque activity.
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The MGA is one of the start-ups to have joined the D&O market since the dramatic change of conditions in 2020.
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The business will write casualty lines including PI, D&O, medmal and cyber.
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The broker expects a slowdown in price rises to continue for the rest of the year.
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The underwriter, who used to head up D&O at Starr and Barbican, will lead an expansion into the class at the professional indemnity MGA.
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Increased disclosures being released by companies heighten the risk of inaccurate or misleading statements.
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Staff movement is high in the D&O market as carriers look to capitalise on buoyant market conditions.
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The nature of the hire demonstrates the level of competition for top talent in the sector.
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Staff movement in the D&O market remains high as carriers battle to secure top talent in a hard market.
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The start-up carrier has already appointed several Hiscox staff to build out its financial lines operation.
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The ratings agency warned that underlying loss activity remained high and new threats are emerging.
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The carrier said it was experiencing the hardest financial lines market for 35 years.
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Staff displacement in the D&O market is high following a tumultuous period of rating adjustment in 2020.
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Adjusted for large renewals and IPOs, the pricing index rose 7.7% in the second quarter.
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The broker said CUOs insisting underwriters renew with price increases risked losing quality business.
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A number of employees have recently resigned from the carrier as high staff displacement continues in the D&O space.
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The SiriusPoint-backed business will focus on complex risks, such as IPOs, life science and SPACs.
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The business will be headed up by Tim Usher-Jones, a former Chubb D&O executive in the Canadian market.
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Staff displacement has been high in the D&O market after a period of dramatic rating adjustment in 2020.
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New entrants have eased the capacity constraints that played a large part in last year’s huge rating changes.
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The carriers insuring VW’s D&O policies have agreed to pay out claims due to damage inflicted by previous executives in the emissions scandal.
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The expansive syndicate was one of several players to join the D&O market after dramatic rate rises last year.
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The underwriting executive will oversee lines including cyber, D&O and casualty.
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The Gallagher MGA said current market conditions made it an ‘ideal time’ to invest in D&O.
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Two former Axa XL financial lines underwriters join the start-up.
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Hiscox, a lead market for D&O in London, takes its peer’s head of London market financial lines.
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Tegron Capital will launch in July and focus on excess-of-loss cover for publicly traded companies.
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The broker warns directors could face legal bills running into the millions of pounds.
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Underwriters and brokers are competing for talent amid hard market conditions in the class of business.
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Founders Philippe Gouraud and Yoel Brightman bring on board their former colleague.
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New York-based executive risk underwriter Jim Rizzo will lead the new product suite.
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The carrier is one of a number of players to have entered the D&O market as pricing continues to grow.
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Rising Edge will provide D&O cover for companies ranging from US-listed entities to private entities.
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Market sources report an uptick in competition to secure accounts as clients sought optimum deals in a challenging market.
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The continued expansion comes amid tough competition for talent in the hard D&O marketplace.
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The broker said that the carrier’s decision had forced some clients to rebuild policies from scratch.
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Market sources said that ongoing economic disruption is likely to keep pricing in the market high.
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The law firm said underinsurance was common in the sector, despite rising risks.
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Insider Hannah Tindal will move from Chicago to London to take the role of D&O head within the London regional unit and Nordic team.
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Conditions remain favourable for underwriters but uncertainty remains on whether the recession will lead to a flood of claims.
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The appointments follow Axa XL’s exit from management liability business in London last year.
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The start-up makes its first appointment directly from Hiscox, where Inigo founder Richard Watson worked as CUO.
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The management liability market underwent huge hardening last year as major carriers withdrew.
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The appointment confirms the carrier’s prospective involvement in the rapidly hardening market.
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The return to the office and perceived slow business recovery could also lead to claims.
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Soaring rates in the D&O market have prompted a string of underwriting people moves in London.
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The insurer has a strategy of becoming a leading management liability insurer in the UK.
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The new capacity will be welcomed by brokers and clients as conditions continue to harden.
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Watford is liable for a $18.6mn fee if the Arch deal is terminated.
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The decision follows an earlier move to shrink the book and the departure of CUO of international financial lines Tim Powell.
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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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The additional capacity will go a small way to relieving a shortfall in the class, which has triggered rate rises of as much as 400%.
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As rating soars and income dries up, clients are forced to cut limits and take on higher deductibles.
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A memo circulated to brokers indicates the extent of the hardening underway in the London D&O market.
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The group remains committed to the class in Bermuda and the US.
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The broker’s Clips survey also recorded a significant acceleration in property prices.
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The ex-Neon underwriter joins after a brief period heading up financial lines at Barents Re.
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The carrier will be actively targeting excess lines on US-listed placements, where capacity has been shrinking.
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The broker notes that Covid-19 will have a long-term impact on classes of business including D&O.
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The directors’ and officers’ (D&O) insurance market is bracing for a total loss of around $600mn for claims against American-Israeli drug manufacturer Teva Pharmaceuticals.
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Wirecard collapse threatens huge loss; Apollo and Argo deals revealed; inside the AGCS turnaround.
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The pull back of a key lead market comes at a time of significant hardening in the D&O space.
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The latest damaging D&O loss comes as the market hardening continues to accelerate.
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Hardening in the financial lines market has been exacerbated by fears over Covid-19.
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The prospect of a fourth consecutive year of underwriting losses and Covid-19 uncertainty has spurred additional rate momentum since January.
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