D&O (Directors and Officers)
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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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