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The executive previously held roles at Capgemini, The Hartford and AIG. -
Rates continue to drop as capacity is ample, the broker said.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.
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The MGA has built out a suite of products, including a planned launch into political violence.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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The carrier will focus on mid-market business outside of Lloyd’s.
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The MGA is building out its product base from its latent defects and surety offering.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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The only major product line to see rate increases was casualty.
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He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.
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The move was influenced by fierce competition in the domestic US D&O market.
