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The trade body says unpaid premiums and excesses risk making policies unsustainable.
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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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Massachusetts-based Surround will provide a variety of coverages in one combined policy with a flat price.
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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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Frank Amandi moves to the new post in Cologne after more than six years with the Allianz unit.
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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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He replaces Chris Mauduit, who has retired after leading the team for the previous five years.
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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.