PV/Terror
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PVT business has been attracting new capacity after recent rate increases.
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Plus the latest people moves and all the top news of the week.
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The PVT market has seen a recent spike in staff movements, as new capacity enters the space.
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The peril is posing an increased risk of loss for the sector.
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The carrier launched into the political violence market at the beginning of the year.
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The short-tail buildout will feature lines including political violence and marine.
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QBE has “effectively stopped writing new business” in response to its New Caledonia loss.
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Police and civil authorities will likely pick up most costs.
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New capacity and increased competition is bringing rating levels under pressure.
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Riots erupted in the Pacific Island territory last month over electoral reforms.
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Dominic Kirby’s departure follows that of PV head Henry Gillingham and casualty treaty head Stuart Dale.
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The flurry of London market PVT hiring continues.
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The PVT team will be part of a new crisis management unit under Luke Powis.
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The underwriter has been with Westfield since November 2020.
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The underwriting head has worked in the London market for 25 years.
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The broker has also placed a new cyber facility.
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Israel exposure has thrown inwards-outwards PV coverage mismatches to the fore again.
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Both Schlesinger and Sandford will report to Matt Humphries, head of crisis management.
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She joined the carrier as an underwriting assistant over 11 years ago.
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Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.
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The broker said there was a ‘disparity’ in market response to war in the Middle East.
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Environmental activism and terrorist activity are also set to rise.
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Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
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Competition among insurers is rising as new carriers enter the market.
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Providing coverage will remain “very tricky” in the near term.
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Talbot has lost a trio of PV underwriters to Ark in recent months.
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Alexander Baker was a senior PV, war and terrorism underwriter at Axa XL.
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Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
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Mosaic has also added CNA Hardy’s Emily Humphreys to its PV team as part of the deal.
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Clayton will join the carrier’s global credit and political risks team, reporting to James Wilson, head of credit and political risks.
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Key market participants hailed the narrowing of the gap between PV insurance and reinsurance, however said that more still needs to be done to fix the market.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The PV market is facing yet another battle with reinsurers as they continue to restrict coverage, tighten definitions and exclude geographies.
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Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.
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The carrier has hired Ed Atkin, Piers Harding and George Wallace from Talbot and Callum Bennett from Chaucer to run the new book.
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Sources said that with heightened geopolitical risks, pricing is already "much higher" than at any point in the last five years.
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