The CEO said that the transaction accelerated AJG's strategy in Europe by five years and noted that creativity in solving broader industry challenges "starts and ends" in the reinsurance market.
Sources say the pipeline operator has at least $15mn in cyber insurance cover.
Wreck removal, if required, would generate a separate $50mn-$100mn claims bill for the P&I market.
The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.
The pair had both joined the carrier in 2018.
06 May 2021
Hiscox’s London market rate rises decelerated from 20% in 2020 to 13% in Q1.
Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
Underwriters voiced a cautious optimism about the outlook for 2020, but warned that the class was moving from a low point.
Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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