Former Talbot contingency head Norris lands at Marsh
Alan Norris, former head of contingency at Talbot, has joined Marsh as part of its personal accident, contingency and event insurance (PACE) team, Insurance Insider can reveal.
The PACE division is part of the broker’s sport, entertainment and media group in the UK and Ireland and was established in June last year, headed up by Richard Tolley.
Meanwhile, Norris’s former Talbot colleague Ian Ritchie has taken up a contingency underwriting role at Munich Re Syndicate.
Talbot was one of several carriers to withdraw from the contingency market in the wake of huge losses inflicted by the Covid-19 pandemic.
Insurance Insider revealed in April that the carrier was placing its contingency book into run-off, joining the likes of Markel International and WRB Underwriting, which have also exited the class following the devastating effect of Covid-19 claims on the sector.
The pandemic forced the contingency market to pay out billions of dollars of claims after lockdown measures brought events across the globe to a standstill.
Gross contingency claims cost the Lloyd’s market £2.9bn ($4bn) in 2020, 47% of the £6.2bn total Covid-19 loss.
Talbot Syndicate 1183 reported $194.3mn of Covid-19 claims in 2020, arising primarily from contingency business, which pushed the combined ratio to 110%.
Norris is a senior market figure and was formerly the head of the Lloyd’s Market Association contingency business panel.
Group chief underwriting officer at Munich Re Syndicate Dominick Hoare said: “The recruitment of Ian Ritchie is a demonstration of Munich Re’s ambitions to build a centre of contingency insurance excellence in London.
“Munich Re will continue to deliver much needed strong and committed leadership in the context of a difficult Covid-19 experience for the contingency market.”
Marsh declined to comment.