Aspen
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Small businesses from the hospitality sector sued the insurers in six states.
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The proportion of loss-makers falls 4 points from 2018 but is three times as high as 2014. -
The executive was head of casualty for North America and London for Axis Reinsurance.
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Change comes on the day the company’s Lloyd’s syndicate posted the worst result of all Lloyd’s syndicates.
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The worst performing Lloyd’s syndicate suffered from adverse development on prior years for both classes in 2019.
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Joint-third-ranked Cincinnati 318 and WRB Syndicate 1967 achieve significant underwriting turnarounds.
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Sources said the retreat of Liberty and Aspen from the class has made placements challenging for brokers
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The carrier has also appointed Kevin Chidwick as group CFO.
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The withdrawal marks the latest in a series of restructuring measures at the carrier since its takeover by Apollo.
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Aspen is the latest to pass the risk of unfavourable reserve development on to reinsurers.
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Stephen Postlewhite will succeed the executive as managing director.
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Market sources said the carrier was no longer accepting submissions across those classes of insurance.
