Chaucer
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Syndicate 1084 reported an overall profit of $16.6mn compared to $129mn in 2021, as net incurred losses increased by just over $227mn. -
The longstanding Chaucer underwriter left when the carrier exited the FI market last year.
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Intellectual property coverage is seen as a growth market for traditional insurers.
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The products are designed to protect against instances of purchased carbon credits failing to materialise.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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Jodie Major worked for Chaucer’s financial institutions team, and the carrier has recently exited the market.
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The carrier has also exited the downstream energy and financial institutions markets in recent weeks.
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The move is the second recent class-of-business exit, with the business also having withdrawn from downstream energy.
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Chaucer CEO John Fowle also set out to Insurance Insider the rationale for the carrier’s new ESG scorecard comprising 158 data points.
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There has recently been a string of major claims in the downstream market, making underwriters question rating trajectory.
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Chaucer’s global head of marine Philip Graham also chairs the influential facts and figures committee of the International Union of Marine Insurance.
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The incoming cyber head will step into the role left by Laura Hunt, who joined AIG last month.
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