Chubb
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A memo circulated to brokers indicates the extent of the hardening underway in the London D&O market. -
Diego Sosa will take on the role from 1 October subject to regulatory approval.
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Staff displacement continues in the contingency market following huge Covid-19 losses and hardening rates.
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The carrier’s decision to cease writing marks the first major withdrawal of capacity from the M&A insurance market.
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John Lupica steps into the role of president for North America commercial and personal insurance.
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The report included elevated cat losses, including Covid, in line with the numbers pre-announced three weeks ago.
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The current cyber and information technology underwriter replaces Steven Goldman, who moves roles as a consequence of a leadership change at E&S platform Westchester.
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Chubb’s former European head of political risk and credit will co-lead the unit alongside Navaid Farooq.
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Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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In a note to staff, the Chubb CEO also said that civil society is a participant sport.
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The insurance executive expects losses related to Covid-19 to exceed $100bn for the industry.
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