Chubb
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Market sources anticipate a claim of more than $7.5mn for the Shangri La Hotel. -
London-based D&O writers have “woken up” to the threat of creeping claims frequency and severity, sources said.
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Insider Sara Mitchell replaces David Robinson, who is taking a sabbatical.
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Jonathan Kennett will lead the operation following the fusion of the UK and Ireland and Chubb Global Markets teams.
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The preliminary figure includes an estimated $30mn in legal costs.
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This year’s loss activity 'well within our risk tolerances and expectations', syndicate says.
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The carrier declined to confirm whether it will appoint a replacement.
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Richard Porter will assume the role of head of financial lines after serving as general counsel for Chubb Bermuda.
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After Hurricane Katrina, a slew of big composite insurers including Axa and Chubb spun off their reinsurance arms, citing their excessive volatility.
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A Washington state regulator hit Illinois Union with a cease and desist order against underwriting the policies.
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The practice is one of five the P&C insurer operates in the UK and Ireland.
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Repeated record wildfire losses have seen carriers scale back their offerings.
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