Construction/engineering
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The new recruit will run the UK and Ireland surety practice. -
Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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Rate growth in the construction market is beginning to stabilise after a lengthy period of hardening.
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Peter Rossell, Dan Watson and Anthony Palmer, all senior engineering underwriters at Globe Underwriting, have joined Rokstone.
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While the construction market is seeing rate rises slow to single-digit increases, anecdotal evidence shows the cost of construction claims is 20% up on 2021.
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The move is the latest in a series of personnel changes in the construction space.
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In his new role, Adrian Burgess will be responsible for developing and managing underwriting strategies within Axa XL’s UK construction book.
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The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.
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The expansive MGA launched its construction practice in July last year and has a three-year capacity partnership with Aviva.
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The move comes in a period of heightened people-move activity in the construction and engineering class.
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John Thompson is to take up a senior role with Ardonagh Specialty, along with Alesco alumni Mark Watson and Paul Lewis.
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Nigel Cooper most recently held the position of senior construction underwriter, global construction at Travelers.
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