Construction/engineering
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The market is showing signs of having reached its peak amid an influx of new capacity.
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Tim Bluck joins as a partner, covering UK clients.
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It emerged in November that the carrier’s construction head Daniel Abramson was leaving the business.
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The book is yet another indication of growing interest in the space.
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Alex Coulton previously held the role of construction underwriter at Axis Capital.
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The underwriter will work with product leaders across regions to deliver a global product offering for international clients.
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The appointment follows the recent hire of Pascal Carrer as head of casualty in Switzerland, and David Corrigan as head of property.
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At an event that brought together construction insurers, brokers, engineers and developers, delegates discussed an impasse over insuring sustainable development projects.
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The MGU has secured up to $10mn follow-form capacity on a non-admitted basis to cover general liability on complex construction projects in the US.
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Hancock joins from Ensurance UK where he was head of underwriting and international engineering.
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The moves follow a pattern of prolific hiring in which 200 production staff were added across the group’s London business in 2022.
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The initiative aims to fast-track (re)insurance capacity to Ukraine to support reconstruction.
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WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.
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The new recruit will run the UK and Ireland surety practice.
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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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In her new role, De Rosa will oversee Axa’s construction and engineering treaty and facultative portfolio and strategy for clients in both the US and international markets.
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The appointment of Dan Okey comes amid several senior changes within Marsh’s construction team.
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This is the second Peru-based construction loss to make headlines in a week, following this publication’s report of a potential $860mn Petroperu claim.
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The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.
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However, underwriting criteria has “tightened” as a result of unpredictability over company finances and previous loss activity.
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Integra Risk Services will offer outsourced risk engineering management to the construction, engineering and energy sectors.
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Mark Peacock has been made a partner in the broker’s construction practise within its UK speciality division.
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Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.
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Dasan's resignation comes within a period of significant moves across the construction market.
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Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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The market has seen four years of significant compound rate rises triggered by heavy loss experience and contracting capacity.
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