Construction/engineering
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Mike Johnson takes over from Tim Smith, who is set to retire after nearly three decades insurance. -
A decline in new business and uncertainties around Covid-19 are piling the pressure on the hardening market.
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The companies will target facultative and treaty reinsurance in lines including property cat and construction.
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Derek Schiavone previously worked at WR Berkley-owned Vela Insurance.
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As the Covid-19 crisis continues to deepen, this week signs of strain became increasingly evident in certain lines of business.
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Denial of access, delay to start up, force majeure and supplier contracts are all areas of wording concern.
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He will lead the large account segment, succeeding Bill Hazelton, who is now head of North America claims.
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Steven Israel, Clint Downey, Patrick Whalen and Charles Madry have left the carrier.
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The (re)insurance unit of the South Korean conglomerate cites “high loss activity”.
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The withdrawal reduces other carriers’ ability to write larger line sizes and follows a trend of capacity withdrawal.
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According to sources, AIG underwriters globally have been told not to write new construction risks in Latin America.
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In its 2020 manifesto the association demands action to get the market segment moving.
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