Contingency/entertainment
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John Silcock was CEO of entertainment broker Robertson Taylor.
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Alex Nicoll joined Sedgwick in January as UK head of media and entertainment.
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The brokers will work in the contingency team headed up by Ian Tomlin.
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A cancelled Bruno Mars concert in Tel Aviv is among the losses to hit the segment.
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The team will be headed by Tysers’ MD Paul Chapman, joined by Claffey, Freeman and Thornhill.
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If you only read a handful of articles this week, make it the selection below.
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Cancellations of music events due to performers’ mental health conditions is one of the issues, alongside strikes and the energy crisis, which are challenging contingency underwriters.
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The decision was motivated by some overlap in business transacted between the US and London operations.
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The BP Marsh-backed intermediary was valued at just £440,000 in January this year.
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Personnel movement in the contingency market has been elevated following Covid-19 upheaval.
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Organisers perceive a clear runway ahead for planning events, after over two years of restrictions on gatherings.
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The scheme is supported by several prominent carriers in the Lloyd’s market and is set to close at the end of September 2022.
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There have been numerous exits and entries in the class following major Covid-19 losses.
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Alli MacLean will take on the expanded role following the exit of contingency chief Yael Mimran.
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Matt Helm worked at CFC until the end of last year when the MGA opted to place the book into run-off following a review.
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Convex was one of the carriers to enter the contingency market following the major Covid-19 loss event.
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Fidelis joined the contingency market in 2020 amid massive dislocation caused by Covid-19.
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The unit will be headed by Jo Holliday and house lines of business including contingency and political violence.
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The long-serving Aon executive led a team placing a variety of contingency coverage in Lloyd’s and London.
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Senior contingency underwriter Luke Killeya has parted ways with Convex after having joined the carrier a year ago to help its launch into the contingency market, Insurance Insider understands.
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Liberty is one of the major leaders in the London contingency market, which was hit by large Covid-19 losses.
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Alan Norris’s colleague Ian Ritchie has joined Munich Re Syndicate after Talbot exited contingency following heavy pandemic losses.
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The loss from the cancelled Bonnaroo festival hits a market already bruised from huge Covid-19 losses last year.
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Insurers have now shelled out just over £968mn to BI policyholders in interim and final settlements.
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Limited coverage and potential high costs mean events organisers are still plagued by long-term uncertainty.
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Arch, Beazley, Dale, Hiscox and Munich Re are among several insurers said to be supporting the scheme, which will see the government serve as "reinsurer".
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Charlie Connell will join the broker’s sports and entertainment practice group in a newly created role.
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The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows an acceleration of acceptances during June.
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The fact the Games are going ahead means a worst-case $2.5bn loss has been averted, the ratings agency said.
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There has been an uptick of event cancellation business flowing from the US, which is attracting rate rises of around 50%.
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Event cancellation cover for Covid-19 is largely unavailable in the commercial market after a disastrous spell of losses.
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The lead market says it believes in the long-term viability of the sector, which has suffered heavy losses due to Covid-19.
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The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.
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A Parliamentary committee warns that promoters can’t sustain another lost summer.
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Multiple markets have withdrawn from the class following huge losses stemming from the pandemic.
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The team was led by Alan Norris and was a major market in areas including prize indemnity and event cancellation.