Contingency/entertainment
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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%. -
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Multiple markets have withdrawn from the class following huge losses stemming from the pandemic.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.
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Tysers said a wider scheme would give event organisers the confidence to begin planning.
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Richard Foster previously worked at Agile Risk Partners and Zurich.
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IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal.
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Beazley has rebuilt its contingency team after large losses and a number of senior underwriter departures.
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The underwriter has led the unit on an interim basis since late 2020 following the departure of Lauren Bailey.
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