D&O (Directors and Officers)
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A number of staff will be leaving the D&O team as a result of the restructuring. -
The move will impact around $50mn of gross written premiums in total.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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The broker has noted that double-digit reductions are increasingly available in property.
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The insurer denies it is responsible for the actor’s legal fees.
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Claims were concentrated in the US, with a significant increase in D&O class actions.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.
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The carrier will focus on mid-market business outside of Lloyd’s.
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The MGA is building out its product base from its latent defects and surety offering.
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