D&O (Directors and Officers)
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The start-up carrier has already appointed several Hiscox staff to build out its financial lines operation. -
The ratings agency warned that underlying loss activity remained high and new threats are emerging.
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The carrier said it was experiencing the hardest financial lines market for 35 years.
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Staff displacement in the D&O market is high following a tumultuous period of rating adjustment in 2020.
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Adjusted for large renewals and IPOs, the pricing index rose 7.7% in the second quarter.
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The broker said CUOs insisting underwriters renew with price increases risked losing quality business.
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A number of employees have recently resigned from the carrier as high staff displacement continues in the D&O space.
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The SiriusPoint-backed business will focus on complex risks, such as IPOs, life science and SPACs.
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The business will be headed up by Tim Usher-Jones, a former Chubb D&O executive in the Canadian market.
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Staff displacement has been high in the D&O market after a period of dramatic rating adjustment in 2020.
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New entrants have eased the capacity constraints that played a large part in last year’s huge rating changes.
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The carriers insuring VW’s D&O policies have agreed to pay out claims due to damage inflicted by previous executives in the emissions scandal.
