D&O (Directors and Officers)

Watford is liable for a $18.6mn fee if the Arch deal is terminated.

The decision follows an earlier move to shrink the book and the departure of CUO of international financial lines Tim Powell.

The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.

The additional capacity will go a small way to relieving a shortfall in the class, which has triggered rate rises of as much as 400%.

As rating soars and income dries up, clients are forced to cut limits and take on higher deductibles.

A memo circulated to brokers indicates the extent of the hardening underway in the London D&O market.

The group remains committed to the class in Bermuda and the US.

The broker’s Clips survey also recorded a significant acceleration in property prices.

The ex-Neon underwriter joins after a brief period heading up financial lines at Barents Re.

The carrier will be actively targeting excess lines on US-listed placements, where capacity has been shrinking.

The broker notes that Covid-19 will have a long-term impact on classes of business including D&O.

The directors’ and officers’ (D&O) insurance market is bracing for a total loss of around $600mn for claims against American-Israeli drug manufacturer Teva Pharmaceuticals.