D&O (Directors and Officers)
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Soaring rates in the D&O market have prompted a string of underwriting people moves in London.
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The insurer has a strategy of becoming a leading management liability insurer in the UK.
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The new capacity will be welcomed by brokers and clients as conditions continue to harden. -
Watford is liable for a $18.6mn fee if the Arch deal is terminated.
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The decision follows an earlier move to shrink the book and the departure of CUO of international financial lines Tim Powell.
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The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.
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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%.
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As rating soars and income dries up, clients are forced to cut limits and take on higher deductibles.
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A memo circulated to brokers indicates the extent of the hardening underway in the London D&O market.
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The group remains committed to the class in Bermuda and the US.
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The broker’s Clips survey also recorded a significant acceleration in property prices.
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The ex-Neon underwriter joins after a brief period heading up financial lines at Barents Re.
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