D&O (Directors and Officers)

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.

Wirecard collapse threatens huge loss; Apollo and Argo deals revealed; inside the AGCS turnaround.

The pull back of a key lead market comes at a time of significant hardening in the D&O space.

The latest damaging D&O loss comes as the market hardening continues to accelerate.

Hardening in the financial lines market has been exacerbated by fears over Covid-19.

The prospect of a fourth consecutive year of underwriting losses and Covid-19 uncertainty has spurred additional rate momentum since January.

In court documents, the defence company says Aon failed to provide sufficient claims notification advice.

Umbrella covers and commercial property "hardening at fastest pace since 9/11”.

The use of exclusions could leave the personal assets of directors at risk in the event of legal action.

John Collier rejoins former colleague David Purdy at the broker.