D&O (Directors and Officers)

D&O insurers have long warned that economic conditions could push up insolvencies and associated claims.

The MGA will now offer employment practices liability, pension trustee liability, and commercial crime cover.

Prices are continuing to decline in the D&O market following significant hardening.

The scale of reductions is increasing as the class of business experiences its fourth consecutive quarter of rate falls.

The broker said pricing reductions might decelerate throughout the year if carriers perceive increased risk.

The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.

High capacity and an ongoing faith in the financial system have mitigated against instant action from insurers.

AIG’s head of commercial D&O in the UK, Christopher Magee, is leaving the business to take up a role with Starr in the US, Insurance Insider can reveal.

WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.

The demise of the lender underlines concerns about global economic conditions and high interest rates.

D&O underwriters, as well as financial institution insurers supporting startups and venture capitalists, could have faced “financial distress” without government intervention.

Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.