D&O (Directors and Officers)
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The market has undergone substantial multi-year hardening after a surge of painful loss activity. -
Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
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The broker said that rates were falling but remained well above soft market levels.
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The product launch comes soon after the MGA started a new professional indemnity binder.
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There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.
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The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.
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Slowing primary pricing, the looming threat of inflation and increased cat retentions were key themes from this reporting round.
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The business marks the latest launch into a financial lines market that has attracted substantial amounts of capacity.
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Companies will also face claims relating to cyber security and problems with ESG disclosures.
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The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.
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The underwriter joined the company in 2020 amid hard market conditions.
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Prices are falling in the London D&O market amid competition to secure business from incumbents and new entrants.
