D&O (Directors and Officers)
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It emerged earlier this month that Westfield Specialty was launching a D&O book through Syndicate 1200. -
The class is attracting increasing scrutiny from executives and within Lloyd’s, as a descent in pricing persists.
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The broker said clients could save money, increase limits and buy extra coverage.
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Syndicate 1200 exited London D&O in 2020 when it was under the ownership of Argo.
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D&O insurers have long warned that economic conditions could push up insolvencies and associated claims.
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The MGA will now offer employment practices liability, pension trustee liability, and commercial crime cover.
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Prices are continuing to decline in the D&O market following significant hardening.
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The scale of reductions is increasing as the class of business experiences its fourth consecutive quarter of rate falls.
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The broker said pricing reductions might decelerate throughout the year if carriers perceive increased risk.
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The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.
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High capacity and an ongoing faith in the financial system have mitigated against instant action from insurers.
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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.
