D&O (Directors and Officers)
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Pricing in the D&O market is starting to flatten after several years of steep decreases. -
London-based Tristram Prior will transfer to Bermuda to lead the line of business.
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Next year will mark five consecutive years of insolvency increases.
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The chief of market performance urged underwriters not to follow the herd.
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The venture will launch in early 2026 and include captives, ART, cyber ILS and specialty (re)insurance elements.
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The BP Marsh-backed MGA launched earlier this year, led by Adam Kembrooke.
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The carrier is planning a limited relaunch into the UK D&O market.
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The BP Marsh-backed MGA launched earlier this year, led by Adam Kembrooke.
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Plus, the latest people moves and all the top news of the week.
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Rates are bottoming out, but ample capacity is still preventing a hardening market.
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Worsening trading conditions in the D&O market are leading to staff cutbacks.
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A number of staff will be leaving the D&O team as a result of the restructuring.
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The move will impact around $50mn of gross written premiums in total.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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The broker has noted that double-digit reductions are increasingly available in property.
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The insurer denies it is responsible for the actor’s legal fees.
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Claims were concentrated in the US, with a significant increase in D&O class actions.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.
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The carrier will focus on mid-market business outside of Lloyd’s.
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The MGA is building out its product base from its latent defects and surety offering.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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The move was influenced by fierce competition in the domestic US D&O market.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
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Larger companies ranked regulatory breach as their top risk.
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The London wholesaler rebranded from GAWS of London in March last year.
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The facility is backed by a $10mn Lloyd’s binder.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
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The average change for primary policies with the same limit and deductible was a 3.5% decrease.
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The offering will provide D&O, professional indemnity/errors and omissions, crime and cyber cover.
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The company has exited some transactional liability and commercial D&O business.
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Plus the latest people moves and all the top news of the week.
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A resurgence in IPO activity may help provide new business for underwriters and reduce competition.
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The MGA said there was a “notable imbalance” between supply and risk exposure in the D&O space.
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Uncertainty around court outcomes is almost forcing carriers to settle claims.
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It will take more carriers to rein in income expectations to halt the soft market spiral.
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The D&O class has experienced huge rating volatility over the past four years.
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The firm will specialise in professional liability insurance for SMEs.
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The deal is the D&O MGA’s first acquisition since launching in 2021.
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Securities class actions are a perennial source of claims for D&O insurers.
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Q2 was the ninth consecutive quarter of year-over-year price decreases.
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Underwriters fear that misleading statements about AI capabilities could result in claims.
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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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The US regulator faces litigation from both sides of the climate issue.
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Rates continue to trend downwards in the D&O class of business.
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The move comes as rates continue to decrease in the D&O class.
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A total of 30 carriers entered the US public company D&O space in 2023.
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There is frustration in the market that remediation work has been squandered.
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WTW said the rise of the risk from health and safety was “surprising”.
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The findings have implications for businesses and D&O.
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Insurance Insider reported last year that the facility was relaunching.
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The broker has been adding to its capabilities in the region.
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The pace of price decreases has eased since Q2 last year.
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This publication recently noted that ongoing rate declines and questions about past accident years are leading to calls for D&O price discipline.
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The Hartford, Canopius, Newline, QBE, CNA Hardy, Travelers, Hamilton and Volante are participating in the facility.
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Sources said that there was still rating adequacy in the market, but that further pricing falls would be unsustainable.
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The D&O market continues to soften, following several years of substantial rate increases.
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A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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The decline marked the sixth consecutive quarter of double-digit pricing declines.
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Hema Mistry returns to the UK to run the finpro division, following a stint at the broker in San Francisco.
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Sources said a move towards facilities was the latest evidence of market softening in the D&O class.
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Plus this week’s people moves and all the top news from this week.
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Strong words from Patrick Tiernan have caused a stir in the market as pricing continues to fall off fast.
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The carrier is rebuilding its financial lines team following a number of staff exits from the division.
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The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting.
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She joins the D&O team in London following the exit of senior underwriter Tim Carpenter, who is joining BHSI.
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Average renewal premiums decreased 20% to 30% over the previous year’s price, with some public companies posting premium falls of 50% to 60% in the past 18 months.
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Aviva has seen a number of staff exits from its D&O team, with senior personnel leaving to launch a book at Westfield Specialty.
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The hammering of hailstorm losses that US homeowners’ carriers reported for H1 will drive positive change in property markets.
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BHSI grew to be one of the largest writers of D&O in London during the hard market of 2020 and 2021.
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Aon report marks the fifth consecutive quarter of year-over-year pricing decreases in the D&O space.
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The business will offer products including commercial financial lines, financial institutions and investment management insurance.
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The underwriter has previously worked at AIG, Chubb and Markel.
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Cyber GWP could exceed $50bn by 2030, the broker predicts.
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The executive will work as director of underwriting for the specialty casualty division.
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The executive oversaw lines of business including management liability, financial institutions and healthcare.
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It emerged earlier this month that Westfield Specialty was launching a D&O book through Syndicate 1200.
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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.
