D&O (Directors and Officers)

Convex joined the financial lines space at the height of a hard market, when capacity was scarce.

Plus the latest executive moves and all the top stories of the week.

Some multi-national cedants are using US addresses to source cover from US carriers, risking issues in the event of claims, amid a desperation for growth on both sides of the Atlantic.

In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon. 

The declining number of IPOs has reduced demand for public D&O cover and created competition, but current rates may not adequately price the risk, the executive said.

Consilium’s financial lines operation specialises in professional and executive risks as well as cyber.

The appointment comes following the departure of Renette Pretorius, who is joining Berkshire Hathaway Specialty Insurance.

Sources said that some entities were exhibiting “sheer desperation” to hit 2022 plans, driving down prices.

The executive has worked at the carrier for over nine years, initially within the accident and health team.

The appointments come following the exit of underwriter Matthew Howard-Coombe to Starr.

The broker said clients could achieve broader terms and higher limits in D&O, although there was frustration over pricing fluctuation.

The rapid cooling of the US SPAC and de-SPAC market could also prove fertile ground for the plaintiff bar.