D&O
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The business marks the latest launch into a financial lines market that has attracted substantial amounts of capacity. -
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.
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Convex joined the financial lines space at the height of a hard market, when capacity was scarce.
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Plus the latest executive moves and all the top stories of the week.
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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.
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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.
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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.
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Consilium’s financial lines operation specialises in professional and executive risks as well as cyber.
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The appointment comes following the departure of Renette Pretorius, who is joining Berkshire Hathaway Specialty Insurance.
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