Hiscox
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The former Hamilton Re leader replaces Mike Krefta, who announced he was stepping down in August.
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The yacht operation is led by experienced underwriter Paul Miller and both the team and book of business will move across.
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The Bronek Masojada-led carrier says it has yet to decide whether to challenge the High Court ruling.
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Sources said the flagship syndicate failed to meet top-performer requirements. -
A trade body and broker said payouts would be the “ethical approach” to support financially stressed businesses.
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The likelihood of a heavy loss rises, but some elements including requirements around mandatory shutdowns are a silver lining.
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Lloyd's welcomes the ruling, while the ABI claims it "divides equally" between policyholders and insureds.
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The carrier predicts fewer than one third of its 34,000 UK BI policies could be impacted by the judgment.
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The bulk of premiums will be assigned to property, followed by reinsurance and casualty.
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The hotly anticipated judgment will be a milestone in the ongoing dispute about how carriers respond to Covid lockdown-related losses.
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The unit combines kidnap and ransom, security incident response, terrorism, product recall and personal accident lines.
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