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Accredited Insurance will be the fronting partner for Nexus Frontier. -
The loss is expected to be absorbed by the domestic Canadian and London markets, with Lloyd’s taking a relatively heavy share of the placement.
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Victor De Jager will be based in Amsterdam and report to Garret Gaughan, head of D&F, and Anne Pullum, head of Europe and CRB, Europe.
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The policy, which Beazley claims to be the first of its kind in London and the US, will offer $10mn of capacity.
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Sources in the market estimated the average risk-adjusted rate increase at the 1 June renewal at around 5%, with a similar trajectory expected for 1 July accounts.
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A Howden report on the D&O market shows that clients “heavily penalised” for Covid-19 exposures have seen “meaningful rate reductions”.
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With pricing surpassing a previous peak in 2002, new entrants and established carriers vied to secure business.
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The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.
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The carrier has bolstered its property team following several staff exits earlier this year.
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Plus this week’s Q1 results and all the top news of the week.
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Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.
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The appointment comes after the carrier promoted Janine McGriskin to lead FI in the UK.
