Commercial lines

The carrier said it was experiencing the hardest financial lines market for 35 years.

Staff displacement in the D&O market is high following a tumultuous period of rating adjustment in 2020.

Adjusted for large renewals and IPOs, the pricing index rose 7.7% in the second quarter.

The broker said CUOs insisting underwriters renew with price increases risked losing quality business.

The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.

A number of employees have recently resigned from the carrier as high staff displacement continues in the D&O space.

The underwriter will be based in Barcelona and focus on professional indemnity business.

The SPA was launched in 2019 and generated a combined ratio of 88.8% last year.

The SiriusPoint-backed business will focus on complex risks, such as IPOs, life science and SPACs.

The business will be headed up by Tim Usher-Jones, a former Chubb D&O executive in the Canadian market.

Tegron is one of several new entrants to the market, easing pressure on capacity in the D&O sector.

The carrier said the appointments will help the insurer "grow its presence within the UK broking market”.