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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend. -
In Partnership With MarkelInsurers could face a “heightened claims exposure” due to increased regulation scrutiny on the fintech industry, including buy now pay later schemes, AI and crypto, said Nick Rugg, Head of Fintech and Investment Management Insurance for Markel International.
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The MGA has built out a suite of products, including a planned launch into political violence.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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The carrier will focus on mid-market business outside of Lloyd’s.
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The MGA is building out its product base from its latent defects and surety offering.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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The only major product line to see rate increases was casualty.
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He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.
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The move was influenced by fierce competition in the domestic US D&O market.
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The specialty MGA has been pursuing an M&A strategy in recent months.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
