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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines. -
D&O underwriters, as well as financial institution insurers supporting startups and venture capitalists, could have faced “financial distress” without government intervention.
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Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.
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The market has undergone substantial multi-year hardening after a surge of painful loss activity.
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Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
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The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.
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CEO Nick Tye told this publication earlier this month that the company was planning a financial lines launch.
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The broker said that rates were falling but remained well above soft market levels.
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Argenta will be a cornerstone capacity provider to new MGA Casper, which will write $100mn in year one.
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The product launch comes soon after the MGA started a new professional indemnity binder.
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There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.
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The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.
