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The business marks the latest launch into a financial lines market that has attracted substantial amounts of capacity. -
Companies will also face claims relating to cyber security and problems with ESG disclosures.
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Alex Burton Brown’s appointment comes at a time of elevated personnel movement in the financial institutions space.
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The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.
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The underwriter joined the company in 2020 amid hard market conditions.
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While competition is picking up, a likely rise in claims during a recession is likely to prevent a return to a soft market.
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There has been a recent uptick in personnel movement in the financial institutions space.
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Prices are falling in the London D&O market amid competition to secure business from incumbents and new entrants.
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Jodie Major worked for Chaucer’s financial institutions team, and the carrier has recently exited the market.
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Convex joined the financial lines space at the height of a hard market, when capacity was scarce.
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Plus the latest executive moves and all the top stories of the week.
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The carrier has also exited the downstream energy and financial institutions markets in recent weeks.
