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Convex joined the financial lines space at the height of a hard market, when capacity was scarce. -
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.
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Some multi-national cedants are using US addresses to source cover from US carriers, risking issues in the event of claims, amid a desperation for growth on both sides of the Atlantic.
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The move is the second recent class-of-business exit, with the business also having withdrawn from downstream energy.
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In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon.
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The declining number of IPOs has reduced demand for public D&O cover and created competition, but current rates may not adequately price the risk, the executive said.
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Consilium’s financial lines operation specialises in professional and executive risks as well as cyber.
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The scheme aims to fill the gap left when private sector carriers exited the market following the Grenfell disaster.
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The hire of Ben Phillips comes amid a recent uptick in personnel movement in financial lines after a period of stability.
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The appointment comes following the departure of Renette Pretorius, who is joining Berkshire Hathaway Specialty Insurance.
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Sources said that some entities were exhibiting “sheer desperation” to hit 2022 plans, driving down prices.
