Financial and professional lines

The broker will join Ron Borys’ financial lines team.

Property pricing fell by 8%, while casualty rate increases tapered to 3%.

The Jay Rittberg-led program manager kicked off a strategic process in August.

The broker will report to Howden US CEO Mike Parrish.

A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.

The carrier is planning a limited relaunch into the UK D&O market.

The BP Marsh-backed MGA launched earlier this year, led by Adam Kembrooke.

Ariel Berman joined the company as head of specialty in 2023.

Plaintiffs allege that manufacturers and retailers have broken environmental laws.

The new division will be led by Terry Fitzgerald, who has previously led the finpro portfolio.

Plus, the latest people moves and all the top news of the week.

Rates are bottoming out, but ample capacity is still preventing a hardening market.

Assurex’s global independent broker network pumps $4bn of premium into the London market.

Worsening trading conditions in the D&O market are leading to staff cutbacks.

The broker has been on an aggressive hiring spree overseen by Lucy Clarke.

Company alum David Murie will lead the new business unit.

A number of staff will be leaving the D&O team as a result of the restructuring.

The move will impact around $50mn of gross written premiums in total.

Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.

Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.

The underwriter was head of financial institutions at LSM for six years.

The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.

The broker has noted that double-digit reductions are increasingly available in property.

The insurer denies it is responsible for the actor’s legal fees.

Claims were concentrated in the US, with a significant increase in D&O class actions.

SiriusPoint will provide 100% capacity for Pen’s international PI portfolio.

The MGA has also appointed Probitas alumnus Kiran Wignall.

The executive previously held roles at Capgemini, The Hartford and AIG.

Rates continue to drop as capacity is ample, the broker said.

Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.

Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.

The MGA has built out a suite of products, including a planned launch into political violence.

The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.

The carrier will focus on mid-market business outside of Lloyd’s.

The MGA is building out its product base from its latent defects and surety offering.

The reinsurer said the market was unprofitable and pricing needed to increase immediately.

The only major product line to see rate increases was casualty.

He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.

The move was influenced by fierce competition in the domestic US D&O market.

The specialty MGA has been pursuing an M&A strategy in recent months.

PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.

The broker has recently unified its global financial lines practice.

The combined ratio improved by 3.2 points, from 80.9% in 2023 to 77.7% in 2024.

Larger companies ranked regulatory breach as their top risk.

The London wholesaler rebranded from GAWS of London in March last year.

Andrew Johnson, Edwina Charlton and Rupert Newman join from Paragon.

Underwriting conditions in the financial lines market have deteriorated after major hardening.

The broker also spent five years at JLT.

The broker said clients could expect to see double-digit rate decreases this year.

The facility is backed by a $10mn Lloyd’s binder.

The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.

The average change for primary policies with the same limit and deductible was a 3.5% decrease.

The offering will provide D&O, professional indemnity/errors and omissions, crime and cyber cover.

Parker has worked at Ardonagh-owned Paragon since 2012.

The MGA and 49% owner SiriusPoint could bring in a new investor.

McGill was recently included in Warburg Pincus’s multi-asset continuation vehicle.

The pair will lead crisis management and financial lines, respectively.

Gabriel Ewing has held senior roles at WTW in the transactional risks team and at Marsh.

The company has exited some transactional liability and commercial D&O business.

Plus the latest people moves and all the top news of the week.

Chris Nixon has been promoted to underwriting manager, executive & professional lines, UK.

A resurgence in IPO activity may help provide new business for underwriters and reduce competition.

The underwriter will manage and develop the MGA’s professional indemnity portfolio.

The business will trade via London, the US and Canada.

It is understood the increase is mainly due to a new professional lines team.

Former PWC partner Tom Brown has been named interim CFO.

The MGA said there was a “notable imbalance” between supply and risk exposure in the D&O space.

Overall, insurance rates fell by 1%, led by competition in property.

Uncertainty around court outcomes is almost forcing carriers to settle claims.

The Flex consortium will offer up to EUR/$50mn limit.

The carrier will only continue to offer lead capacity to some existing accounts.

It will take more carriers to rein in income expectations to halt the soft market spiral.

The D&O class has experienced huge rating volatility over the past four years.

The firm will specialise in professional liability insurance for SMEs.

Polo Managing Agency is to act as turnkey to the new venture.

This publication revealed last month that some of Westfield’s financial lines team had resigned.

The deal is the D&O MGA’s first acquisition since launching in 2021.

Securities class actions are a perennial source of claims for D&O insurers.

Q2 was the ninth consecutive quarter of year-over-year price decreases.

The development follows news that Kentro Capital CEO Colin Thompson has resigned.

Professional indemnity is the largest class of business for the syndicate.

The business specialises in hard-to-place risks.

The broker has worked for WTW, Lockton and AJ Gallagher.

Hopper joined Starr in 2019 and previously worked at Marsh and Zurich.

Underwriters fear that misleading statements about AI capabilities could result in claims.

Prior to joining WTW, Morrison has held senior roles at Canopius, and AIG.

Casper was launched last year by Argenta deputy active underwriter Bradley Knight.

Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.

The US regulator faces litigation from both sides of the climate issue.

Rates continue to trend downwards in the D&O class of business.

The move comes as rates continue to decrease in the D&O class.

A total of 30 carriers entered the US public company D&O space in 2023.

The team of brokers worked for the recently acquired Protean Risk.

There is frustration in the market that remediation work has been squandered.

WTW said the rise of the risk from health and safety was “surprising”.

JustParent aims to de-risk parental leave for SMEs.

The findings have implications for businesses and D&O.

Head of FI Samantha Shean is leaving Axis to join Aviva.

Insurance Insider reported last year that the facility was relaunching.

The broker has been adding to its capabilities in the region.

The pace of price decreases has eased since Q2 last year.

The carrier has been growing its financial institutions team and recently appointed Mark Warrilow from Price Forbes.

The broker grew by 35% in 2023 and is looking to reach gross written premiums of $1.4bn by 2026.

This publication recently noted that ongoing rate declines and questions about past accident years are leading to calls for D&O price discipline.

The professional risks portfolio is underpinned with Bridgehaven capacity.

The Hartford, Canopius, Newline, QBE, CNA Hardy, Travelers, Hamilton and Volante are participating in the facility.

The casualty-focused MGA was launched in March by Argenta deputy active underwriter and head of casualty Bradley Knight.

Sources said that there was still rating adequacy in the market, but that further pricing falls would be unsustainable.

The D&O market continues to soften, following several years of substantial rate increases.

A-Star offers up to $80mn in additional capacity for D&O liability insurance.

There is an increasing focus in the casualty reinsurance space on social inflation and litigation funding trends.

The decline marked the sixth consecutive quarter of double-digit pricing declines.

Hema Mistry returns to the UK to run the finpro division, following a stint at the broker in San Francisco.

Sources said a move towards facilities was the latest evidence of market softening in the D&O class.

Lockton is hiring in financial institutions following the departure of several staff to join Bishopsgate.

Plus this week’s people moves and all the top news from this week.

Strong words from Patrick Tiernan have caused a stir in the market as pricing continues to fall off fast.

The carrier is rebuilding its financial lines team following a number of staff exits from the division.

The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting.

Berman will replace Ramesh Singh, who is leaving the business to head up financial lines at Aviva.

She joins the D&O team in London following the exit of senior underwriter Tim Carpenter, who is joining BHSI.

The MGA platform was launched by former Barbican executives in late 2021.

Average renewal premiums decreased 20% to 30% over the previous year’s price, with some public companies posting premium falls of 50% to 60% in the past 18 months.

Aviva has seen a number of staff exits from its D&O team, with senior personnel leaving to launch a book at Westfield Specialty.

The hammering of hailstorm losses that US homeowners’ carriers reported for H1 will drive positive change in property markets.

BHSI grew to be one of the largest writers of D&O in London during the hard market of 2020 and 2021.

Aon report marks the fifth consecutive quarter of year-over-year pricing decreases in the D&O space.

Double-digit rate decreases are common in the class of business despite macroeconomic headwinds.

The business will offer products including commercial financial lines, financial institutions and investment management insurance.

The underwriter has previously worked at AIG, Chubb and Markel.

Cyber GWP could exceed $50bn by 2030, the broker predicts.

The executive will work as director of underwriting for the specialty casualty division.

The executive oversaw lines of business including management liability, financial institutions and healthcare.

It emerged earlier this month that Westfield Specialty was launching a D&O book through Syndicate 1200.

The consultancy has outlined the financial guarantees needed from governments and availability of data from Ukraine that will enable insurers to provide risk capacity for the country's recovery.

The class is attracting increasing scrutiny from executives and within Lloyd’s, as a descent in pricing persists.

The broker said clients could save money, increase limits and buy extra coverage.

Syndicate 1200 exited London D&O in 2020 when it was under the ownership of Argo.

D&O insurers have long warned that economic conditions could push up insolvencies and associated claims.

The MGA will now offer employment practices liability, pension trustee liability, and commercial crime cover.

Prices are continuing to decline in the D&O market following significant hardening.

The scale of reductions is increasing as the class of business experiences its fourth consecutive quarter of rate falls.

The broker said pricing reductions might decelerate throughout the year if carriers perceive increased risk.

The ratings agency cited an increased risk of asset-quality deterioration.

The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.

High capacity and an ongoing faith in the financial system have mitigated against instant action from insurers.

The hire comes as Miller continues to expand its UK team under the leadership of Tim Norman.

AIG’s head of commercial D&O in the UK, Christopher Magee, is leaving the business to take up a role with Starr in the US, Insurance Insider can reveal.

The binder will offer £5mn in primary capacity for companies in technology, media and marketing.

WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.

The MGA provides coverage to SMEs in the food, hospitality, leisure and hotel sectors.

Prior to joining BHSI in 2020, Ben Ruddlesdin worked as an underwriter for The Hartford.

A group of lenders have provided uninsured deposits of $30bn to support the ailing bank.

The longstanding Chaucer underwriter left when the carrier exited the FI market last year.

The demise of the lender underlines concerns about global economic conditions and high interest rates.

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.

Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.

The market has undergone substantial multi-year hardening after a surge of painful loss activity.

Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.

The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.

CEO Nick Tye told this publication earlier this month that the company was planning a financial lines launch.

The broker said that rates were falling but remained well above soft market levels.

Argenta will be a cornerstone capacity provider to new MGA Casper, which will write $100mn in year one.

The product launch comes soon after the MGA started a new professional indemnity binder.

There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.

The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.

Slowing primary pricing, the looming threat of inflation and increased cat retentions were key themes from this reporting round.

Rokstone’s new PI facility is for UK and EU risks with a £2mn primary and a £5mn excess of loss limit.

The MGA has grown its fintech book by 100% in the last year and the new team will be led by Hannah Durrant.

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.

Alex Burton Brown’s appointment comes at a time of elevated personnel movement in the financial institutions space.

The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.

The underwriter joined the company in 2020 amid hard market conditions.

While competition is picking up, a likely rise in claims during a recession is likely to prevent a return to a soft market.

There has been a recent uptick in personnel movement in the financial institutions space.

Prices are falling in the London D&O market amid competition to secure business from incumbents and new entrants.

Jodie Major worked for Chaucer’s financial institutions team, and the carrier has recently exited the market.

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.

The carrier has also exited the downstream energy and financial institutions markets in recent weeks.

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.

The move is the second recent class-of-business exit, with the business also having withdrawn from downstream energy.

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. 

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.

Consilium’s financial lines operation specialises in professional and executive risks as well as cyber.

The scheme aims to fill the gap left when private sector carriers exited the market following the Grenfell disaster.

The hire of Ben Phillips comes amid a recent uptick in personnel movement in financial lines after a period of stability.

The appointment comes following the departure of Renette Pretorius, who is joining Berkshire Hathaway Specialty Insurance.

Sources said that some entities were exhibiting “sheer desperation” to hit 2022 plans, driving down prices.

The executive has worked at the carrier for over nine years, initially within the accident and health team.

The appointments come following the exit of underwriter Matthew Howard-Coombe to Starr.

The broker said clients could achieve broader terms and higher limits in D&O, although there was frustration over pricing fluctuation.

The rapid cooling of the US SPAC and de-SPAC market could also prove fertile ground for the plaintiff bar.

The underwriter joined CNA Hardy last year amid a flurry of people movement in the D&O market.

Are we set for the shortest softening D&O market ever?

Accredited Insurance will be the fronting partner for Nexus Frontier.

The policy, which Beazley claims to be the first of its kind in London and the US, will offer $10mn of capacity.

A Howden report on the D&O market shows that clients “heavily penalised” for Covid-19 exposures have seen “meaningful rate reductions”.

With pricing surpassing a previous peak in 2002, new entrants and established carriers vied to secure business.

Plus this week’s Q1 results and all the top news of the week.

Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.

The appointment comes after the carrier promoted Janine McGriskin to lead FI in the UK.