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The BP Marsh-backed MGA launched earlier this year, led by Adam Kembrooke. -
The newly established wholesaler is building out its staff base.
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The underwriter departed Allianz earlier this year.
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The broker has started hiring in London, taking Tysers D&O specialist Dan Lovett.
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The broker will join Ron Borys’ financial lines team.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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The Jay Rittberg-led program manager kicked off a strategic process in August.
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The broker will report to Howden US CEO Mike Parrish.
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.
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The carrier is planning a limited relaunch into the UK D&O market.
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The BP Marsh-backed MGA launched earlier this year, led by Adam Kembrooke.
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Ariel Berman joined the company as head of specialty in 2023.
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Plaintiffs allege that manufacturers and retailers have broken environmental laws.
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The new division will be led by Terry Fitzgerald, who has previously led the finpro portfolio.
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Plus, the latest people moves and all the top news of the week.
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Rates are bottoming out, but ample capacity is still preventing a hardening market.
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Assurex’s global independent broker network pumps $4bn of premium into the London market.
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Worsening trading conditions in the D&O market are leading to staff cutbacks.
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The broker has been on an aggressive hiring spree overseen by Lucy Clarke.
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Company alum David Murie will lead the new business unit.
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A number of staff will be leaving the D&O team as a result of the restructuring.
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The move will impact around $50mn of gross written premiums in total.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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The underwriter was head of financial institutions at LSM for six years.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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The broker has noted that double-digit reductions are increasingly available in property.
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The insurer denies it is responsible for the actor’s legal fees.
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Claims were concentrated in the US, with a significant increase in D&O class actions.
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SiriusPoint will provide 100% capacity for Pen’s international PI portfolio.
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The MGA has also appointed Probitas alumnus Kiran Wignall.
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The executive previously held roles at Capgemini, The Hartford and AIG.
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Rates continue to drop as capacity is ample, the broker said.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.
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The MGA has built out a suite of products, including a planned launch into political violence.
