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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.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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The carrier will focus on mid-market business outside of Lloyd’s.
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The MGA is building out its product base from its latent defects and surety offering.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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The only major product line to see rate increases was casualty.
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He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.
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The move was influenced by fierce competition in the domestic US D&O market.
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The specialty MGA has been pursuing an M&A strategy in recent months.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
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The broker has recently unified its global financial lines practice.
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The combined ratio improved by 3.2 points, from 80.9% in 2023 to 77.7% in 2024.
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Larger companies ranked regulatory breach as their top risk.
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The London wholesaler rebranded from GAWS of London in March last year.
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Andrew Johnson, Edwina Charlton and Rupert Newman join from Paragon.
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Underwriting conditions in the financial lines market have deteriorated after major hardening.
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The broker also spent five years at JLT.
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The broker said clients could expect to see double-digit rate decreases this year.
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The facility is backed by a $10mn Lloyd’s binder.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
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The average change for primary policies with the same limit and deductible was a 3.5% decrease.
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The offering will provide D&O, professional indemnity/errors and omissions, crime and cyber cover.
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Parker has worked at Ardonagh-owned Paragon since 2012.
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The MGA and 49% owner SiriusPoint could bring in a new investor.
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McGill was recently included in Warburg Pincus’s multi-asset continuation vehicle.
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The pair will lead crisis management and financial lines, respectively.
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Gabriel Ewing has held senior roles at WTW in the transactional risks team and at Marsh.
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The company has exited some transactional liability and commercial D&O business.
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Plus the latest people moves and all the top news of the week.
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Chris Nixon has been promoted to underwriting manager, executive & professional lines, UK.
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A resurgence in IPO activity may help provide new business for underwriters and reduce competition.
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The underwriter will manage and develop the MGA’s professional indemnity portfolio.
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The business will trade via London, the US and Canada.
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It is understood the increase is mainly due to a new professional lines team.
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Former PWC partner Tom Brown has been named interim CFO.
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The MGA said there was a “notable imbalance” between supply and risk exposure in the D&O space.
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Overall, insurance rates fell by 1%, led by competition in property.
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