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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.
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A group of lenders have provided uninsured deposits of $30bn to support the ailing bank.
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The longstanding Chaucer underwriter left when the carrier exited the FI market last year.
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The demise of the lender underlines concerns about global economic conditions and high interest rates.
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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
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While panelists agreed that tort reform is needed, they also noted that it couldn’t be achieved by force from the insurance industry alone.
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D&O underwriters, as well as financial institution insurers supporting startups and venture capitalists, could have faced “financial distress” without government intervention.
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Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.
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The market has undergone substantial multi-year hardening after a surge of painful loss activity.
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Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
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The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.
