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The resignation comes amid an uptick of competition in the class after four years of positive rate development. -
The area has historically attracted low additional premiums because of Israel’s strong defence capabilities.
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The former Beazley marine chief launched the MGA through Fidelis’s Pine Walk platform with $100mn of capacity.
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Mounting wreck removal costs have been passed on to P&I insurers, with the latest claim notification rising to $788mn.
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The Prestige oil spill caused major damage to the Spanish and French coasts in 2002 and has been subject to long-running litigation.
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The club said the reduction was not reflected in court and that it had still seen no evidence to support a claim of such size.
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Maria Grace had been with Everest since 2016, and was previously an executive within AIG’s Lexington unit.
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There is increasing optimism about rating adequacy, but sustained underwriting discipline is essential.
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The experienced underwriter joins from the UK War Risks Club, where he was underwriting director.
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The move comes as Aon and Willis race to receive regulatory approval for their merger.
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He has spent nearly a decade at the broker and is due to start at his new role in October.
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
