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Clayton will join the carrier’s global credit and political risks team, reporting to James Wilson, head of credit and political risks. -
Key market participants hailed the narrowing of the gap between PV insurance and reinsurance, however said that more still needs to be done to fix the market.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The PV market is facing yet another battle with reinsurers as they continue to restrict coverage, tighten definitions and exclude geographies.
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Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.
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The carrier has hired Ed Atkin, Piers Harding and George Wallace from Talbot and Callum Bennett from Chaucer to run the new book.
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Sources said that with heightened geopolitical risks, pricing is already "much higher" than at any point in the last five years.
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The MGA was without backing since March 2023, after Markel and Chaucer pulled their PVT paper.
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Woodhouse will be based in London and report to Ed Winter, director of terrorism.
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The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.
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The political violence market failed to ‘look in the rearview mirror’ amid growing geopolitical tensions.
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The contingency market is monitoring the war between Israel and Hamas for potential loss activity, as well as keeping track on whether it has wider global implications for events, sources told this publication.
