Medmal (Medical malpractice)
-
Farnworth will also chair the carrier’s audit committee. -
Part of the syndicate’s premium for clinical-trial-funding cover will move to Syndicate 1902.
-
The medical liability carrier said the deal marks a strategic shift.
-
The international casualty director has worked at Axa XL, Ive and Ardonagh.
-
The group has hired Hines Associates to advise on the process.
-
The reinsurance to close transaction is effective from 1 January 2025.
-
The unit will write business from Australia, Canada, the UK and Europe.
-
CEO Stef Raftopoulos said the company platform will let the operation reach a suitable scale.
-
The carrier will only continue to offer lead capacity to some existing accounts.
-
The vehicle is turnkeyed by Mission Underwriters.
-
The portfolio will focus on international risks with a focus on the US market.
-
The underwriter had worked for Axis and predecessor Novae for 17 years.
-
The new team now counts 15 underwriters working with 1,600 brokers across 80 countries to reach more than 6,000 clients.
-
Syndicates will sometimes baulk at the degree of oversight in Lloyd’s, but it remains a poor signal that a niche player like 1975 would walk away.
-
Covid-19 has led to rate hardening and tightening terms in a market already challenged by social inflation.
