Political violence
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Israel exposure has thrown inwards-outwards PV coverage mismatches to the fore again.
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Both Schlesinger and Sandford will report to Matt Humphries, head of crisis management.
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She joined the carrier as an underwriting assistant over 11 years ago.
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Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.
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The broker said there was a ‘disparity’ in market response to war in the Middle East.
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Environmental activism and terrorist activity are also set to rise.
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Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
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Competition among insurers is rising as new carriers enter the market.
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Providing coverage will remain “very tricky” in the near term.
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Talbot has lost a trio of PV underwriters to Ark in recent months.
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Alexander Baker was a senior PV, war and terrorism underwriter at Axa XL.
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Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
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Mosaic has also added CNA Hardy’s Emily Humphreys to its PV team as part of the deal.
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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.
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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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