Professional indemnity
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Covid-19 has led to a surge in potential exposure in what was already a challenged market. -
Tesla says it has not renewed D&O cover for the 2019-20 policy period because of the cost of premiums.
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The syndicate reported a £25mn profit for 2019 as it delivered strong investment returns.
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Antonio Bellanca will lead the PI line, working alongside three former Neon colleagues.
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A round-up of InsurTech news from 13 March to 20 March.
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WTW’s former executive director of financial and executive risks will lead the division.
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Chloë Cox comes from Marsh JLT Specialty and Alex Atkinson was previously at Alesco.
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The analyst said claims development in the sector usually takes three to five years.
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Jarrod Schlesinger said insurers should engage with industry groups on the issue.
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Recent rate rises have been partially offset by rising defence and cost containment expenses.
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Fitch placed ProAssurance ratings on negative watch following the announcement of the acquisition, noting concerns about the medical professional liability space.
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Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
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