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The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models. -
The hire follows the appointment of Keith Mather to head up financial lines for the international business.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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The carrier strengthened reserves by $41mn due to uncertainty around financial and professional lines claims development.
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The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
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The company will withdraw all of its outstanding ratings on Russian firms before 15 April, having already announced the suspension of its Russian operations.
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Lancashire has direct exposure to Ukraine through aviation, marine and political risk lines, according to a Jefferies report that said the carrier will likely incur “immaterial losses” from the conflict in its aviation war business.
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BMS’s Andrew Siffert said losses from US winter-related storms and thunderstorms are likely to arrive at a below-average figure for Q1.
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Plus more on the market’s exposure to aircraft leasing firm Aercap and the lowdown on the US 1.4 renewals.
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It is understood that the policy is written via the Aon Alpha facility and is led by Liberty Specialty Markets.
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The executive will work to accelerate commercial insurance revenue and develop new channels and geographies.
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A further £40mn of claims were fully settled in the month to 7 March, according to the regulator’s latest data release.
