The Hartford
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Fierce competition for cargo talent continues in the London market. -
Underwriting conditions in the financial lines market have deteriorated after major hardening.
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The company’s reinsurance business also has some exposure, the executive said.
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Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
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A spree of new entrants in the cargo market has resulted in recent talent turmoil.
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The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn.
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The underwriter resigned last year and had been due to launch a renewables book at Globe Underwriting.
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Michael Fish will become head of group benefits after Jonathan Bennett’s retirement.
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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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She joins the D&O team in London following the exit of senior underwriter Tim Carpenter, who is joining BHSI.
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Personnel movement in the class remains elevated as carriers look to secure top talent while underwriting conditions are profitable.
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The Connecticut-based insurer said $138mn in cat losses stemmed from its commercial lines segment, while $47mn came from personal lines.
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