The Hartford

Jo Smart has worked for Torus and Aegis during his two decades in the market.

High capacity is adding to competition in the upstream energy space.

The executive joined Navigators in 2010 after eight years at White Mountains Capital.

The underwriter joined MS Amlin in 2020 after more than 24 years with Markel.

Fierce competition for cargo talent continues in the London market.

Underwriting conditions in the financial lines market have deteriorated after major hardening.

The company’s reinsurance business also has some exposure, the executive said.

Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.

A spree of new entrants in the cargo market has resulted in recent talent turmoil.

The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn.

The underwriter resigned last year and had been due to launch a renewables book at Globe Underwriting.

Michael Fish will become head of group benefits after Jonathan Bennett’s retirement.

Clayton will join the carrier’s global credit and political risks team, reporting to James Wilson, head of credit and political risks.

She joins the D&O team in London following the exit of senior underwriter Tim Carpenter, who is joining BHSI.

Personnel movement in the class remains elevated as carriers look to secure top talent while underwriting conditions are profitable.

The Connecticut-based insurer said $138mn in cat losses stemmed from its commercial lines segment, while $47mn came from personal lines.

After this publication reported The Hartford’s exit from AVN52B, the carrier’s Lloyd’s business has now confirmed its exit from the entire aviation war class.

Jack Bardrick will manage broker partnerships, facilitate new business opportunities and develop growth initiatives.

It’s understood that Inigo pulled out of the class due to rising reinsurance costs, while The Hartford has exited following the departure of its head of PV and terrorism, Grant Witheat.

The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.

The hire follows the appointment of Keith Mather to head up financial lines for the international business.

Keith Mather will be responsible for building a book of international retail and wholesale financial lines business, as well as the long-term growth of global specialty.

The former head of international financial lines will report to executive chairman Matthew Fosh.

Syndicate 1221 is expected to return to underwriting profitability for 2021, The Hartford’s head of international Carl Bach said.

The Hartford’s customers will have access to Swiss Re’s globally standardised property wordings and online platform.

The carrier has faced a string of resignations amid a battle for talent in the D&O market.

Garrison will lead the strategic direction, growth, and underwriting for the Navigators brand as well as manage relationships with the company’s wholesale distribution partners.

David Robinson will work in a senior business management role and report to CEO Matthew Fosh.

The carrier has seen an exodus of financial lines staff amid a battle for top talent in the line of business.

The latest Plane Talking report also highlights that The Hartford and Inigo are finalising preparations to enter the airline market.

The nature of the hire demonstrates the level of competition for top talent in the sector.

Speaking at an investor conference on Monday, CFO Beth Costello said the company expects losses to fall well below Hartford’s cat program retention.

Plus the latest senior executive moves and all the top news from the week.

The surge likely reflects talk in the buy-side community fuelled by tracking the latter's private jet.

A number of employees have recently resigned from the carrier as high staff displacement continues in the D&O space.

Staff displacement has been high in the D&O market after a period of dramatic rating adjustment in 2020.

Hiscox, a lead market for D&O in London, takes its peer’s head of London market financial lines.

Tegron Capital will launch in July and focus on excess-of-loss cover for publicly traded companies.

The Chubb CEO seeks to quash speculation the carrier may return with a sweetened takeover proposal.

Plus in-depth analyses of the accident and health and airlines markets.

Chubb reiterates its disappointment about The Hartford’s refusal to engage.

Chubb offered to pay up to $70 per share for the business after its $65 offer was publicly rejected.

The Week in 90 Seconds: Biometric data and cyber; Greensill collapse; Guy Carpenter’s Priebe on pandemic risk; Texas storm; Marsh McLennan’s Glaser

Chubb made an unsolicited bid for the carrier last week at a 25% premium on its weighted average share price.

Plus the latest executives on the move and all the top news from the week.

The proposed consideration represents a mix of stock with the majority in cash.

The carrier says its board of directors is "carefully considering" the proposal.

The Hartford share price jumps 12% on report of deal talks with Chubb.

Christopher Swift says more rate is needed in some areas including the London market and certain excess lines.

The additional raise takes the carrier’s committed capital to $3.2bn.

Sandy Warne will report to former Lexington chief George Stratts at the Lloyd’s start-up.

The ratings agency has also lowered the ICR of The Hartford subsidiary.

Premia will use the entity as a platform for legacy deals in the continental European insurance market.

Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.

The broker notes that Covid-19 will have a long-term impact on classes of business including D&O.

The MGA platform has acquired the renewal rights for a book of cargo, hull and liability policies.

William Steinberg was senior vice president and commercial property head at the AIG unit.

The ratings agency expects Navigators’ future underwriting results to be affected by lack of scale.

A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.

The case follows lawsuits lodged earlier this month against Travelers by the firm.

Upstream energy is unaffected by the pullback.

Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.

Kemper today become the latest carrier to announce a partial refund for customers.

Existential threats mount from Covid-19, as investment gains push Lloyd's back into the black.

The restaurateur argues that insurance should pay for contamination and BI losses.

Thomas Boudreau led inland marine and construction business at the carrier.

Linda Carmona and Curt Browder are understood to have left the insurer.

Cumulative ceded incurred losses under the ADC with Nico are now $640mn

The carrier has also lowered the upper limit of the policy by $100mn to $900mn.

The decision follows a similar move by Liberty Mutual earlier this month to curtail business and investment involving those fossil fuels.

The executive will work in London to complete the integration of Navigators. 

The period marked the first full quarter reflecting the integration of Navigators into the company.

The estimate follows modellers’ projections that market-wide losses will fall between $1.5bn and $7bn.

The current litigation environment is worse than Travelers expected, the executive said at a conference.

Earlier this year executives said they expected the deal to add to The Hartford’s earnings by about $110mn-$145mn.

The carrier's core earnings rose by 17.7 percent year over year to $1.33 per share in Q2 2019.

The insurance company is opposing the Scouts’ bid to move the case to a local county court.

The insurance group has also struck a retrospective reinsurance deal with Berkshire Hathaway.

The companies expect to close the merger “as soon as reasonably practicable”.

Pricing in property and casualty (P&C) lines is generally on the upswing, the president of The Hartford said.

The Hartford has paid some $91mn before tax for the $300mn aggregate treaty.

The result was driven in part by higher group benefits and lower corporate losses.

The new per occurrence treaty provides protection for catastrophes other than named storms and earthquakes.

The companies continue to pursue a change of control to complete the merger as promptly as possible.

Kelly Kinzer joins and Kathleen Kelly is promoted at Zurich North America while Lori Montoya arrives at The Hartford.

The executive will depart when the deal closes at the end of the second quarter.

The CEO will remain in a consulting role for three months after deal completion.

The carrier has appointed GC Securities to advise on a transaction as it looks to protect its downside. 

Lizabeth Zlatkus will join Axis’ board of directors effective 15 March.

Report shows insurers are increasing scrutiny of sexual harassment risk.

At the midpoint of disclosures, this publication summarises the key trends identified by industry leaders so far.

Although the business has everything it needs, The Hartford’s CEO said M&A is still possible.

The Hartford reports fourth quarter P&C underwriting loss and capital return programme.

An unspecified executive advisory role is slated for Navigators president and CEO Stan Galanski for a transition period.

Legal ruling could put insurers on the hook for damages for a problem that could total $8.75bn.

Settle in for The Insurance Insider’s 12 days of Insurancemas.