Construction

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C takes a closer look at the NY construction market, which represents a unique challenge to insurers and insureds due to density and strict labor laws.

Ryan Powers will report to QBE NA president of commercial insurance Mike Foley.

Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines.

The MGU has secured up to $10mn follow-form capacity on a non-admitted basis to cover general liability on complex construction projects in the US.

Longo was previously underwriting manager for Axa XL’s construction group.

WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.

Banking crisis contagion could lead to a decline in construction projects and demand for coverage, while inflation is driving loss costs ever higher.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

He will coordinate product management and development of related products, which are anticipated to be available in the late second quarter of 2023.

Primary liability rate increases currently range from flat to 10% for most commercial projects, private broker Lockton disclosed in its annual construction market report.

Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.