D&O (Directors and Officers)
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Renewals with flat or increased premiums are on the rise, however.
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Expansion of the middle-market book is an ongoing focus.
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However, the market is still struggling with excess capacity and low demand.
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Securities class actions are a perennial source of claims for D&O insurers.
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Q2 was the ninth consecutive quarter of year-over-year price decreases.
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Pearce brings 25 years of experience with a background in the A&E sector.
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In 2023, the segment had its best direct loss ratio in nearly a decade at 50.8%.
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The new offering is an admitted product for SMBs and non-profits.
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Loss picks for other liability are at a 23-year high, but that still may not be enough.
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As the industry gathers in San Diego, these are the key discussion points.
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Rooker joined the Texas brokerage in 1999, while Schramm joins from CNA.
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Michael Smith is a former mortgage broker.
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The policy offering expands third-party liability coverage and wage and hour liability.
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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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The hire comes after the company’s recent rebrand from Capitola Insurance.
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The executive has been with Zurich since 2018.
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The plaintiffs – three former claims adjusters – were each awarded $25mn in punitive damages.
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The US regulator faces litigation from both sides of the climate issue.
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A total of 30 carriers entered the US public company D&O space in 2023.
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Chres Lee was previously M&A counsel for Liberty Global Transaction Solutions.
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Given ample capacity and no sharp increase in demand, a market sea change is not expected, barring an unforeseen economic event.
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WTW said the rise of the risk from health and safety was “surprising”.
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This continues a consecutive quarterly gain of over 6%.
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Executives at D&O Plus said the pain from deploying those limits is being felt.
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The ratings agency said growing competition has led to lower pricing.
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The broker has been adding to its capabilities in the region.
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The pace of price decreases has eased since Q2 last year.
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The percentage of cases that could lead to higher losses increased in 2023.
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This publication recently noted that ongoing rate declines and questions about past accident years are leading to calls for D&O price discipline.
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Frequency and severity are both ratcheting up at a time when there are already questions about rate adequacy.
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Directors and officers face an increased risk of litigation next year, according to a report.
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Issues over reinsurance pricing and capacity continued to plague commercial property.
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Distinguished will initially offer a true follow-form excess product covering D&O, employment practices and fiduciary liability for public, private and non-profit risks.
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A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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The decline marked the sixth consecutive quarter of double-digit pricing declines.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive said that NA financial lines rates and pricing in aggregate were down 4.8% and 3.8%, respectively, in Q3 as Chubb is trending financial lines loss costs at 4.7%.
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Ongoing rate declines have been seen in recent renewals though the pace of decreases, particularly for established public companies, has slowed.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Q2 marked the 23rd consecutive quarter of year-over-year property rate increases, with rates rising 21% on average and further increases expected for the rest of the year.
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Nearly half of the over 300 small business owners and CEOs surveyed say the US economy has improved.
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.
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Cyber is another market Axis is watching closely, given new MGA entrants as well as the recent rise of ransomware activity, with the carrier expecting more “undulation” as a result.
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It is more dependent on property, and its longevity is uncertain.
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Earlier this month, Inside P&C revealed that the underwriter hired ex-Ascot EVP Becker and a team of four executives to spearhead the Aquiline-backed MGA’s entry into D&O.
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Inside P&C’s news team runs you through the key highlights of the week.
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Rate declines have not been as pronounced in private D&O, though competition is increasing.
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Sources said SVP Crystal Greene along with VPs Carol Smith and Devon Lay and assistant underwriter Maggie Holland are joining Distinguished’s new D&O unit.
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Average renewal premiums decreased 20% to 30% over the previous year’s price, with some public companies posting premium falls of 50% to 60% in the past 18 months.
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Some 81.5% of policies renewed with the same limit and deductible, marking a return to historic levels after bottoming out in Q3 2020. Among those policies, the average price decrease was 13.8%, while the average price increase was 30.2%.
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The underwriter has previously worked at AIG, Chubb and Markel.
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The hard reinsurance market and elevated cat losses continued to drive rate increases.
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The broker said clients could save money, increase limits and buy extra coverage.
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The primary layer of $10mn was written by Chubb. The policies cover the period from August 1 2022 through August 1 2023.
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He will be based in Connecticut and report to Alex Blanco, Vantage's chief executive, insurance.
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Speaking about the recently spun-out HNW MGA, Zaffino said AIG expects to bring on additional capital providers to the subsidiary through H2 2023.
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The scale of reductions is increasing as the class of business experiences its fourth consecutive quarter of rate falls.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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