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Buying D&O insurance for special purpose acquisition companies (SPACs) has become difficult, even by the exacting standards of the current hard market for executive liability market risks, Amwins noted in a report this week. -
Primary D&O policies renewing with the same policy limit received average rate hikes of 18.2%, compared with 26.2% in Q1 2020.
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The senior underwriter joins the carrier from Chubb.
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Steve Kammann has switched roles at AIG, moving from CUO for North American financial lines, to be the division’s head of product.
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In its marketplace realities report, the broker notes that D&O rate rises are beginning to tail off.
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The carrier has also named Matt Gallagher as head of executive solutions and Ayesha West as head of cyber liability.
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Matthew Azzara joins the carrier from Nationwide.
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According to Cornerstone, this is the third consecutive year in which accounting allegations have risen.
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The management liability platform is supported by Evanston Insurance, a Markel company.
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SPAC formation has exploded since the start of 2020, with a slew of companies going public through mergers with blank check entities.
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The figures suggest that any coronavirus-related disruption to settlement rates may be temporary.
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New York-based executive risk underwriter Jim Rizzo will lead the new product suite.
