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Celerity will write public and private D&O business for the wholesale insurance market.
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Craig was previously president of healthcare at One Beacon Insurance, where she worked for 12 years.
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The return to the office and perceived slow business recovery could also lead to claims. -
Carriers are reducing policy limits, increasing deductibles and imposing tighter T&Cs.
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Underwriting sources say negative newsflow around deals and greater deal scrutiny from the SEC has tempered appetite for such risks.
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Trans Re exec Brian Finlay says private company D&O and EPL are two segments where claims from the virus are filtering through.
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Aon's numbers from this quarter provide a useful update on the current market hardening in just three points.
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The new capacity will be welcomed by brokers and clients as conditions continue to harden.
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Aon’s placement data shows that rates for primary D&O policies increased by 7.6 points between July and August.
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D&O carriers are now assessing corporations’ board diversity plans as part of the underwriting process.
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Watford is liable for a $18.6mn fee if the Arch deal is terminated.
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The full cost of Covid-19 on D&O liability may take years to unravel, but initial indications point to an underwriting loss in 2020 for the embattled market.
