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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. -
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.
