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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. -
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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An uptick in financial markets activity could increase demand, but there is also significant risk which currently isn’t priced into the market.
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D&O (Inside P&C Daily lead story): There is hope that public D&O rates could stabilize in the second half of the year following a tough end to 2022 and an ongoing slump in Q1. Significant discounts granted in 2022 are unlikely to be repeated, and there are ongoing concerns around both economic and social inflation, sources said. In the meantime, rates remain pressured from ample capacity and muted demand as established providers and incumbents drawn to the hard market of past years compete for relatively stagnant demand. The collapse of SVB, while a shock, wasn’t the inflection point for D&O that some might have expected.
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The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.
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High capacity and an ongoing faith in the financial system have mitigated against instant action from insurers.
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WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.
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The US continues to experience catastrophic flash flooding and heavy rainfall events that are impacting “inland” areas across the country, as well as coastal areas.
