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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. -
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.
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Rachel Simon has joined the carrier from Great American, where she held an underwriting role.
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Rate rises in the D&O market held steady during the first two months of 2021, even as underwriting criteria for public D&O risks began to loosen in initial signs that the line may lose momentum during the second half of the year.
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The broker says the new product will help cedants obtain reinsurance for a defined list of emerging risks.
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The carrier believes the rising casualty claims count will continue post-Covid-19.
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Imran Pira has joined the business as a senior vice president.
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She takes over the post from Alessandro Carriglio, who has become head of claims reporting an analytics.
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The broker says that in the private D&O market, underwriters are seeking to at least double retentions and hiking rates by 10% to 20%.
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Pure pricing data suggested the D&O market kept taking rate-on-rate in Q4, while the policy restructuring and retention data showed early signs of peaking.
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The number of Spacs trading on the US equity markets have exploded in 2020.
