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Over the last seven years Euclid has insured $3.2tn of deal value and has booked nearly $770bn of total incurred loss through 97 paid claims. -
Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.
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Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
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If the claim does indeed pay out, it has been suggested it will be the largest in R&W market history.
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From January to July, Euclid received an average of 26 claims per month, a nearly 21% increase from the 21.5 average notices per month in 2022.
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Sources said it is still unclear if the specialty insurer will exit the class permanently or if it will return to the market in the foreseeable future.
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The M&A slowdown in the US and increased competition have also driven retentions down, while terms and conditions are loosening.
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Sources said BlueChip NY-based managing directors Chris Opisso, Jon Sprintz and Jason Tomitz will join Volante to run the unit.
