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Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets. -
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.
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After a period of ups and downs, R&W rates in the mid-market segment are stabilizing around 3.5%-4%, market participants said.
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The private equity-backed broker hired Yem Mai as R&W managing director and senior brokers Ashley Parsa and Michelle Jensen.
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The proportion of notifications reporting high severity ($10mn+) remains unchanged at 9%, according to the report.
