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The executive will be based in the company's Morristown, New Jersey office. -
The appointment comes two weeks after this publication revealed that the executive had resigned from Lockton to join the rival broker.
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Distinguished will initially offer a true follow-form excess product covering D&O, employment practices and fiduciary liability for public, private and non-profit risks.
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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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Former pricing actuary Chris Chandriotis will lead the team.
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“Unfortunately, it's a situation of getting rate to fund [the litigation costs] and being able to stay in the market long term,” Taylor told Insurance Insider US in an interview.
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The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
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The broker said it anticipated new entrants in the downstream class following a profitable 2023.
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The office also said it has approved the assumption of 650,399 policies from Florida Citizens so far this year, a more than 800% increase from the previous year.
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Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
