North America
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UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
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Underwriters expect a loss from the event to fall on the carrier’s cyber insurance program.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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The ratings also lowered the outlook for the carrier’s FSR to negative from stable.
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In the new role Salvatore Sama will build out a reinsurance finpro team for the carrier.
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Salvatore Sama moves on after leading the unit of the reinsurer since 2014.
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Landi has led Argo’s US management liability platform since his arrival at the business in 2016.
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The insurer’s surplus fell from $61mn to $22mn during 2020.
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The new law raises the burden of proof required for claims to succeed and introduces a one-year time limit.
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The news follows the reinsurer’s announcement that the executive would step down from his role at the end of April.
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Michael O’Brien and Mary Wong join the business in Chicago and Denver.
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Goldman Sachs is advising in deal that will test investor appetite for the independent agency alliance model
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