Pol risk, credit & surety

Negotiations were dragged out by decisions being referred for sign-off at senior levels.

The elevations of Schick and Ward follow last November’s confirmation of Kliethermes as the insurer’s new effective this January after the retirement of Jonathan Michael at end of this year.

Economic recovery and strength of construction market prompt AM Best to up its outlook on surety segment.

The veteran executives will report to Argo commercial specialty president Gary Grose.

The hires mark Skyward’s latest expansion in the line, after the carrier acquired the $30mn-premium Aegis Surety business from MGA-consolidator K2 Insurance Services in January.

Sussman will report directly to Crum & Forster CEO Marc Adee.

Dane Mahoney, who has been with Axa XL since 2013, will lead a team of global risk analysts and develop the global underwriting strategy.

The total volume of surety bonds impacted by the bankruptcy is likely to exceed $500mn, including $19.5mn of surety exposure for Intact Financial’s One Beacon.

With economic activity bouncing back globally and major events attracting large crowds returning to the calendar, Willis Towers Watson warned that the level of terrorism risk is also likely to rebound.

Executives at broking behemoth Marsh said appetite for political and credit risk “has returned” as the recovery from the pandemic has taken hold, but that the turbulent period had also created an environment of growing economic risk, including widening inequality and a rise of resource nationalism.

The carrier has also promoted internally for a new leader of its US political risk, credit and bond team as it continues to staff up the division.

Funding from the UK and Germany will support early action and the managing of disaster risks in less wealthy countries.