Tokio Marine

The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Tokio Marine has committed $42mn to the initial fund with plans to deploy more capital into subsequent fund cycles.

In the past year, criminals held more than $600mn in ransom, stole millions of citizen records, compromised a billion airline-passenger details and threatened the IT operations of 40,000 businesses.

Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.

Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.

Palotay succeeds Richard Robin, who joined Tokio Marine following its acquisition of NAS Insurance, where he was CEO, in April 2019.

The underwriter has more than 36 years’ experience and has previously worked at Hiscox and Faraday.

Fischer will oversee the P&C underwriting agency’s portfolio in the fine art market, including art dealer, exhibition, museum, and private and corporate collection coverages.

The co-head of international also stressed that its emphasis on ESG was "simply the right thing to do".

The Insure Our Future network is due to hold “physical and digital actions” in Japan, South Korea, the UK and the US.

The Lloyd’s broker plans to establish additional regional offices.