Construction

Primary liability rate increases currently range from flat to 10% for most commercial projects, private broker Lockton disclosed in its annual construction market report.

Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.

The Waukee, Iowa-based broker acquired the construction-focused intermediary CSDZ in 2018 to expand its presence in Minnesota, Utah and Wisconsin.

Axa XL has promoted Michael McKinley to senior vice president and primary casualty practice leader within its North America construction division.

Casualty underwriters were taking a “conservative and selective approach” with high-risk categories and accounts with poorer loss histories.

The group will provide clients with construction and surety services designed for complex national and cross-border projects.

K2 is requesting the court dismiss the case with prejudice, barring Argo from bringing the same allegations to another US court.

Prior to his promotion, the executive served as project solutions national practice leader

P&C carriers in the region are navigating economic headwinds and market volatility while the economy has not fully recovered from the Covid-19’s aftermath.

Argo sued K2 in May claiming that the team lift-out was accomplished through breaches of fiduciary duty and contract.

The new team includes underwriters and specialists in areas such as claims and loss control.

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