Construction

Provisions in the law allow injured workers to directly sue property owners, and the resulting claims are fueling insurance costs.

Based in Washington, DC, the executive reports to Gretchen Thompson, head of inland marine, excess solutions and complex liability.

Based in Chicago, the executive will join the construction practice led by senior vice president Kristyn Smallcombe.

The executive will oversee Zurich NA US national accounts, which include large corporate and captive customers.

The broker expects significant price and retention pressure in PL products and highlighted the lack of new capacity entering the US market.

Argo’s underwriting loss widened to $109mn in Q4 2021 from $33.7mn the year before, driven by a $132mn reserve charge.

The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.

The program is available to select brokers in New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and California, with Texas coming soon.

The fresh paper comes in addition to the underwriter’s $150mn of construction builder’s risk and $100mn of critical flood, earthquake and named windstorm capacity.

Lindsay Plotkin joins the construction start-up after more than two years at Allied World, where she served as general casualty and construction senior underwriter.

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

Loss costs and replacement costs will follow lumber prices higher in the aftermath of 2020 cat events.