Construction

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.

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.