Construction
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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.
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Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.
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Loss costs and replacement costs will follow lumber prices higher in the aftermath of 2020 cat events.
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Robinson, a 40-year industry veteran who has also previously worked at AIG, Marsh, and Travelers, will serve as president of the new division.
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Supply chain disruptions are impacting material costs and timelines, but the Biden administration’s legislation promises growth.
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The initiative follows the launch of Zurich's construction weather parametric solution, a project designed to support sustainability.
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The new product will focus on controlled insurance programs for contractors and owners as well as project-specific policies.
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Projects on hold are restarting, and materials prices are jumping 25% to 30%.
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Dane Lopes has joined as CCO, while Jason Lamonica will lead Vantage's new construction insurance business in the US.
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The executive will report to Alex Wells, head of middle market at Zurich’s Illinois-based operations.
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In a recent white paper, the insurer said future catastrophe claims could expose increasing instances of underinsurance.
