E&O
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The professional lines market remains ‘challenging’ overall, however. -
The company also encouraged insurers and brokers to support the initiative.
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Companies often purchase policies with limits far exceeding their actual exposure needs.
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Competition and ample capacity are pushing premiums lower.
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The program is designed to address a changing risk environment.
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The executive will begin serving as Hiscox USA’s CUO as of May 5.
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The role will unify the P&C and professional and executive risk practices.
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The company has hired Axa XL’s Irvine to lead the new platform.
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Markel had announced the exit from the line of business in the US last year.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
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Sources said Dowling Hales is advising the professional lines quoting platform on the process.
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Current rates at 2% to 2.5% translate to an 86% incurred loss ratio.
