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.
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Pearce brings 25 years of experience with a background in the A&E sector.
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Rooker joined the Texas brokerage in 1999, while Schramm joins from CNA.
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The new suite of coverages is designed to meet the unique needs of healthcare organizations.
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Michael Smith is a former mortgage broker.
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The executive has been with Zurich since 2018.
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Pauline Morley will report to John Van Decker, head of global financial lines.
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The MGA will be offering $10mn limits for $300mn-$10bn companies.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Chubb’s balanced view of the market as a whole, and pricing and loss cost trends in particular, puts it ahead of the curve on value creation, despite a difficult economic backdrop.
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The program will offer limits of up to $2mn to a wide range of professionals in the industry from agents, brokers and property managers to consultants.
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The hires include Melissa Sowa from AXIS, John Birkhofer from Hallmark and Michelle Anderson from Argo.
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Aon’s E&O and Cyber Market Review found that between Q1 2019 and Q4 2021, ransomware attacks surged 323%.
