Pol risk, credit & surety

A quiet wind season is also expected to further soften the property market.

Trade credit insurers are expected to respond with tighter buyer limits and stricter wordings.

Cyberattack/data breach remains in the top slot.

Former head of construction Bill Creedon will assume the role of chairman.

Teresa Black will succeed him as division president of North American surety.

The broker called on carriers to expand coverage into new specialisms.

The move will allow clients to take on larger and more complex projects

The carrier laid out its business mix for the newly launched reinsurance syndicate.

The executives will join the company in the coming weeks.

He joins from Swiss Re, where he has spent the last 27 years of his career.

Sources said that Nacional would only consider a bid north of $150mn.

The company sees the surety market as a ‘highly attractive’ segment

Palomar acquired FIA for 1.7x closing book value to enter the surety market.

Dan Riordan, Richard Abizaid and Javier Gomez will spearhead the unit.

Michael Smith is a former mortgage broker.

Trisura is expanding the firm’s licenses to include all 50 states and Washington, DC.

Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.

There is more capacity in the market for long-term risks.

Lockton broker Gary Giulietti said the size of the bond is "rarely, if ever, seen".

Marsh Specialty has released its Political Risk Report 2024.

The fronting company has been expanding its surety business in the US.

Surety DWP rose between 11%-12% YoY from Q1 to Q3 2023.

Based in Brazil, the executive also has prior experience at Liberty Seguros, where he was regional manager, and Chubb, where he was LatAm surety underwriting manager.

Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.

The executive will be based in the company's Morristown, New Jersey office.

The executive has over three decades of surety experience in underwriting, consulting, and claims roles, including a stint as surety claims counsel.

American has been in the surety market for over 30 years and upon closing will become Core Specialty’s surety division with two initial product lines, bail bonds and commercial surety bonds.

The carrier has appointed Scott Bailey as vice president of field operations for contract surety, among seven recent hires.

Rising counterparty risk from economic slowdown will support prices and growth.

The Canadian fronting carrier has been expanding its surety business in the US for several months through various initiatives.

The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.

The firm expects to obtain all regulatory approval to close the US deal over the next three to four months.

The carrier will look to support green energy projects in developing nations.

Other appointments in the team include Nick Ayres as chairman of global credit and Doug Espenson named as head of US mortgage.

Argo has also hired former RLI surety head Greg Chilson as an adviser.

If the crisis had played out differently with defaults on deposits, surety insurers would have run up huge losses.