Pol risk, credit & surety

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Despite the limited exposure overall, Hiscox said that it has some exposure on its terror and political violence book.

Those writing large energy or infrastructure risks, such as London market insurers or international reinsurers, will be most affected by the war, the ratings agency warned.

Despite an increased risk environment, capacity has increased for political risks, trade risks political, trade risks commercial and non-trade insurance, the broker said.

Negotiations were dragged out by decisions being referred for sign-off at senior levels.

The elevations of Schick and Ward follow last November’s confirmation of Kliethermes as the insurer’s new effective this January after the retirement of Jonathan Michael at end of this year.

Economic recovery and strength of construction market prompt AM Best to up its outlook on surety segment.

The veteran executives will report to Argo commercial specialty president Gary Grose.

The hires mark Skyward’s latest expansion in the line, after the carrier acquired the $30mn-premium Aegis Surety business from MGA-consolidator K2 Insurance Services in January.

Sussman will report directly to Crum & Forster CEO Marc Adee.

Dane Mahoney, who has been with Axa XL since 2013, will lead a team of global risk analysts and develop the global underwriting strategy.

The total volume of surety bonds impacted by the bankruptcy is likely to exceed $500mn, including $19.5mn of surety exposure for Intact Financial’s One Beacon.