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.

The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.

Inside P&C’s news team runs you through the key highlights of the week.

Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.

The expected results are a result of the unusually low levels of insolvency and subsequent claims frequency.

Cedants are grappling with rising rates while coverage narrows.

The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report.

Dover and Nersessian-Hristova’s appointments mark the first expansion of Convex US since its launch earlier this year.

The Massachusetts Bay Transportation Authority claims the firms failed to act over the bankruptcy of LMH-Lane Cabot Yard Joint Venture.

Based in New York, Greer is responsible for leading the surety reinsurance efforts in the United States, Canada and Puerto Rico.

The 222-page complaint describes fraud committed against various carriers, including Zurich, Tokio Marine and Everest in surety, D&O and homeowners’ insurance programs.

The broker said Ukraine will fall into a deep recession this year following Russia’s invasion.

The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.

The broker’s political risk report has highlighted the competing interests between countries for ownership of untapped natural resources and space exploration.

Cyber policies already include war exclusions, but market participants now expect more explicit language and tighter terms and conditions.

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

The ratings agency has also terminated the provision and redistribution of all information products and services to clients in Russia with immediate effect.

The company will withdraw all of its outstanding ratings on Russian firms before 15 April, having already announced the suspension of its Russian operations.

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.

With economic activity bouncing back globally and major events attracting large crowds returning to the calendar, Willis Towers Watson warned that the level of terrorism risk is also likely to rebound.

Executives at broking behemoth Marsh said appetite for political and credit risk “has returned” as the recovery from the pandemic has taken hold, but that the turbulent period had also created an environment of growing economic risk, including widening inequality and a rise of resource nationalism.

The carrier has also promoted internally for a new leader of its US political risk, credit and bond team as it continues to staff up the division.

Funding from the UK and Germany will support early action and the managing of disaster risks in less wealthy countries.

Protests have been raging for a week, with notable damage to police stations, buses and bus stations.

Laura Weiss joins the West Coast intermediary from Euler Hermes.

The broker’s report notes that the economic costs of coronavirus are increasing political risk.

The executive said political turmoil in the US “isn't going away” and that recent events were “a wake-up call".

Sources warn further unrest is possible and anticipate rising demand for SRCC and even full political violence cover.

The organization’s president David Sampson says that the insurance industry supported the peaceful transition of power.

The insurer has increased per risk limits for the class of business to $500mn and opened offices in New Jersey, Illinois and California.

George James has joined the insurer as chief underwriting officer of US surety risks.

The sanctions will further complicate the delayed construction of the 2,460 km pipeline between Russia and Germany.

Triangle Surety Agency specializes in placing performance bonds for coal mining companies.

Former Ryan Specialty Group and AIG executives join Nexus to lead the alliance.

Mann has been at QBE since 2008, having started out as a corporate counsel.

Brokers and underwriters say a reinsurance backstop scheme could increase the availability of cover for small businesses decimated by Covid-19.

The MDP-backed buyer strikes a simultaneous capacity deal with Crum & Forster.

US trade credit insurers have already cut capacity by 14% since the start of 2020.