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Zurich News from Insurance Insider US
The company also encouraged insurers and brokers to support the initiative.
The cyber business will continue to operate as a standalone entity.
Kirsh was involved in launching an industrywide “legal system abuse coalition”, which now has 350 participants.
US national accounts head Paul Lavelle will retire as of June 1.
He was most recently middle market casualty leader and EVP at Chubb.
The take-up rate will depend on the price discount and market segment.
The facility is a nudge towards a structural change, not a full-out assault.
Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.
The facility provides up to $100mn in claims-made excess casualty coverage.
The carrier is looking to accelerate E&S growth after 7% expansion in 2024.
The insurer claims Jessica Balsam still holds Zurich confidential information.
The division is seeking to place underwriters in regions across the US.
Also, John Diaz will lead a customer and distribution management function.
The sale of the business was confirmed in June.
GWP declined to $11.1bn from $11.3bn in the US and to $484mn from $527mn in the rest of the region.
He succeeds Rob Clark, who was appointed global broker account lead.
This publication reported yesterday that the two carriers were nearing a deal.
The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.
The CEO said he is “optimistic” about the future of the commercial space.
Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
The executive has been with Zurich since 2018.
The plaintiffs – three former claims adjusters – were each awarded $25mn in punitive damages.
The executive worked on projects with the firm when he was an investment banker.
He was most recently cyber product leader at Zurich NA.
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The result has been a sharp increase in the use of captives.
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The exec said if he were a carrier CEO, now is the time he would start looking for deals.
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