Construction

Foxquilt enters NY with coverage suite including contractors’ GL

Digital MGA Foxquilt has begun offering its products in New York, including coverage for the challenged contractors’ general liability segment.

Hub acquires assets of Utah-based construction agency RK Gore

Hub International has acquired the assets of Utah-based RK Gore & Associates, an insurance agency specialising in solutions for the residential construction industry.

Price Forbes expands US construction wholesale unit with BMS's Morgan

Heightened competition and cladding challenge to drive further PI softening into 2025: Gallagher Re

The professional indemnity market softened throughout 2024 and will continue to in 2025 amid fallout from the UK’s cladding scandal, according to Gallagher Re.

Shepherd expands offerings with admitted excess products for commercial construction

Construction-focused insurtech MGA Shepherd Insurance has expanded its offerings to include admitted excess products, enhancing coverage for clients in the commercial construction industry.

Axa XL launches cyber endorsement for US construction firms

Axa XL has launched a cyber insurance endorsement tailored for construction firms in the US, offering enhanced protection against cyber threats.

Chubb forms UK&I construction industry practice targeting £10mn+ contractors

Chubb has launched a new construction industry practice across the UK and Ireland.

Allied World goes wholesale-only on primary casualty for construction project and wrap-ups

Allied World has taken the step of using exclusively wholesale distribution for the commercial project and wrap-up policies written by its primary casualty construction team, E&S Insurer can reveal.

GCube warns against broad renewables coverage as projects ramp up

Renewables underwriter GCube has called for greater capacity to support the next cycle of project development, but warned that broad coverage with high limits would lead to “unsustainable levels of risk”.

Construction capacity at strongest position in recent years: Miller

Construction capacity is at its strongest position in years, with competition growing on annual business, according to Miller.

USI’s head of industry verticals and construction leader Beck to leave

USI’s head of industry verticals and national construction practice leader Danette Beck is leaving the retail broker, The Insurer can reveal.

Platform recruits Baker, Bowcott and eight others from Marsh and NFP

Toronto-based Platform has recruited Patrick Baker and David Bowcott along with eight other senior specialists from Marsh and NFP in hires the specialty broker said will solidify its position in the Canadian construction insurance sector.

Insurers set to shoulder bulk of ~€200mn+ Lürssen loss after retention increases

Marine builders’ risk insurers for the fire-struck Lürssen superyacht shipyard are expected to shoulder losses on a net line basis after recent retention rises limited access to reinsurance support.

Skyward Specialty increases surety capacity to $30mn per risk

Skyward Specialty has increased its capacity for single bonds to $30mn for contract surety and commercial surety, with aggregate limits of $75mn and $100mn, respectively.

Amwins: Builders risk placements commonly oversubscribed in market shift

The first half of this year has brought “drastically different” conditions than seen in the same period of 2023, with strong appetite from carriers and MGAs to write new business and placements now “commonly oversubscribed” reflecting increased capacity, according to Amwins.

WTW promotes Oppenheim to construction leader in CRB North America

WTW has named Jon Oppenheim as head of construction, corporate risk and broking, North America.

Verlingue establishes dedicated construction practice

Broker Verlingue has established a new dedicated practice to serve the UK’s fast-growing construction industry.

Catalytic gets QBE capacity for E&S builder’s risk program

Catalytic Risk Managers & Insurance Agency has partnered with QBE North America on a program offering non-admitted construction all risk coverage for builder’s risk projects.

Shepherd co-founder and chief insurance officer Buonpane exiting to join Everest

Shepherd Insurance co-founder and chief insurance officer Stephen Buonpane is leaving the construction-focused insurtech in the coming weeks to join Everest, The Insurer can reveal.

Corry: Argo undertakes 10% rate cut for owners’ interest business to be more commercial

Argo has enacted a 10 percent cut to its rating plan for owners’ interest business – excluding in California – in a move the insurer’s head of casualty David Corry said illustrates its commitment to partnering with and being responsive to brokers.

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