Management liability

Argo Pro president Landi to depart

Argo Pro president Craig Landi is leaving the carrier after five years for an opportunity outside the business, The Insurer has learned.

NFP recruits WTW management liability execs Schott and Smith

Expansive broker NFP has bolstered its management liability ranks with the hires of Matt Schott and Kevin Smith from Willis Towers Watson, The Insurer can reveal.

ProSight hires Everest Insurance financial lines head Lavigne

Keith Lavigne has joined ProSight Specialty Insurance as senior vice president, with the new hire most recently serving as head of financial lines at Everest Insurance.

Markel-backed management liability insurtech Counterpart raises $10mn

Counterpart, an insurtech MGA that uses Markel paper to write management liability business, has raised $10mn in Series A funding, with its CEO telling this publication the start-up has been able to grow quicker than expected due to the pandemic and tightening capacity.

Ascot US launches private and non-profit primary D&O offering

Ascot US has launched a new primary D&O insurance offering written by a trio of underwriting executives hired from RSUI as it continues to build out its management liability and financial institutions portfolio under divisional head Ryan Becker, The Insurer can reveal.

Nexus adds Hiscox USA’s Socrates to target ML and PL growth

Nexus Group has appointed Denise Socrates as vice president in its US management and professional liability team.

Keenan to lead wholesale-only management liability entry for Lexington

Lexington Insurance Company has entered the wholesale-only management liability space with the launch of a new unit called LexPro, led by Julia Keenan, The Insurer can reveal.

QBE hires Berkshire’s Fortin and Greeley for expanded financial lines unit

QBE North America has appointed Dan Fortin as financial lines president and Todd Greeley as the unit’s chief operating officer, with both executives joining from Berkshire Hathaway Specialty Insurance (BHSI).

IAT building out management liability unit for 2021 launch

US specialty insurer IAT Insurance Group is hiring an underwriting director and several other underwriting executives for its John Passaro-led management liability unit, as it looks to launch a suite of products and begin writing business at the start of Q2 next year, The Insurer can reveal.

AIG GI names Barrett CUO of NA financial lines

Allison Barrett has been appointed to the position of CUO for North America financial lines at AIG’s General Insurance (GI) business following the retirement of Irwin Goldfarb, The Insurer understands.

Axis adds four US management liability underwriters

Axis Insurance has made four underwriter hires to its US management liability team – Christina Segreti, Drew Kushnick, Matthew Holzinger and Sherry Alexakis – joining from Gallagher, Chubb and Starr Companies.

Axis partners with AllDigital Specialty and will provide capacity to insurtech

Blockchain and AI-driven start-up AllDigital Specialty has partnered with Axis Insurance to build its production platform ahead of releasing its first management liability policy by the end of the year on paper provided by the carrier, The Insurer can reveal.

New Dawn Risk adds to liability and financial institutions team

New Dawn Risk Group has appointed Charlie Mills as senior broker in its management liability and financial institutions team.

HDI adds Neon duo to management liability and FI team

HDI Global Specialty SE has built out its management liability and financial institutions with the hiring of Louise Parker and Charles Boorman.

Travelers to continue push for rate despite Covid-19 impact

After reporting strong momentum on pricing in its business insurance unit earlier today, Travelers said it will continue to seek rate where it is required on its book, despite the impact of Covid-19 on the economy.

Delaware court finds federal forum provisions valid in major ruling for D&O market

The Delaware Supreme Court has handed down an important opinion that should provide D&O carriers and their insureds some relief from the recent increase in parallel federal and state IPO-related litigation, finding that so-called federal forum provisions (FFPs) are facially valid.

Coronavirus class action lawsuits start to be filed

Two coronavirus-related securities class actions have already been filed – one against a cruise line and one against a pharmaceutical company – as expectations of a spate of D&O lawsuits resulting from the outbreak start to be realised.

IPO D&O market turning towards coinsurance and quota shares

With pricing rocketing and loss frequency in the D&O market for IPOs at around 20 percent, brokers and insurers are increasingly turning to different structures such as coinsurance, lower limits and side A only coverage.