Professional liability

Insurers on hook for reported $25mn Weinstein settlement

Harvey Weinstein and the board of his former film studio have reportedly reached a tentative $25mn settlement to be paid by insurers that would end nearly every lawsuit against the disgraced producer and his former company.

AIG’s financial lines reinsurance move highlights changing market

AIG’s proposed excess-of-loss covers for its $4bn financial lines book are expected in the market in the coming weeks after the insurer appeared to shelve plans for a quota share that sources said could have targeted a mid-30s cede commission, The Insurer understands.

Swiss Re CorSo sells healthcare professional liability renewal rights to Berkshire

Berkshire Hathaway subsidiary MedPro Group has agreed a deal to acquire the renewal rights for Swiss Re Corporate Solutions’ healthcare professional liability business as the carrier retrenches from the segment in the US.

CRC adds Swain as ExecPro director in LA

Wholesale broker CRC has hired Sebastian Swain from Beazley as director in its ExecPro management and professional liability group.

Arch sues to avoid paying USC molestation claims

Arch Specialty Insurance is seeking a declaration that its excess policies issued to the University of Southern California (USC) exclude cover for the alleged sexual abuse of hundreds of students by a gynaecologist that worked in the campus clinic.

No end of D&O hikes in sight after high H1 securities fraud filings

New data reveals the rapid pace of securities fraud case filings has continued in the first half, against a backdrop of D&O insurance hardening that is expected to last for at least another 18 months.

Medical E&S writers warier of opioid, sexual misconduct exposures

AmWINS reports that conditions vary widely across a diverse E&S professional liability insurance sector, with the medical professional sector one area that is noticeably hardening.

Markel hires ex-Axis exec Lecci to lead US professional E&O

John Lecci has been named a senior director of professional liability at Markel, heading the New York-based US professional errors and omissions team.

AIG explores another multi-billion new reinsurance deal

Global insurer mulls another new liability reinsurance deal with broker RFP process set to get underway

Markel hires Proferes in global PL executive underwriting role

Markel has added another senior hire to its underwriting management ranks with the appointment of James Proferes as executive underwriting officer for global professional liability.