Professional lines

ProAssurance issues profit warning on $37mn Q4 reserve charge

ProAssurance has issued a preliminary estimate of $37mn in prior year adverse development as well as warning the current accident year net loss ratio for its specialty property casualty segment could hit 148 percent.

Marsh hires Aon’s Quintal for US FI team

Marsh has brought in Jacqueline Quintal from rival Aon as a managing director within its US financial institutions practice.

AIG and Tokio attempt to steer clear of $23mn Hertz payout

Hertz’s D&O insurers have asked a New York court to rule that the car rental company is not entitled to an insurance payout related to a settlement with the US Securities and Exchange Commission.

Construction PI premiums more than double as cladding cover tightens: report

Professional indemnity (PI) policies for workers in the construction sector have seen premiums rise “to well in excess of 100 percent”, as insurers increasingly exclude cladding or have pulled out of PI entirely.

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.

NFP hires another former JLT exec for financial institutions group

Expansive private equity-backed broker NFP has added another former JLT Specialty USA executive to its ranks with the hire of financial institutions specialist Natasha Kiemnec.

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.

D&O displaying discipline, but not yet a hard market

US D&O insurers are showing a new-found willingness to walk away if their price increase demands are not met, while the increasing cost of defending claims is putting lower excess insurers in the burn layer more.

Ascot Insurance US readies environmental and inland marine launch

Ascot Group’s start-up US admitted carrier will begin quoting on its John O’Brien-led environmental book in mid-April as it looks to build out six core business lines in its first year targeting middle market and small account business, The Insurer can reveal.

Axa XL makes senior Bermuda professional lines promotion

Axa XL has announced Jennifer Minors as senior vice president and product line leader in its Bermuda professional lines insurance unit.

Sompo Pro to revamp architects and engineers offering with new head

Sompo International has hired Steven Grippo from Lexington to lead its US architects and engineers practice, and is looking to expand its offering in this area to target more challenging risks.

AFL snaps up US-based MGA Zodiac

Lloyd’s broker AFL has acquired a majority stake in US-based Zodiac Insurance Services, for an undisclosed sum.

Capsicum takes Tysers trio to launch professional liability unit

Broking house Capsicum has taken a three-strong professional liability team from London wholesaler Tysers.

Lloyd’s targets seven loss-making classes in new £6.4bn crackdown

Lloyd’s has instructed its managing agents to provide quarterly reports and an “action plan” on the underwriting performance of seven under-performing classes of business as part of a wider initiative to improve the market’s poor results, re-Insurance.com can reveal.

Canopius exits professional indemnity and financial institutions

Lloyd’s insurer Canopius is pulling out of its professional indemnity (PI) and financial institutions (FI) business lines in London, re-Insurance.com can reveal.

Marsh moves US financial and professional lines leader to UK

Marsh has named Paul Denny financial and professional practice leader for the UK.

Chubb’s Greenberg takes aim at share buybacks and litigation

In a wide-ranging annual letter to shareholders, Chubb boss Evan Greenberg has criticised the industry’s tendency toward share buybacks to boost stock value and what he considers an “unnecessary tax on corporate America” from soaring legal costs hurting the D&O market.

US D&O loss ratio spike drags insurers into the red: AM Best

US D&O loss ratios spiked the highest in at least seven years in 2017 fuelled by a record number of federal securities class action suits while insurers struggled to achieve rate increases.

D&O pricing slumps 8% in 2017 despite record number of lawsuits

The price for $1mn of directors and officers (D&O) cover in the US sank by 8.3 percent last year despite a record number of class action lawsuits against publicly-listed firms, a study by Aon has found.

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