Construction
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Inside P&C takes a closer look at the NY construction market, which represents a unique challenge to insurers and insureds due to density and strict labor laws. -
Ryan Powers will report to QBE NA president of commercial insurance Mike Foley.
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Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines.
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The MGU has secured up to $10mn follow-form capacity on a non-admitted basis to cover general liability on complex construction projects in the US.
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Longo was previously underwriting manager for Axa XL’s construction group.
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WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.
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Banking crisis contagion could lead to a decline in construction projects and demand for coverage, while inflation is driving loss costs ever higher.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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He will coordinate product management and development of related products, which are anticipated to be available in the late second quarter of 2023.
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Primary liability rate increases currently range from flat to 10% for most commercial projects, private broker Lockton disclosed in its annual construction market report.
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Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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The Waukee, Iowa-based broker acquired the construction-focused intermediary CSDZ in 2018 to expand its presence in Minnesota, Utah and Wisconsin.
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