Construction
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Longo was previously underwriting manager for Axa XL’s construction group. -
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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Axa XL has promoted Michael McKinley to senior vice president and primary casualty practice leader within its North America construction division.
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Casualty underwriters were taking a “conservative and selective approach” with high-risk categories and accounts with poorer loss histories.
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The group will provide clients with construction and surety services designed for complex national and cross-border projects.
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K2 is requesting the court dismiss the case with prejudice, barring Argo from bringing the same allegations to another US court.
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