Construction
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CoreLogic’s report for April 2024 saw rising costs across four common loss scenarios.
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WTW said adverse development “is evident” in auto liability lines from 2015 to present.
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This continues a consecutive quarterly gain of over 6%.
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The firm took a major reserve charge and has gone into remediation mode.
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Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.
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The ratings agency assigned a group financial strength rating of A, with a stable outlook, to three new member companies of Builders Insurance.
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John Schwirtz will report to Matt Waters, head of Axa XL's US mid-market business, and build out a mid-market underwriting team.
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Jeff Banasz will serve as EVP with the Cobbs Allen division, establishing an inaugural office in Philadelphia.
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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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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.
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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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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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Prior to his promotion, the executive served as project solutions national practice leader
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P&C carriers in the region are navigating economic headwinds and market volatility while the economy has not fully recovered from the Covid-19’s aftermath.
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Argo sued K2 in May claiming that the team lift-out was accomplished through breaches of fiduciary duty and contract.
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The new team includes underwriters and specialists in areas such as claims and loss control.
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The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.
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Provisions in the law allow injured workers to directly sue property owners, and the resulting claims are fueling insurance costs.
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Based in Washington, DC, the executive reports to Gretchen Thompson, head of inland marine, excess solutions and complex liability.
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Based in Chicago, the executive will join the construction practice led by senior vice president Kristyn Smallcombe.
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The executive will oversee Zurich NA US national accounts, which include large corporate and captive customers.
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The broker expects significant price and retention pressure in PL products and highlighted the lack of new capacity entering the US market.
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Argo’s underwriting loss widened to $109mn in Q4 2021 from $33.7mn the year before, driven by a $132mn reserve charge.
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The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.
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The program is available to select brokers in New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and California, with Texas coming soon.
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The fresh paper comes in addition to the underwriter’s $150mn of construction builder’s risk and $100mn of critical flood, earthquake and named windstorm capacity.
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Lindsay Plotkin joins the construction start-up after more than two years at Allied World, where she served as general casualty and construction senior underwriter.
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Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.
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Loss costs and replacement costs will follow lumber prices higher in the aftermath of 2020 cat events.
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Robinson, a 40-year industry veteran who has also previously worked at AIG, Marsh, and Travelers, will serve as president of the new division.
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Supply chain disruptions are impacting material costs and timelines, but the Biden administration’s legislation promises growth.
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The initiative follows the launch of Zurich's construction weather parametric solution, a project designed to support sustainability.
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The new product will focus on controlled insurance programs for contractors and owners as well as project-specific policies.
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Projects on hold are restarting, and materials prices are jumping 25% to 30%.