Source: http://www.virtual-strategy.com, December 19, 2013
Beazley’s environmental liability team is expanding with the recruitment of two senior underwriters, Dana Hughes and Gregory Dunn. Ms Hughes and Mr Dunn will both be based in Beazley’s Philadelphia office.
Ms Hughes joined Beazley in August 2005 and currently underwrites for the company’s Architects & Engineers (A &E) team. In her new role she will be expanding her focus to include professional liability and contractors’ pollution liability for environmental consultants and contractors. A former geologist and environmental consultant, she brings strong technical expertise to the team.
Mr Dunn was previously vice-president/regional manager at XL Insurance. He has a degree in geology, over five years of environmental consulting experience and more than a decade of underwriting experience in fixed site and contractors’ pollution liability across a broad range of risk categories.
“I am delighted that Dana and Greg have joined our team,” said Jayne Cunningham, environmental liability focus group leader. “With his technical underwriting background and ample business development experience, Greg will fit right in with our disciplined underwriting approach.”
“Dana has been a tremendous asset to Beazley’s A &E team. Her expertise and extensive experience in general and environmental underwriting will be extremely valuable to us as we continue to expand our portfolio.”
A new broker partner had previously placed coverage with an established environmental carrier for GL/Pollution/Professional and Excess on an environmental contractor. The carrier was non-renewing due to the class of business.
Our partner broker asked if New Day could market the renewal on their behalf even though there was only two weeks before the expiration date. New Day took on the challenge and made several calls to underwriters that had previously demonstrated an appetite for this class of business, coverage and limits. Within two days, the choice of carriers was narrowed down and, after discussing with the partner broker, one carrier was selected.
The proper underwriting information was requested and then forwarded to the underwriter, who delivered as promised and on time.
New Day offered the following advantages to its partner broker
– A willingness to work on behalf of our partner
– Our knowledge of the market, appetites, capabilities, etc.
– Our relationship with the markets to obtain quick assessments of the risk, responses, indications, etc.
– The partnering efforts of New Day and our partner. We discussed options and determined the most efficient and effective course of action.
– Our ability to provide the underwriter exactly what was needed so that a quote could be generated that addressed the insured’s needs, all in a timely fashion.
The result was a successful placement – the right coverage, with the right carrier, at the right price and on time. New Day’s partner broker was happy and appreciated the value that New Day brought to the process.
Source: http://www.businessinsurance.com, November 22, 2011
Insurance rates for construction contractors, architects and engineers could be on the rise, according to new market reports from Lockton Cos. L.L.C. released this week.
Unprecedented property losses stemming from natural catastrophes, anemic interest rates and worsening workers compensation results may conspire to drive up construction contractors’ premium rates on commercial general liability, builders risk and workers compensation in 2012, executives from Lockton wrote in its report.
“The market is clearly firming in chosen segments and geographies, and while most would hesitate to predict a ‘hard’ market, pricing is under pressure,” the company’s report on the construction market said. Insured losses from events such as the March 11 earthquake and tsunami in Japan, the flooding in Australia and Thailand, Hurricane Irene and the rash of tornadoes, windstorms and wildfires in the United States have been predicted to dampen capacity in vulnerable territories.
Depressed interest rates
At the same time, depressed interest rates also left many insurers unable to offset their cat losses with investment income, said Lockton Senior Vps Jody Wright, Jaime Knoop and Paul Primavera, the report’s authors.…
Effective August 1st, Catlin Environmental has $15MM in Capacity for its three core environmental products, including Site Pollution Liability, Environmental Protective Professional and Pollution Liability, and Owners Environmental Protective Professional Indemnity products.
This increased capacity is a direct result of our growing commitment to the environmental insurance marketplace and is reflective of our strong growth in this market segment over the last year. It is also a reflection of the confidence the reinsurance market has placed in the expertise and integrity of our environmental underwriters.
The Catlin Environmental underwriting staff has an average of 15 years of environmental underwriting experience, which allows us to quickly respond to your insurance needs with solutions-oriented coverage proposals that often exceed your client’s expectations.
This increased capacity is available within all of Catlin Environmental products, and allows us to better serve your client’s environmental insurance capacity needs.…
Source: BestWire Services, February 28, 2011
Posted on: http://fpn.advisen.com
The appointment by Beazley plc of an environmental risk underwriter at Lloyd’s reflects what the group expects to be the growth of this sector beyond its core North American market.
“This move is being seen as a natural progression in the development of our global environmental offering,” said Beazley underwriter Nicholas Pearson, who is heading the initiative. “And this enables us to specifically address the clients we insure at Lloyd’s for commercial property and for architects and engineers professional liability risks.”
Worldwide, the environmental insurance market is worth about $2 billion (1.48 billion euros) in annual premiums, with most of that originating in North America, Pearson said. The market is growing by about $1 billion a decade, he added.
This growth will be fueled by an increased awareness of environmental risk, greater availability of insurance products, and growing international demand within an improving economic climate, Pearson said. The wariness of capital to environmental risk will mean that insurance will become an important part of mergers and acquisitions, he added.…
New Day’s broker partner called one morning with an urgent request. A contractor client was unable to access a jobsite because they did not have the required pollution coverage. Using information provided by the broker, New Day quickly assessed the situation and provided the broker with a list of potential
carriers, an estimated premium and additional information requirements.
Following carrier selection by the broker, New Day immediately contacted the underwriter to ensure the appropriate coverage, price and turn-around could be accomplished. Within an hour, New Day submitted the necessary submission requirements, and a quote was promptly issued. Coverage and pricing terms were exactly where New Day and the underwriter had agreed they needed to be. New Day forwarded the quote and a proposal outlining its details to the broker. The bind order was sent to the underwriter that afternoon. With New Day’s expertise and efficiency at work, this broker was able to get their client out of a potentially disastrous jam and onto the jobsite.…
Fast quotes and easy renewal certificates are just two of the benefits your construction clients may realize with a Contractor’s Pollution Liability Policy from XL Insurance. XL offers protection for your construction clients with $25 million or less in revenue from costly mold claims and other pollution losses quickly and more efficiently. XL’s streamlined approach features:
You and your customers benefit from:
XL’s Contractor’s Pollution Liability (CPL) coverage for regional contractors features:
New Day’s broker partner won a large chemical manufacturer/blender account several weeks before renewal. The challenge was to renew a manuscripted site pollution liability policy that included cost cap coverage for a remediation site. With time a concern, New Day conducted a detailed review of the coverages and the remediation project. Working with the carrier, underwriters and underwriting engineers, New Day participated in a client meeting to discuss options to either purchase the 5-year optional extended reporting period (ERP) or to seek renewal of the site pollution coverage. When the carrier declined to offer either ERP or renewal of the cost cap coverage at the remediation site, New Day again analyzed options for keeping coverage in place for the locations on the policy.
Drawing on its engineering, consulting and remediation experience, New Day participated in an engineering survey conference call and further negotiated with the carrier. It was determined that based on the complexities at the covered locations, including pending claims and a potential claim, New Day was able to work with the client and the carrier in placing the 5-year optional ERP.
Because of the technical expertise and intellectual capital brought to the client by New Day, the client has requested that New Day now work on a possible portfolio policy to cover locations worldwide.…