Coverage of the Cover Holders and Risk Takers-Exchange Conferences
Brokers and insurance professionals at the third annual CHART-Exchange conference, held in Baltimore, say syndicates and others in the Lloyd's market are showing an appetite for new types of risks, startups and smaller organizations.
Andrew Biggio, president, First Indemnity Insurance Agency, said attorneys should be covered in a broad fashion for liability from wrongful and prior acts, cyber exposures, licensure issues and more.
Thomas Wilson, partner, Wilson Elser, said brokers and managers looking to launch an insurance program often devote more than a year to starting up, and face a range of regulatory requirements.
Jonathan Swann, director, CFC Underwriting, said early cyber claims largely focused on breach, but 75% of today's claims are for ransomware and phishing incidents, making it more akin to crime coverage.
Bryan Baird, CEO, Xagent, said his company aims to provide agents with a single entry point to submit to multiple carriers.
Jason Murgio, CEO, Merger & Acquisition Services, said speciality distributors including managing general agents and managing general underwriters, are actively sought for sales and acquisitions.
Mark Rattner, executive vice president and chief underwriter, Fortegra, said filing miscellaneous errors & omissions coverage is more difficult than developing for specific professionals such as accountants or architects.
Allen and Bintou Chatterton of Chatterton Insurance said syndicates have become more open to developing business relationships outside of the London market, even with smaller agencies.
Brokers at the third annual CHART-Exchange conference, held in Baltimore, said they rely on the London insurance market to provide coverages for risks deemed too specialized or challenging for standard insurers.
John Bennis, president, MGA Systems, said many Insurers and MGAs are turning to portals and automation to boost sales and cut expenses.
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