Posted on: 7 January 2016
A new London company market group has been established for Directors and Officers (D&O) underwriters by the International Underwriting Association (IUA). The move has been made in response to demands by member firms which have recently expressed a strong interest in this class of business.
Previously issues relating to D&O business have been discussed by the association’s existing professional lines communities. But a more specialist committee now has widespread support with 11 companies already nominating representatives to participate.
Chris Jones, the IUA’s Director of Market Services said: “There are now nearly 800 individuals participating in IUA market groups across a wide range of business classes and market issues.
“The new D&O group will further deepen such levels of engagement, providing a forum for underwriters to exchange views and information and undertake relevant research. Among the items on its agenda will be the Financial Conduct Authority’s new rules on whistleblowing and class actions in the UK.”
The first meeting of the IUA D&O Underwriting Group is scheduled to take place on 26 January at the association’s new offices on the 8th floor of No 1 Minster Court. It will then convene on a monthly basis. Membership is open to any IUA companies writing such business.
Meanwhile, new members are also being sought for the IUA’s Property Underwriting Group which will be further developed during 2016. This committee was established last year through the combination of a Property Facultative Underwriting Group and Property Treaty Group. The merger has proved successful, encouraging greater participation and discussion of market issues.
Now a new chairman, Gavin Carncross of QBE, has been appointed following the retirement of Larry Foot from Gen Re. Alex Mitchell of AIG has assumed the role of deputy chairman.
Property business continues to be the largest class written by IUA members in London, as evidenced by the association’s London Company Market Statistics Report 2015. The latest figures show property premium income at £4.117bn, accounting for 26% of the market’s overall total.
