“The group, comprised of roughly 80 people, included executives from some of the largest insurers, reinsurers and brokers in the industry, such cheap, cheaper, cheaper still, and prices so wreckless we’ll run your carrier into the ground.”
If they design it for ILS transactions that are now done offshore, it will be a good addition to the market. Making it another “Lloyd’s New York” will doom it in this soft market – just like the first exchange.
New York prohibits insurance of punitive damages, in essence making a market for Bermuda. And, the State makes it harder to write liability policies on a claims-made and/or defense within limits than any other state. So, how on earth do these guys get it right?
…more capacity.
“The group, comprised of roughly 80 people, included executives from some of the largest insurers, reinsurers and brokers in the industry, such cheap, cheaper, cheaper still, and prices so wreckless we’ll run your carrier into the ground.”
If they design it for ILS transactions that are now done offshore, it will be a good addition to the market. Making it another “Lloyd’s New York” will doom it in this soft market – just like the first exchange.
New York prohibits insurance of punitive damages, in essence making a market for Bermuda. And, the State makes it harder to write liability policies on a claims-made and/or defense within limits than any other state. So, how on earth do these guys get it right?