Why did Hiscox enter the directors’ and officers’ (D&O) insurance market 10 years ago and stay there even when conditions continued to remain challenging with soft pricing in the US, lots of competitors and rising security class actions?
In this the first of a series of three videos looking at the past, present and future of the D&O market, Hiscox London Market’s Chief Underwriting Officer, Paul Lawrence; Chris Moore, D&O Technical Claims Manager; and David Mulvaney, Senior D&O Underwriter, look back at Hiscox’s entry into the market and explore the highs and lows of underwriting D&O over the last ten years.
A decade that saw the transition from a “super soft market until 2018” to “a multi-year hard market” was characterised by events such as the opioid epidemic “which came…close to a D&O cat event…with retailers, manufacturers, and others all facing securities class actions and derivative actions, many of which settled for large sums of money”.
