State of the European D&O Insurance Market

Transcription

1 State of the European D&O Insurance Market 1

2 About Advisen: Advisen Ltd. is a privately-owned, independent and unbiased provider of news, data and risk analytics to the commercial insurance industry. Advisen s mission is to deliver productivity and insight to insurance professionals. Advisen brings greater success though technology and data, revolutionizing the way the commercial insurance industry functions. Our customers leverage the Advisen platform, adding power to their proprietary ability and bringing value to their clients. Please locate us on:

3 Many Thanks to our Sponsor!

4 State of the European D&O Insurance Market White Paper: State of the European D&O Insurance Market Copy of these slides Recording of today s webinar

5 Today s Moderator Dave Bradford- President, Research & Editorial Group, Advisen Ltd.

6 Today s Panelists Paul Schiavone, Global Chief Underwriting Officer for Special Lines Zurich General Insurance, Zurich Financial Services Christoph Leuzinger, Global Chief Underwriting Officer Management Liability General Insurance, Zurich Insurance Group Ltd Martin Butterworth, Partner, DAC Beachcroft LLC

7 Today s Panelists Paul Schiavone, Global Chief Underwriting Officer for Special Lines Zurich General Insurance, Zurich Financial Services Paul is the Global Chief Underwriting Officer for Special Lines, Zurich General Insurance. Special Lines includes the insurance lines of business for D&O, Management Liability, Financial Institutions, Professional Liability, Surety, Political Risks and Trade Credit. In this role Paul is responsible for developing and implementing the global strategy and financial planning for Zurich s Special Lines, for Zurich General Insurance. Paul joined Zurich Financial Services on April 1 st, 2006 to be Chief Underwriting Office of Commercial D&O, EPL and PTL Insurance for Zurich Global Corporate. Paul has over 18 years of experience in the insurance industry and Financial Lines and has also worked for American Wholesale Brokerage in San Francisco, California and AIG in both New York and Paris. Paul started his career in insurance 1994 working as Divisional Counsel for AIG s New York based subsidiary National Union Fire Insurance Company of Pittsburgh, Pa. (National Union). At National Union, Paul held many positions including Divisional Counsel for the middle market unit, Divisional Counsel for the commercial/national unit and Chief Underwriting Officer and Vice President of National Union. In March of 2001 Paul joined the Financial Lines Division of AIU (AIG s international arm of business) in New York as a Vice President, again focusing on D&O and EPL for all countries outside of North America. Paul subsequently moved to Paris with AIG in 2002 to be Chief Underwriting Officer for Financial Lines Europe. In 2004, Paul left underwriting to start a career as a broker for American Wholesale Brokerage Group, starting their Financial Lines office in San Francisco, leaving this position in 2006 to join Zurich. At Zurich Paul has held the positions of Global CUO for D&O, EPL and PTL for Zurich s Global Corporate Unit, Global Head of Zurich s Mergers and Acqusitions Insurance Group and Global CUO for D&O, Management Liability and Financial Institutions for Zurich General Insurance. Mr. Schiavone graduated from Seton Hall University in He passed the New York and New Jersey bar in Mr. Schiavone obtained his law degree from New York Law School in Manhattan, graduating in 1993.

8 Today s Panelists Christoph Leuzinger, Global Chief Underwriting Officer Management Liability General Insurance, Zurich Insurance Group Ltd Christoph is the CUO for Zurich Group s global Management Liability Book of Business and responsible for the development and implementation of the global strategy, products and financial planning. After his studies of law at the universities of Zurich and St. Gallen, both Switzerland, he joined a start-up IT company as responsible for finance and organization in He joined Zurich in 2001 and held various technical and managerial underwriting roles within Financial Lines in Zurich and London.

9 Today s Panelists Martin Butterworth, Partner, DAC Beachcroft LLC One of the senior partners within DAC Beachcroft dealing with many aspects of Professional Indemnity, in particular D&O, Management Liability, and Construction Insurance. In the former regard, in addition to the usual claims work, he has particular expertise in drafting new, innovative whole policy and specific endorsement wording, for use both nationally and internationally, with substantive attendant marketing support (insurance press interviews, articles, seminar and webinar presentations) for major insurance clients. In the field of professional indemnity he has acted for construction professionals such as architects, engineers and project managers on many occasions, as well as covering disputes in the fields of insurance, financial services and IT; also has experience of dealing with various aspects of marine and goods in transit dispute. He has acted for a variety of insurers and contractors, nationally and internationally on contract disputes in litigation, arbitration, adjudication and mediation; range of work undertaken covers building contracts, major road and rail projects, as well as oil and gas operations here and abroad. DAC Beachcroft are a leading international legal business. With over 2,000 people, we offer one of the most comprehensive UK networks, combined with coverage across Europe, Latin America, North America and Asia-Pacific. We provide a full-service claims, commercial risk, advisory and transactional capability and are market leaders in health, insurance and real estate.

10 What is driving D&O growth? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

11 Why are rates sliding? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

12 Why are comparatively few shareholder suits brought in European courts? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

13 Will the Netherlands become the new US for European shareholder litigation? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

14 What would be the impact on the D&O market of a default by Greece or other Eurozone member? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

15 Has the Eurozone crisis had an impact on Financial Institution D&O capacity and premiums? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

16 What are the most common types of suits brought against European directors and officers? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

17 What is driving the increase in regulatory scrutiny and enforcement actions? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

18 How are regulatory investigations covered under a D&O policy? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

19 How would you characterize the threat the UK Bribery Act poses to directors and officers? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

20 What coverage is provided by a D&O policy as regards the Bribery Act? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

21 Why the growing interest in D&O from the SME segment? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

22 Are the legal, regulatory and business environments of EU countries sufficiently harmonized to make a single D&O policy a feasible solution? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

23 Should multinational companies and their Ds and Os be concerned about claims arising elsewhere in the world? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

24 How has the D&O market responded to the need to provide coverage wherever in the world a claim arises? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

25 What would be the circumstances that would trigger a hard D&O market? Dave Bradford- Advisen Ltd. Paul Schiavone, Zurich Financial Services Christoph Leuzinger, Zurich Insurance Group Ltd Martin Butterworth, DAC Beachcroft LLC

26 Q&A

27 White Paper: Available on Advisen s Corner Store

28 Many Thanks to our Sponsor!

29 Today s Panelists Paul Schiavone, Global Chief Underwriting Officer for Special Lines Zurich General Insurance, Zurich Financial Services Christoph Leuzinger, Global Chief Underwriting Officer Management Liability General Insurance, Zurich Insurance Group Ltd Martin Butterworth, Partner, DAC Beachcroft LLC

30 State of the European D&O Insurance Market White Paper: State of the European D&O Insurance Market Copy of these slides Recording of today s webinar

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