Specialty (re)insurer International General Insurance Holdings (IGI) is launching into contingency business and has appointed Richard Foster to lead the new operation, as well naming him head of property and political violence.
The contingency line will primarily cover event cancellation, interruption or curtailment of events, non-appearance, and/or other contractual obligations.
IGI said it is entering the contingency market to “take advantage of considerable opportunities” stemming from “market dislocation” caused by Covid-19.
Mr Foster has 24 years of specialty lines underwriting experience and joins from London-based Agile Risk Partners, where he was director of underwriting.
He has previously been head of global property in London for Zurich Insurance and Brit Global Specialty. Prior to that, he held senior roles at Allied World.
“We are excited to welcome Richard to IGI. He comes with significant underwriting experience and will be a strong fit as IGI continues to grow and evolve. The addition of the contingency line of business complements our existing portfolio of specialty risks and, consistent with our measured underwriting approach, we will develop the contingency business with the same level of pragmatism and commitment to underwriting profitability,” said IGI UK CEO Andreas Loucaides.