In his new position, as Head of Property, Political Violence and Contingency, FOSTER will be responsible for the Company's property and political violence lines of business, and the newly created contingency insurance line of business.
Foster, who has 24 years of specialty lines underwriting experience, joins from London-based Agile Risk Partners, where he was Director of Underwriting. Previously, he was Head of Global Property, London for Zurich Insurance PLC and Brit Global Specialty, and prior to that held senior roles with Allied World (AWAC).
Andreas LOUCAIDES, IGI UK CEO commented: "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".
IGI will be launching the contingency line of business to take advantage of the considerable opportunity in this line stemming from market dislocation caused by COVID-19. The contingency line will primarily cover event cancellation, interruption or curtailment of events, non-appearance, and/or other contractual obligations.