International General Insurance (IGI) has announced Richard Foster has joined its London office as head of property, political violence and contingency, as well as taking on the newly created contingency insurance line of business.
IGI will launch the contingency line of business to take advantage of the considerable opportunity to leverage the market dislocation caused by COVID-19.
Foster brings 24 years of specialty lines underwriting experience and joins from London-based Agile Risk Partners, where he served as director of underwriting. Prior to that, he was head of global property, London for Zurich Insurance PLC and Brit Global Specialty. Before that, he held senior positions with Allied World (AWAC).
The contingency line will primarily cover event cancellation, interruption or curtailment of events, non-appearance, or other contractual obligations.
Andreas Loucaides, IGI UK CEO said: “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.”