Soft market growth leads to underperformance
Specialty carriers that look to aggressively grow premium in a
softening market tend to suffer a deterioration in underwriting
performance, an analyst has said.
Keefe, Bruyette & Woods (KBW) analyst Chris Hitchings told the
Association of Lloyd's Members at its conference last week that
successful underwriting requires carriers to hold their nerve and
recognise the reduced volume of specialty premium as a cyclical
phenomenon.
Hitchings stressed to his Names audience that Lloyd's
underwriters needed to understand the cyclical movement away...
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