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Jarrod Schlesinger said insurers should engage with industry groups on the issue.
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Recent rate rises have been partially offset by rising defence and cost containment expenses. -
Fitch placed ProAssurance ratings on negative watch following the announcement of the acquisition, noting concerns about the medical professional liability space.
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Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
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Zurich is understood to lead the aerospace company’s D&O programme, brokered by Aon.
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The broker has experience placing business for offshore law firms and trust companies.
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When looking at rate trends for large directors’ and officers’ (D&O) accounts, one could call the situation a tale of two markets.
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Inside P&C questions whether emerging pressures in medmal are receiving enough attention.
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The tussle over the financial lines broker comes amid rising competition for talent between rival insurance intermediaries.
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The downgrade comes following the carrier’s disclosure of impacts from a worsening tort environment.
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Shares of Travelers also fell by about 5 percent after the carrier reported its fourth quarter results on Thursday.
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The carrier expects to book a Q4 P&C loss ratio of between 134 percent and 148 percent.
