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Carriers are imposing 7.5%-10% rate rises on accounts with less than $1mn premium, the broker finds. -
The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
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Lower capacity will have an effect, but the company hopes to avoid severe retro rate rises.
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Rate movement is positive and sustained, but has been overshadowed by a string of major losses.
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The CEO said future uncertainty and the “enormity” of corporate debt posed a significant challenge for the insurance sector.
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The broker said that club members had suffered in both a business and personal sense during the pandemic.
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Underwriters are adjusting underlying exposures to push for rate while keeping premium increases modest for cash.
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A memo circulated to brokers indicates the extent of the hardening underway in the London D&O market.
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While brokers surveyed estimated rate rises of 5% to 10% over the last 12 months, underwriters’ estimates ranged from flat to up 30%.
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The executive says he is optimistic about the prospects for Bermuda.
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The Peter Scales-led vehicle is reunited with the private equity house.
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All the pieces were in place for real rate improvement, according to Steve Arora, CEO at Axis Re.
