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D&O rates are expected to increase generally 25 to 50 percent over Q4, although rates for some “troubled” accounts may double. -
Casualty pricing ekes out a 0.8 percent gain, while financial and professional liability rises more than 14 percent.
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The carrier pegs recent nat cat exposure at less than half Hiscox’s reserves estimate for the event, while rate growth quickens.
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Speaking on an analyst call CFO Christoph Jurecka said that the reinsurer had been revising its US casualty books since 2017.
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The sector will see a slight dip in capital at the upcoming renewals, but growth prospects are strong, panellists at an S&P conference predict.
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“The hard market is coming!” one cyber underwriter enthused to me last week.
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After years of cheap capacity and widening terms, complex accounts renewing in recent weeks have attracted low double-digit rate hikes.
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A more litigious environment in the country has pushed up claims frequency and severity.
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CEO and his soon-to-be replacement believe current market conditions play into the growing company’s hands.
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Brown told analysts on an earnings call Tuesday that an anticipated influx of fresh capital would have a moderating effect on rate rises.
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Rates are technically weak, but growth mindset and regional capacity will check pricing.
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The AJG CEO once again dismisses suggestions the market is "hard".
