State Of The Private D&O Market

PRIVATE COMPANY MANAGEMENT LIABILITY INSURANCE MARKET SURVEY – 2013:
Troubles Continue for EPL and D&O

Similar to some of our earlier blog posts this year, the 2013  PRIVATE COMPANY MANAGEMENT LIABILITY INSURANCE MARKET SURVEY  by The Betterley Report states that troubles continue for the private EPL and D&O market. The report highlights that rates are rising faster but not enough to scare insurance buyers into forgoing coverage. The report also provides a look into the underwriting push to limit and/or completely remove Wage & Hour coverage to mitigate the alarming increase in EPLI claims. Finally, the report investigates the insane restrictions and increases that describe the current California marketplace as insurers fight to re-underwrite underpriced risks.

We echo the findings in this report and recommend that all of our valued customers use it as a tool to help sell the changes in the market to insureds. The fact of the matter is that we are not in an “old-fashioned” hard-market but we are in a firm market. This means that it is quite typical for underwriters to seek a 5-10% rate increase on most professional lines and, in general, renewals are being marketed to offset the sticker shock to insureds. For the most part, there are still very few risks for which we can not secure terms but underwriters are requiring loads of information to release quotes.

I hope you enjoy this short report and use it to close any upcoming deals you might have with PRS.

Underwriting Trends in the Private D&O/EPL Marketplace – Stuck In The Middle With You

D&O Market is Firming, At Least According To Towers Watson

 

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