While the resilient excess and surplus lines sector is anything but immune to the financial turmoil crippling the economy, opportunities for growth remain for this resourceful market sector, according to over two dozen leading players queried by National Underwriter.
"With a slowed economy, the demand for insurance has declined–reducing both premium volume and overall exposures," according to Robert Owens, president of RPS in Lexington, Ky., a unit of Risk Placement Services Inc.
Indeed, the economy is "the number-one issue affecting our industry for 2009," said Mr. Owens, articulating a view repeated many times by members of the National Association of Professional Surplus Lines Offices responding to an NU e-mail query, and separately in private meetings between brokers and carriers attending the NAPSLO Midyear Educational Conference in Indian Wells, Calif.
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