Larger insurance brokers are expected to see improvements in earnings as the market cycle begins to turn, but middle-market intermediaries may still suffer from the effects of the economic downturn, according to a financial analyst's report.
Overall results are expected to be mixed as “pricing remains flattish,” with premium pricing ranging from a decline of 2-to-3 percent to up 5 percent–excluding short-tail reinsurance lines, said Keefe, Bruyette & Woods in its “Property and Casualty 1Q09 Earnings Preview: Relative Normalcy.”
“We anticipate top-line growth to remain weak outside of the Bermudians, who benefitted from a good Jan. 1 renewal season. More importantly, the global recession will pressure unit growth,” the report said.
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