The overall health of the excess and surplus lines market could be viewed as a microcosm of the current national condition — some good news, some bad news, some mixed news, and some lingering questions.
Anecdotal information from agents and carriers throughout the industry indicate that premium writings are down overall this year, as everyone continues to slog their way through a soft market cycle. However, there are a few bright spots and some glimmers of hope.
Bryan Sanders, COO of Max Specialty Insurance Co., said of 2009, “We look at it a couple of different ways. From a property perspective, in critical catastrophe areas, at the beginning of the year we were seeing some increases, but as you go through the year the increases are now minor increases or flat. By comparison, in the balance of the country (where earthquake and cat wind issues do not exist), rates have been competitive and consistent throughout year, and it is what we expected. On general liability business, we have had to remain very selective throughout the year because it has been competitive throughout.”
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