The surplus lines markets in several of the largest states, in terms of premiums, continue to wait.

It's the cyclical nature of the business. In a soft market the policies go to the admitted market, leaving surplus carriers to vie for what little new business is available in this economy.

"Terms get generous from the admitted market," said Dan Maher, executive director of the Excess Line Association of New York. "Then at some point you see losses up--maybe some insolvencies--and the [surplus] market is all of a sudden back up."

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