Executives trying to predicting how the soft market will play out for the excess and surplus lines industry have absolutely no point of reference based on past experience to guide them, an E&S executive said recently.
“You have to consider that the surplus lines industry as a whole is experiencing a historic decline in premium volume,” said Thomas Mulligan, president and chief executive officer of Western World Insurance Group in Franklin Lakes, N.J.
Mr. Mulligan was referring to the fact that 2009 marked the third consecutive year for which U.S. direct written E&S premium declined, and the prospect that the E&S will see a fourth straight year of decline when the books are closed on 2010.
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