NU Online News Service, Sept. 13, 1:04 p.m. EDT
Specialty insurers increased premium at an average 4 percent annual-growth rate over the past five years, beating the industry average, which remained close to flat over that time, a Conning Research & Consulting report says.
Conning says almost 75 percent of insurers in the top underwriting performance quadrant for the industry are specialty insurers. The report also says that insurers are moving toward increasing their specialty capabilities, illustrated by recent merger and acquisition trends. Conning cites 2011 examples of Hanover acquiring Lloyd's insurer Chaucer for $510 million and Selective acquiring the renewal rights for Alterra's $77 million commercial excess and surplus book of business.
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