The E&S market may be seeing some positive rate movement, but a lack of supply or capacity isn't the reason, says Lexington Insurance Co. President David Bresnahan.
He believes that income statements, rather than balance sheets, are driving rate movement in the market.
"The management at many companies is changing the goal posts—the finish lines—as it pertains to how low a combined ratio [is needed] to underwrite to in order to generate a satisfactory return," Bresnahan said in September during the A.M. Best Co. webinar "Inside Today's Surplus Lines Market."
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