Competitive pricing continues to characterize much of the Excess & Surplus (E&S) Lines marketplace, but many professionals within this market see a key distinction from soft market cycles of the past.
“The E&S property & casualty market remains very robust,” says Tim Turner, chairman and CEO of Chicago-based RT Specialty LLC, pointing out that the market has not significantly contracted the way it typically would when rates drop and standard carrier appetite increases.
Others question whether this market can even be judged by the traditional definitions of “soft” and “hard,” noting that the myriad risks in today's E&S marketplace — and how the insurance industry underwrites them — has created more nuance in pricing trends. “You have to think of the market in terms of micro segments today, because it doesn't move in one monolithic direction anymore,” notes Matthew Power, executive vice president and head of strategic development for Boston-based Lexington Insurance Co., which is owned by American International Group Inc.
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