"With the current market conditions, E&S is more important than ever," Alex Bargmann, CEO and co-founder of Pathpoint, a digital E&S brokerage, said in a recent interview. (Image: Adobe Stock)
The past two years have been among the most uncertain the world has faced in recent history. As a result, the market for wholesale insurance, also known as excess and surplus (E&S) insurance, has experienced strong growth and proven its resilience in the face of a global pandemic, outsized property catastrophe losses, increasing cyberattacks and "nuclear" jury verdicts.
According to AM Best's most recent E&S industry report, the surplus lines market grew by 17.5% in direct premium written last year, to a record $66.1 billion. The segment experienced continued demand despite business closures and job loss during the pandemic. This market also benefited from an uptick in unique exposures with higher risk profiles due to the modernization of engineering, manufacturing and construction businesses along with advancements in warehousing and logistics, AM Best said.
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