Rates

Florida and Texas surplus lines offices record 27% premium growth in 2022

The stamping lines offices in both Florida and Texas closed 2022 with annual premium volume increases of at least 27 percent reflecting the continued hardening within the E&S marketplace.

CRC REDY data shows accelerating E&S property pricing even before Ian

There were already signs of re-hardening in the E&S property market before Hurricane Ian, but price increases moderated in both cyber and excess and umbrella, while private D&O saw significant deceleration, according to the latest REDY index data from broker CRC.

CRC REDY data shows accelerating E&S property pricing even before Ian

Broker panel: D&O rate stabilisation expected in 2023 after “staggering” decreases this year

During a panel discussion held by Lloyd’s, executives from Marsh, RT Specialty and Acrisure suggested that the rapid swing to large pricing decreases in the US public D&O market this year will stabilise during 2023.

Gallagher: No meaningful slowdown in primary rate increases expected

Arthur J Gallagher’s Patrick Gallagher has commented that rising loss costs, inflation and a hardening reinsurance market mean current property casualty market conditions will continue “well into ‘23 and perhaps beyond”, while the executive expects his company to produce brokerage organic growth of around 8 percent in Q3.

US stamping office surplus lines premium up by record 32% in H1

Surplus lines premium recorded by US stamping offices reached $31.4bn in the first six months of 2022, a 32.4 percent increase on the same period of last year, while the volume of transactions was up 9.4 percent to almost 2.8 million as business flow into the wholesale channel continued to grow.

CRC: Liquor liability, real estate and trucking casualty lines continue to harden

A lack of liquor liability markets willing to write the business – even for clean accounts – means the cost of casualty coverage for restaurants and bars is on the rise, while conditions in both the real estate and trucking excess segments continue to harden, according to wholesale broker CRC.

Kinsale confident of continued inflation-beating E&S price rises in 2022

Kinsale Capital Group remains confident that the E&S market will remain favourable throughout the rest of 2022 with further rate rises that remain ahead of loss cost trends even when factoring in the current elevated level of inflation, according to president and CEO Mike Kehoe and chief operating officer Brian Haney.

RPS’ Robinson: No E&S property cat crunch despite capacity pullback

Capacity may have withdrawn from the catastrophe-exposed E&S market in the US, but there is not yet a crunch with coverage still on offer, albeit at a significantly higher price and with carriers having trimmed the limits they are willing to deploy on programs, Risk Placement Services (RPS) property specialist Wes Robinson has told The Insurer.

CRC REDY property index shows double digit increases continued in December

E&S property renewal pricing was up 10.7 percent based on CRC’s latest REDY index as the wholesaler highlighted some of the ongoing issues impacting dynamics in the sector.

RLI buys $100mn of additional cat reinsurance at 1.1 to support property growth

RLI bought $100mn of additional catastrophe reinsurance limit at its 1 January renewal to support growth in its E&S property book as it also revealed on its fourth quarter earnings call that it has exited large account cyber written as part of its D&O portfolio.

Nationwide bullish on 2022 E&S pricing but considers cutting coastal exposure

Nationwide E&S is bullish on the pricing outlook for 2022 with opportunities for growth almost across the board, although the division of the US insurance giant may look to further cut its coastal catastrophe exposure, president Russ Johnston has told The Insurer.

CRC: Cyber leads September acceleration in REDY pricing indexes

The latest monthly REDY indexes from US wholesale giant CRC Group reveal September rate increases averaging 48.7 percent in cyber, 16.2 percent in excess/umbrella, and 12.9 percent in private D&O, with all three accelerating from August.

Palomar CEO: E&S market seeing “reinvigoration” of hardening in Q4

There is currently a “reinvigoration” of hardening within the excess and surplus (E&S) lines market as pricing continues to rise even further quarter over quarter, according to Palomar CEO Mac Armstrong.

New CRC index shows moderating excess/umbrella rate increases

Wholesale giant CRC Group’s new monthly REDY index for excess casualty and umbrella business shows that rate increases eased back to 15.5 percent in June from 16.5 percent in April and 18.5 percent in May in the latest sign of moderation of hardening in the US commercial insurance sector.

RLI: rising risk levels to drive sustained rate momentum

RLI has warned of the potential long-term impact of social inflation as well as loss cost inflation associated with rising building, material and labour costs that could prove challenging in this year’s hurricane season as it said it expects rate momentum to continue in the insurance sector.

Texas E&S premiums jump 14.5% YOY in May

In the latest evidence that growth in the E&S market shows no sign of slowing down, data from the Surplus Lines Stamping Office of Texas (SLTX) revealed a record-breaking $884.75mn in premium for May, up 14.5 percent compared to the same month last year.

AIG highlights commercial lines growth and improved underlying CR

As expected, AIG’s earnings call on Wednesday morning was dominated by commentary on pricing momentum in the carrier’s general insurance business, as management highlighted a strong commercial lines outlook after reporting solid growth in 2020 and improving underlying underwriting performance.

Data points highlight E&S momentum as new players line up

US commercial insurance pricing was always likely to be a strong focus for investors during the Q4 earnings season, and the indication from early reporting carriers and brokers is that the momentum that is drawing new players to the E&S segment is holding on strong.

Texas sees record surplus lines premium in 2020

There was further evidence of the burgeoning E&S market as the Surplus Lines Stamping Office of Texas (SLTX) reported record premium volume of $7.92bn in 2020, up 14 percent on the previous year.