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AM Best recorded 2022 US E&S direct written premium at just under $100bn in another year of strong growth. -
“They’re playing Moneyball,” Petrelli told attendees during the Inside P&C conference in New York, decrying the increasingly sophisticated ability of law firms to attract clients and parse effective litigation strategies.
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Cyber is another market Axis is watching closely, given new MGA entrants as well as the recent rise of ransomware activity, with the carrier expecting more “undulation” as a result.
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Panelists at Inside P&C New York highlighted the changing role of MGAs, as legacy carriers pull back from cat-prone areas to combat growing losses from hurricanes, SCS and other secondary perils, such as wildfires.
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Executives on the morning panel at the Inside P&C conference discussed current market cycles, return on capital, E&S growth, and Vesttoo.
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Besides Vesttoo’s downfall, other hot topics during this year’s WSIA were talent, competition in the E&S sector and commercial auto.
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In addition to price, E&S insurers need to pay close attention to terms and conditions, as well as quality of risk.
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Secondary perils are adding uncertainty, while modelling is still relatively unsophisticated.
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A typical cat year should now be thought of more as a $100bn-$150bn potential loss, as volatility leads to surplus lines growth.
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