Commercial E&S
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Lloyd’s traditionally avoided US middle market property, but head of P&C Matt Keeping says times have changed. -
The moves come as the company said it will "double down" on US E&S.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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The MGA market now makes up 10% of the overall P&C market.
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The company has reduced its exposure on large commercial auto and property.
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Sills added that Bowhead doesn't expect a reversal of compressed limits being offered.
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Richard Schmitzer will retire as E&S president and CEO, and Todd Sutherland will succeed him.
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The unit grew Q1 NWP by 23% overall, led by a 27% growth in casualty.
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The standard market has not ‘meaningfully’ impacted the rate of flow in the aggregate.
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Customers are demanding more in a larger move towards the E&S market.
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The firm acquired total assets of $65mn and assumed liabilities of $11mn.
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Secondary perils are no longer so secondary, but the losses are already priced in for commercial property.
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