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The carrier expects to "get smaller in New Jersey" due to lack of rate adequacy. -
The broker said softening was emerging in some lines, but cat risks remain challenging.
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The index’s 2023 peak was Q2, when rates increased 19%.
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The growth positives of last year are showing signs of fading.
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Falling rates in finpro and increased competition in property drove the trend.
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Commercial property pricing rose 11%, while personal auto grew 21.9%.
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Broker earnings reflect shifting tailwinds, with margins revealing the real winners.
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The drivers are not surprising, but the extent of development is, execs said.
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Property rate increases decelerated to 6% in Q4, compared to 7% in Q3 and 10% in Q2 2023.
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Rates are generally cheaper than the admitted market.
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The average 2023 premium renewal rate change for commercial property was significantly higher than 2022 across all months.
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The broker’s Q4 programs reinsurance change led to a one-time $19mn charge that will allow it to reduce its PML exposure.
