Las Vegas–With the industry in the throes of another softening market, a pattern has emerged showing some insurers and reinsurers entering and exiting the public risk arena in an effort to gain new marketing outlets, underwriters here observed.
"In a softening market you see commercial insurers coming into the public entity sector and trying to take members away from [pooling mechanisms]," said Craig R. Smiddy, senior vice president, Munich-American Risk Partners in Princeton, N.J., an exhibitor at the Public Risk Management Association's annual conference here.
Mr. Smiddy explained that after the hardening of the market in 2001, more single public entities moved into pools. Current softening, however, has generated more interest in public entities from commercial insurers.
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