For large-property risks, excess and surplus lines insurers can probably expect to make a bit less money this year compared to last, as competition heats up and carriers begin to seek more volume at the expense of pricing, brokers predict.
Bill McCord, vice president of marketing and underwriting for Burlington, N.C.-based Tapco Underwriters, said a number of issues led to significant changes in the large-property market just over a year ago.
Prices are dropping dramatically, down by 15-to-20 percent compared with 2006, he pointed out. A broker in Houston he spoke to recently said he bound seven accounts in July. A year ago, during the same month, that broker bound twice as many.
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