Maintaining profit margins while rates keep falling in most lines not impacted by hurricane losses will be one of the biggest challenges facing excess and surplus lines writers this year and next, one leading rating agency warns.
"We're in a changing part of the market," said David Blades, senior financial analyst for Oldwick, N.J.-based A.M. Best, briefing National Underwriter last week on some key conclusions of the agency's 13th annual report on the surplus lines market, released here during the National Association of Professional Surplus Lines Offices annual meeting. The report was commissioned by the Derek Hughes/NAPSLO Educational Foundation.
"Our opinions about the underlying strength of the surplus lines industry--specifically for the leading groups that write the majority of business--are pretty much solid," he noted.
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