The composite rate for all lines of U.S. property-casualty business is down 12 percent for April, MarketScout the electronic insurance exchange reported.
The 12 percent overall decline for April is the same as the reported decline for March, and two percentage points less than the 14 percent drop reported for February.
Richard Kerr, founder and chief executive officer of the Dallas-based concern said in a statement that admitted insurers "continue to carve market share from the surplus lines insurers by assuming risks which had been traditionally placed in the non-admitted market. Vanilla accounts are coveted by everyone so they also go to the admitted market, but at extremely competitive rates."
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