Insurers involved in the sports and recreation niche are not immune from competitive challenges as rates soften, but the special nature of the sector's underwriting means inexperienced players will not find sustained success, experts in the niche warn.
Pricing in the sports insurance marketplace is “soft, much like the [property-casualty] industry in general,” noted Lou Valentic, chief marketing officer for K&K Insurance Group Inc., based in Ft. Wayne, Ind.
Mr. Valentic's firm is a managing general underwriter specializing in sports and recreation since 1952, when it began underwriting motorsports. It is a subsidiary of Aon Underwriting Managing Group, part of the Chicago-based insurance brokerage firm Aon Corp.
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