In soft markets, insurers often try to grow their premium base through a variety of avenues, including the acquisition of new products or entrance into new lines of business. Yet, even in their bid for new business, insurers historically have not pursued financial services errors and omissions products, due to the relatively arcane nature of the financial services space as well as its atypical insurance policy structures and coverages.
But this strategy appears to be changing.
After the bust of the technology bubble in 2000, the impact 9/11 had on the market and the consequent downturn in the economy, some difficult years ensued for financial services E&O underwriters. As is customary with these types of events, a hardened insurance market followed and, with it, profitable years for those few underwriters that wrote this business.
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