With the parent of the property-casualty market's biggest player in turmoil, and the financial meltdown on Wall Street hammering insurer investment portfolios and making capital scarce, the insurance brokerage community is scrambling to get more information to clients about the health of their carriers while anticipating more stable prices after a long soft market.
The massive federal bailout loan for American International Group has prompted nervous buyers to shop their accounts and demand more due diligence about the financial soundness of their underwriters, the big brokers say.
In addition, the plight of AIG and other insurers reporting deteriorating results for the third quarter has prompted talk among brokers that the steep soft market is nearing an end.
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