Joseph Peloso, a veteran of the program business segment, remembers a time when unsolicited program proposals flooded the desks of property and casualty underwriters, offering more business than they could possibly handle.
The environment of the late 1990s stands in stark contrast to conditions of the current market, carrier executives agree. With few existing programs looking for new homes, carriers are looking to grow their program portfolios by expanding relationships with their current program administrator partners, these officials say.
“I haven't seen a lot of programs where [PAs] say, 'I don't like this company anymore and we have to move,'” said Mr. Peloso, vice president of liability programs in the New York office of Liberty International Underwriters.
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