A shift in appetite and a stable but continuing soft market has combined to make life challenging indeed for major players in the program business segment, particularly as more competitors enter an already crowded marketplace.
To distinguish themselves in the crowd, program administrators are looking beyond commodity-like approaches, emphasizing their commercial insurance expertise in key segments, according to Bob Kimmel of Guy Carpenter.
“There is a definite shift in appetite,” said Mr. Kimmel, practice leader for global risk and reinsurance specialist for Guy Carpenter's Program Manager Solutions Specialty Unit. “They are looking to grow in spaces that have been unchartered.”
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