NU Online News Service, May 7, 2:07 p.m. EDT

Commercial property and casualty rates were up 3 percent in April compared to the same month a year ago, and admitted carriers may be in the beginning stages of ceding risks back to the non-admitted market, according to MarketScout.

Noting the declining appetite among standard carriers, MarketScout CEO Richard Kerr says, “Recently, we have noticed admitted and non-admitted insurers are pricing similarly. Historically, there has been a considerable difference in the underwriting approaches among the various types of insurers. The recent similar pricing strategies could ultimately lead to more business for the non-admitted insurers as admitted insurers begin to restrict their risk appetite and simply decline to write tougher accounts.”

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