Markel Corp. indicates talk of ahard market may be premature, as insurers are not exhibiting thesame underwriting discipline for new business as they are forrenewals.
During a conference call to discuss first-quarter earnings, F.Michael Crowley, Markel's president and co-chief operating officer,says while the insurer has noticed some of its competitionannouncing rate increases on renewals, Markel also continues to seeaggressive competition on new business—perhaps too aggressive.
Crowley says Markel has heard from its agents that“some carriers are raising rates substantially [at renewal], andyet they are being very competitive on new business—not followingthe same [underwriting] philosophy.”
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