Markel Corp. indicates talk of a hard market may be premature, as insurers are not exhibiting the same underwriting discipline for new business as they are for renewals.
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 competition announcing rate increases on renewals, Markel also continues to see aggressive competition on new business—perhaps too aggressive.
Crowley says Markel has heard from its agents that “some carriers are raising rates substantially [at renewal], and yet they are being very competitive on new business—not following the same [underwriting] philosophy.”
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