Commercial-lines rates are under pressure, but so far that has not correlated to standard carriers competing for business traditionally written by the excess and surplus lines market, a Nationwide executive says.
Speaking to PC360 about the company's Q2 results, CFO Mark Thresher touched on the state of the market, saying, “I think we're seeing clearly some pressure on [commercial-lines business].” He says rate increases for new business are evaporating away to some degree.
“The good news,” he adds, “is I think we're seeing exposure growth and an opportunity to grow anyway. But I think the run of commercial pricing over the last couple of years is coming slowly to a halt.”
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