Here are some additional takeaways from the 2023 U.S. Management and Professional Liability Market Outlook from RPS:

For D&O, the average renewal premium is now coming in at between 20% and 30% of the previous year's price. "It is truly again a buyer's market," RPS Senior Vice President Rodney Choo said in the release.
In employment practices liability, premiums have stabilized and most renewals without a difficult claims history are now seeing flat rates, according to RPS Area Senior Vice President Dave Tardif.
Fiduciary lines are no longer an overlooked coverage, according to RPS Area Vice President Jack Rosen. This is due to a changing claims landscape: "A coverage that used to be a throw-in is now facing substantial litigation, and as claims frequency goes up so do rates."
The architects and engineers sector is seeing most renewals coming in at a flat rate, but "the majority of carriers are still limiting the amount of capacity that they will put up for any one firm," says RPS Senior Vice President Ron Kiefer.

"Almost every market we operate in is in a very competitive market situation, with high levels of capacity and good rates and good terms and conditions available," Cho concluded. This makes it a difficult market for brokers, and it is in times like these that partnerships come into their own."

Special Reports /

RPS: Expect continued softening of management, professional liability lines

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