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The Howden-owned MGA lost ~$250mn in cat capacity in September. -
The broad themes remained the same as those dominating in April.
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Additional capacity for upper layer coverage is driving rate reductions, the broker says.
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MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
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The outlook calls for an 85% chance of an above-normal season.
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He will report to Cynthia Beveridge, global chief broking officer for commercial risk.
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Ten companies have filed a 0% increase and at least eight companies have filed a rate decrease to take effect in 2024.
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Average premiums rose 5.8% across all major lines, roughly flat from 5.7% in Q4.
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The CEO said he is “optimistic” about the future of the commercial space.
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Farmers cited “positive changes” in the state's commercial insurance market.
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The executive succeeds Rick Miller, who passed away last month at age 62.
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Casualty is less of a concern, despite reserving issues.
