2023 saw the Specialty Risks team continue the diversification of our book by growing strongly across niche specialist lines while managing through a softening market in D&O. This hard work has paid off, leaving the book relatively flat overall with IWP of $1,873.4m (2022: $1,918.4m).
Specialty Risks offers scale and diversification over 27 different product lines, including Directors and Officers (D&O), Mergers and Acquisitions (M&A), Environmental Liability and specialist insurance for the life science industries."
The headwinds in D&O - pricing pressure and high competition - saw us actively pull back from risks we considered unsustainably priced and as a result, D&O reduced from just over 35% of the division’s total IWP to less than 30%. We remain committed to our position in the D&O market, supporting our clients, but have made tough decisions to pull back when pricing is not adequate. We are actively investing in our other product lines where the reward better reflects the risk.
27 teams
Across the board we have over 27 trading teams in Specialty Risks with the vast majority seeing positive market conditions. We have ramped up our niches and growing areas and this has delivered through 2023.
Diverse business
Looking ahead, we are hopeful that the market will begin to return to equilibrium in D&O during 2024. We will continue to build our brand in Europe and Asia Pacific, ensuring that our diverse business continues to prosper around the globe.
Specialty Risks offers scale and diversification over 27 different product lines, including Directors and Officers (D&O), Mergers and Acquisitions (M&A), Environmental Liability and specialist insurance for the life science industries."
