The transformation of the excess and surplus lines market and how One80’s specialized insurance solutions have become increasingly relevant.
Brad Keller, Property Practice Leader, One80 Intermediaries
The U.S. Excess and Surplus Lines business continues to experience significant growth fueled, not simply as the result of traditional market cyclicality, but in direct correlation to the changing needs of insured customers. Given the unprecedented convergence of technology, data and advanced information systems, non admitted risk solutions are increasingly being sought by brokers in search of higher degrees of specialization.
An industry sector once considered the market of last resort, non-admitted specialists served as a safety valve for the broader property casualty industry in order to provide capacity and innovative solutions to risks that standard markets viewed as undesirable.
The Excess and Surplus Lines Market- more than any other segment of the market-is undergoing rapid transformation and increased relevance.
One commonly held view is that much of the property casualty industry has struggled to keep up with the pace of change in today’s technology and business environment.
Much of the insurance industry remains adept at underwriting older, more established industries like manufacturing, real estate and construction because their associated risks are more tangible and well-known. Far fewer have prepared themselves to meet the demands of the emerging future state economy.
Over the next 25 years, there will be new industries that challenge admitted market underwriters, like genomics, biotech, nanotechnology, robotics and alternative energy. Very few insurers are prepared to meet the needs of these future state industries.
At One80 Intermediaries our focus is on specialization, and developing solutions in areas where shifting business models, regulatory environments, and market conditions demand a more customized approach to risk.