Axis Insurance Services has made several headlines in their efforts to share their knowledge of the current and growing insurance trends. Recently, they were part of WSIA Directors and Officers presentation. This presentation concerned the many trends and challenges in the marketplace right now.
Javier Gonzalez, Vice President of PL Risk Advisors, was mentioned in Global Risk Managers “Case delays could add to D&O settlements in US.(Global) ” He talked about delays in getting coverage especially in the D&O market.
“They have to have an idea of what this is going to cost, short and long term. “The way these claims are shaking out is less and less in favor of the insurance companies,” continued Mr. Gonzalez, and they often choose to settle rather than risk an expensive judgment. “They are very cautious as to what they believe the success rate could be for a particular claim” when considering whether to settle, he said of insurers.[1]
Mike Smith, CEO of Axis Insurance Services, appeared in Business Insurances: How M&A has impacted the hard D&O insurance market. He spoke about the Hardening Insurance market in many different fields “As an industry, we’ve gotten used to looking at the D&O pricing as cheap, with D&O underwriters giving coverages away, etc.,” said Smith. Referring to the current hard market for D&O insurance, he added: “We really haven’t [yet] gotten into a position where the pricing is where it’s ultimately going to be. And in most cases, as a broker, we’re seeing sticker shock all the way across the board.”[2]
About Axis
At Axis Insurance Services, LLC, we’re proud of our reputation in building highly customized insurance solutions for all types of professional service companies and their employees. We believe our diverse product options and outstanding customer service help us earn our clients’ trust and loyalty.
What sets us apart from other insurance brokers is our deep understanding of the market and our ability to tailor coverage options in sync with our clients’ objectives. Professional and Management Liability policies can be a commodity – we only build custom coverage solutions that work.
About PL RISK
PL Risk | Professional Liability Risk Advisors is a leading wholesale insurance brokerage covering the professional liability market. Our featured policies include: Errors & Omissions insurance for across a variety of professions, Directors & Officers insurance, for private and public companies; Employment Practices Liability (EPLI), Cyber Liability, Commercial Crime and Fiduciary insurance.
[1] https://www.commercialriskonline.com/case-delays-could-add-to-do-settlements-in-us/
[2] https://www.insurancebusinessmag.com/us/news/professional-liability/how-manda-has-impacted-the-hard-dando-insurance-market-310286.aspx?utm_source=GA&utm_medium=20210916&utm_campaign=IBAW-Newsletter-20210916&utm_content=7774E2EF-C613-44B4-8C07-0DC55232492F&tu=7774E2EF-C613-44B4-8C07-0DC55232492F