As the market shows little signs of rejuvenation, diversification into new lines and regions is a necessary play for growth for many insurers, Michael Sillat, CEO and president, WKFC Underwriting Managers, tells Intelligent Insurer.
Soft market conditions and a swell of new capital have forced property and casualty (P&C) insurers to evaluate their growth prospects, seeking diversification into new lines and regions.
Attracted to the short-tail nature of property insurance, which offers flexibility and quick results, the new capital has possibly driven insurers in the US to re-evaluate their property books, seeking potential further growth in other lines.
Michael Sillat, CEO and president, WKFC Underwriting Managers, a series of RSG Underwriting Mangers, says that over the last three years, the company has focused on increasing business in casualty and professional liability lines.
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Michael Sillat, WKFC Underwriting Managers, North America