David Ritchie, managing director, Gallagher
There has been increasing litigation in the D&O market and the exit of some big players, leading to a hardening of rates. Gallagher managing director David Ritchie spoke to Intelligent Insurer about how pessimism in this space may be too soon.
If you work in the directors’ and officers’ (D&O) space, you are certainly aware of the phenomenon, in 2020, when rates increased by as much as 70 percent. To look at this, Gallagher has done some work, releasing it as “Global State of the Market Report for D&O”. The company’s managing director David Ritchie spoke to Intelligent Insurer to talk about its findings.
Why did the company pick this subject to tackle? “The past three or four years have been very interesting in the D&O market and very difficult for our clients. We wanted to give a bit of good news for a change,” Ritchie said.
So far, he said, there have been real improvements in the sector. “The market started to soften, with increased capacity and increased competition, probably in the middle of last year. We’ve seen an acceleration of competition and capacity into the marketplace, which has given favourable results to our clients,” he explained.
Gallagher, D&O, Insurance, Reinsurance, David Ritchie, North America