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.
Michael Sillat, WKFC Underwriting Managers, North America