Helping professionals weather the storm of potential lawsuits

Practice Group

Executive Lines

Practice Groups Executive Lines

2021 Management and Professional Liability Market Outlook

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Although most lines of coverage for Management and Professional Liability exposures were already firming pre-COVID-19, this specialized segment of the casualty insurance market hasn’t experienced the level of turmoil it is currently seeing since the early 2000s. Premiums are spiking, coverage limits are contracting, and client retentions are growing.

The coronavirus pandemic has unleashed a deluge of new challenges for management and professional liability underwriters, including COVID-19-related insolvencies, layoff-related discrimination and wrongful termination claims, and cyber breaches.

Insurance carriers writing nearly every line of business in this specialized market segment are raising premiums and rates, reducing capacity and more closely scrutinizing accounts.

What can independent agents and brokers do to navigate the property market for their clients?

Help your clients succeed with key insights and information from this report, including information on:

  • Public & Private Company D&O, including the rise of SPACs and complexity it adds to D&O Liability placements.
  • D&O/EPL market for nonprofits is relatively stable, outside of California and healthcare-related entities.
  • Cyber Liability market is in a state of transition with rate increases in the double digits and more in-depth underwriting, with the focus on ransomware threats.
  • While most of the Management and Professional Liability Market is firming, it’s still a great time to place Representations and Warranties insurance.
  • State of Professional Liability industries, including a deep dive into Legal Professional Liability, Allied Healthcare, Architects and Engineers.

View the 2021 Management and Professional Liability Market Outlook

RPS Executive Lines Practice Group

Regulation, government compliance, and litigation are among the top risks today’s executives and companies face. Take, for example, regulatory changes and heightened scrutiny from federal and state agencies that have resulted in a rise in discrimination and wage loss class-action suits. Look at recent data breaches and resulting lawsuits that affected major retailers, healthcare providers, financial institutions, and other high-profile companies along with many small and midsized firms that aren’t making headlines. In addition, increased Errors & Omissions (E&O) exposures across a broad spectrum of professionals have landed insureds in court or at minimum in their attorney’s offices – all illustrating the complex enterprise-wide risk events that threaten a company’s reputation, brand, and assets.

Boards of directors and executive management teams cannot afford to manage risks on a reactive basis; they need sound risk management strategies in place coupled with insurance solutions that address and respond to today’s risks. RPS Executive Lines specializes in protecting individuals and their companies against a wide range of executive risks and other professional liabilities.

End-to-End Solutions from Broad Market Access

RPS Executive Lines has market-leading specialists in:

  • Public, private, and nonprofit Directors & Officers (D&O)
  • Errors & Omissions (E&O)
  • Fiduciary
  • Crime
  • Kidnap & Ransom

We provide you with total management insurance answers for your clients. No matter how intricate the risk, we can help you secure competitive coverage for your insureds from the 100 different insurance markets with which we work. We will also assist you in educating your clients on pinpointing their hidden exposures to loss and helping them fortify against their vulnerabilities, ultimately improving their risk profile and strengthening our negotiations with the insurance market.

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