Mesirow Financial Issues Mid-Year Outlook for Property and Casualty Market
Rate Reductions Continue Amidst Sluggish Economy
CHICAGO, August 9, 2010 — Overall market conditions continue to be soft, announced Mesirow Financial's Property and Casualty professionals in a recently-issued Mid-Year Outlook on the state of the market. The piece supports the recent analyses issued by Business Insurance and the Council of Insurance Agents and Brokers, saying that with a few exceptions, such as financial institutions and hurricane-prone areas, markets continue to be impacted by the economy and experience rate reductions.
In the Mid-year Outlook, Mesirow Financial's experts provided insight on a number of property and casualty areas:
- Management Liability – Decreases are the norm with the exception of financial institutions, which are in a hard market due to continuing economic instability
- Surety/Bonds – Bankruptcies are expected, driving down supply, but there has been an increase in production with international companies purchasing bonds as they set-up business in the United States for the first time
- Property – Property value increases have leveled off and non-catastrophic risk pricing has dropped sharply. Only in hurricane-prone areas, such as the Florida wind market, is there potential for increased renewals.
Unless something drastic - like a large catastrophic loss in the U.S. - occurs, the overall forecast is for a continuation of current conditions.
Mesirow Financial's Insurance Services Division was established in 1972; since then we have grown to become the largest independent insurance agency in Chicago and among the top 25 in the nation. Our core property and casualty services include property, general liability, automobile, excess liability, workers' compensation and directors and officers insurance.
About Mesirow Financial
Mesirow Financial is a diversified financial services firm headquartered in Chicago. Founded in 1937, the Company is an independent employee-owned firm with offices across the country and in London. With expertise in Investment Management, Global Markets, Insurance Services and Consulting, Mesirow Financial strives to meet the financial needs of institutions, public sector entities, corporations and individuals. For more information about Mesirow Financial, visit its Web site at mesirowfinancial.com.
For more information, contact: Lauren Berkowitz, Mesirow Financial, 312.595.6261.
The Mesirow Financial name and logo are registered service marks of Mesirow Financial Holdings, Inc., © 2010, Mesirow Financial Holdings, Inc. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions expressed are subject to change without notice. It should not be assumed that any recommendations incorporated herein will be profitable or will equal past performance. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow Financial investment vehicle(s).
Securities offered through Mesirow Financial, Inc. member NYSE, SIPC. Insurance services provided through Mesirow Insurance Services, Inc.
