The excess casualty market faces a rough road ahead. After a difficult 2020, the market is likely to remain hard at least through 2021 and possibly into the following year. Carriers continue to reduce limits and increase premiums as they grapple with the aftereffects of underpricing in the soft market. Much of the hardening is being driven by losses in auto, and also where social inflation is leading to more so-called ‘nuclear’ verdicts. Along with auto fleets, construction, real estate, habitational and hotels stand among the more difficult markets.

The term catastrophe became a part of everyday life this year as the global coronavirus pandemic spread across the country. With spring also came the "normal" catastrophes, including a spate of deadly thunderstorms and tornados. This was followed by an early start to a hurricane season that kept setting records through the summer, and a disastrous wildfire season for which the full scope of damages will not be known for some time.

The U.S. Patent and Trademark Office (USPTO) has issued more than 10 million patents since 1836 (source 2). The number granted has grown exponentially over the last twenty years, with more than 350,000 patents issued in 2019 (source 1). As the number of patents increases, so does the opportunity for infringement. Patent infringement occurs when a patent owner alleges that products or services being manufactured, sold, or distributed by another company infringe on their patent rights. When this happens, litigation often ensues, with the plaintiff seeking an injunction against further sale of the infringing product or service along with payment of royalties or damages. The cost of defending or settling such a claim can be devastating. As of 2017, the average total cost for defending a patent infringement case worth up to $10 million, was $1.7 million.6 While larger companies may be equipped to handle millions of dollars in legal fees and settlements, patent litigation can bleed small to mid-sized companies dry.

Often we assume that bigger is better, but unless products and promises are backed by exceptional service, the value proposition can quickly lose its luster. A large public manufacturer of healthcare products had become dissatisfied with the level of attention and service received from its broker, which is known for high level sophistication and client advocacy particularly in the area of Professional Liability. A smaller retail broker, with a reputation for excellent customer service was given the opportunity to submit a Request for Proposal (RFP) outlining the retailer’s ability to meet the manufacturer’s insurance service needs.

COVID-19 has infected millions of people and has taken so many lives around the globe. Unwilling to stand by and do nothing as the economy and our communities struggle, companies all around the U.S. are looking for ways to help fight the virus, ensure business continuity, and keep generating revenue.