BRP Group Inc. released a report on Wednesday showing that attrition rates and retention of directors and officers are expected to decline through 2023.
The third annual Directors and Officers and Cyber Benchmarking Report, prepared in collaboration with Nasdaq, showed that companies’ retention of D&O coverage declined from an average of $3.7 million to $2.1 million, and primary D&O rates declined by 15.5%. % has decreased, whereas it has declined by 20.3%. 2022.
Tampa, Florida-based BRP said most companies with market caps between $250 million and $1 billion have seen significant reductions in D&O rates.
Cyber rates have also declined after years of growth and more than 50% of companies surveyed reported flat renewals in 2023, the report said.
More than 320 public companies and more than 120 D&O underwriters in the US and UK provided information for the report.
