LOCKTON HOSTS CLIENTS, DISCUSSES MARKET CONDITIONS AT RIMS 2012
More than 400 clients and friends of Lockton gathered at the Philadelphia Museum of Art on the first night of the 50th Risk & Insurance Management (RIMS) Conference. Lockton Producers and Associates hosted clients for a casual dinner and a museum tour, including a new exhibit of works by Van Gogh. You can see more photos in a gallery on the Lockton Facebook page.
Lockton CEO John Lumelleau told industry reporters, including John Weber of BestWeek that market conditions are shifting, and prices in several markets are hardening. See the video interview with BestWeek. [link to video] http://www.bestweek.com/v.asp?v=lumelleaurims412
In discussions with leading carriers, it is clear that underwriters are tightening standards, requiring more information, and seeking to keep renewals flat or raise prices, particularly in challenging markets like property catastrophe. You can see specifics on the latest market conditions in Lockton Market Update.
In a panel discussion at RIMS, John Lupica ACE USA's chairman of insurance said, "It's still a very tradable market; there's ample capacity to get your risks placed. It may cost more in certain lines of business, but it's one thing you can manage through with good, open communication."
To show support for RIMS and our risk manager clients, Lockton exhibited at RIMS for the first time. Lockton created a "photo booth," offering risk managers a complimentary photo. Said one risk manager, "This is the most creative idea at RIMS." See video of clients, prospects and friends in the Lockton booth at RIMS.