BRP Group, Inc. and Nasdaq’s Third Annual Directors and Officers (D&O) Benchmarking Report Includes Key Findings on Cyber Liability in this Year’s Edition
April 17 2024 - 9:00AM
Business Wire
2024 report reveals D&O and Cyber Insurance
premiums leveling off compared to this time last year
BRP Group, Inc. (NASDAQ: BRP) (“BRP Group”), an independent
insurance distribution firm delivering tailored insurance solutions
to a wide range of personal and commercial clients, today announced
its third annual Directors and Officers (D&O) & Cyber
Benchmarking Report.
More than 320 public companies participated in this year’s
survey, conducted in collaboration with Nasdaq, Inc. (“Nasdaq”).
Participating companies provided key policy information regarding
their D&O and Cyber Liability insurance coverages. One of the
key findings reveals that after several years of significant
increases in insurance costs, followed by fairly meaningful
decreases over the past 18 months, companies are starting to see a
leveling off in premiums for both D&O and Cyber insurance. This
report provides a baseline of measurement for companies who are
interested in learning if they have received the same decrease as
their peers, how their retention compares with others, and if they
are buying the right amount of coverage.
“In light of recent Securities and Exchange Commission (SEC)
rules surrounding Cyber Security Disclosures, we felt it was
extremely important to add meaningful independent data on Cyber
Liability Insurance in this year’s report,” said Mike Tomasulo,
Senior Managing Partner and National Management Liability Practice
Leader at BRP Group. “The D&O insurance information this survey
provides has proven to be extremely valuable to many public
companies the past few years and our goal was to also provide them
the same level of transparency and data for Cyber Liability, which
can be difficult to understand and benchmark.”
The Nasdaq-listed public companies that were surveyed, on
average, saw their primary D&O insurance layer decrease by 15.5
percent compared to 20.3 percent for their previous renewal, and 48
percent of respondents reported relatively flat renewals. In
addition, 58 percent of companies reported seeing a fairly flat
Cyber Liability renewal (+/- 10 percent).
One finding of note was that average retentions for D&O
continued to fall steeply. Companies reported an average retention
of $2.1M in 2023, down from $3.6M the previous year.
This year’s report provides a comprehensive overview of
D&O and Cyber Liability insurance programs including:
- Changes in rate and retention since last year by market cap,
industry and revenues
- Changes in corporate buying habits and policy structure
- Top Primary Carriers for D&O & Cyber Liability
- Marketplace views from over 120 D&O underwriters in the
U.S. and U.K.
For a copy of the executive summary and information about
obtaining the full report, please click here.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance
distribution firm delivering tailored insurance and risk management
insights and solutions that give our Clients the peace of mind to
pursue their purpose, passion and dreams. We are innovating the
industry by taking a holistic and tailored approach to risk
management, insurance, and employee benefits, and support our
Clients, Colleagues, Insurance Company Partners and communities
through the deployment of vanguard resources and capital to drive
our organic and inorganic growth. BRP Group represents over two
million clients across the United States and internationally. For
more information, please visit www.baldwinriskpartners.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, which represent BRP Group’s expectations or
beliefs concerning future events. Forward-looking statements are
statements other than historical facts and may include statements
that address future operating, financial or business performance or
BRP Group’s strategies or expectations. In some cases, you can
identify these statements by forward-looking words such as “may”,
“might”, “will”, “should”, “expects”, “plans”, “anticipates”,
“believes”, “estimates”, “predicts”, “projects”, “potential”,
“outlook” or “continue”, or the negative of these terms or other
comparable terminology. Forward-looking statements are based on
management’s current expectations and beliefs and involve
significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in such forward-looking
statements include, but are not limited to, those described under
the caption “Risk Factors” in BRP Group’s Annual Report on Form
10-K for the year ended December 31, 2023 and in BRP Group’s other
filings with the SEC, which are available free of charge on the
SEC’s website at: www.sec.gov, including those risks and other
factors relevant to the business, financial condition and results
of operations of BRP Group. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated.
All forward-looking statements and all subsequent written and oral
forward-looking statements attributable to BRP Group or to persons
acting on behalf of BRP Group are expressly qualified in their
entirety by reference to these risks and uncertainties. You should
not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and BRP Group does not undertake any obligation to update them in
light of new information, future developments or otherwise, except
as may be required under applicable law.
METHODOLOGY
The BRP Group Management Liability Practice and Nasdaq worked
together for the third year in a row, to produce the D&O &
Cyber Benchmarking Report.
Our process involved crafting a survey that was distributed to
Nasdaq listed companies, which was designed to gather crucial
information on their director’s and officer’s and cyber insurance.
After receiving more than 320 completed responses, we thoroughly
analyzed the data and utilized it to produce a comprehensive final
report.
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version on businesswire.com: https://www.businesswire.com/news/home/20240417434161/en/
MEDIA RELATIONS Anna Rozenich, Senior Director -
Enterprise Communications Baldwin Risk Partners (630) 561-5907 |
anna.rozenich@baldwinriskpartners.com INVESTORS RELATIONS
Bonnie Bishop, Executive Director Investor Relations (813) 259-8032
| IR@baldwinriskpartners.com
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