The outlook for the commercial lines insurance market remains largely unchanged since the first quarter, with the supply of capital driving pricing behavior in all segments.

For the directors and officers (D&O) market, rates and retentions are down for almost all companies as an oversupply of insurance capacity and few IPOs drive up competition. Mature public companies are experiencing strong rate relief, and newly public companies that had higher starting premiums are also seeing significant decreases. Meanwhile, securities class action severity remains high, and we expect 2023 total settlement dollars to be significant.