Resources & Insights

Q1 2023 D&O Market Outlook

December 13, 2022

Similarly to the conditions we’re seeing in the E&O market, there is increased capacity due new carrier entrants, creating competition among carriers resulting in softening rates. Additionally, the cooling SPAC / IPO market reduced supply, forcing new entrants to target existing carriers’ businesses. As shown below, the D&O premium fell subsequently through H1 – 2022 and is expected to decrease even more moving forward.


Congruently, the aforementioned factors will most likely allow retention to fall. With the average retentions falling from ~$13M in Q1 – 21 to ~5M today, Woodruff-Sawyer notes: “Underwriters are reluctant to reduce SIRs [self-insured retentions], but competition may make it impossible for them to resist the downward pressure.”

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