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OLDWICK, N.J.--A.M. Best Co. has revised its outlook for the U.S. commercial market to stable from negative, but warns there continues to be evidence of pricing deterioration.
However, "The level of deterioration thus far has been gradual, as irrational pricing has yet to surface," the rating agency said.
Best said the outlook change considers the level of rate adequacy in the sector, last year's record underwriting reserves and an expectation of stabilized reserve development over the near term.
But Best said it anticipates few rating upgrades or positive rating outlooks this year, "as most commercial lines companies will need to demonstrate their so-called underwriting discipline through the next soft market, which A.M. Best believes is inevitable."