D&O rates stabilize, retention rates fall: Report

BRP Group Inc. Wednesday released a report showing that directors and officers liability rates and retentions decreased in 2023.

The third annual Directors and Officers & Cyber Benchmarking Report, produced in collaboration with Nasdaq, showed that companies’ retention of D&O coverage decreased on average to $2.1 million from $3.7 million, and primary D&O rates decreased 15.5%, compared with a 20.3% decline in 2022.

Most companies with market capital between $250 million and $1 billion reported significant decreases in D&O rates, Tampa, Florida-based BRP said. 

Cyber rates have also leveled off following years of increases, and more than 50% of companies surveyed reported flat renewals in 2023, the report said.

More than 320 public companies and more than 120 D&O underwriters in the U.S. and U.K. provided information for the report.