The Management Liability (ML) Insurance market continues to favour clients, with a broadly stable trading environment. Strong capacity levels, sustained competition among carriers, and continued appetite for growth have kept trading conditions favourable across much of the market. Nevertheless, an increase in insurer consolidation and rising claims activity suggest that this period of calm may not be permanent.
Last year's market conditions have continued into 2026. In most cases, premiums are either reducing or holding stable – a product of the ample capacity available for most risks. Across our own book, average premium per policy reduced by 16% in 2025, following a 9% reduction in the year prior. Some insurers are now reaching minimum premiums on risks which have experienced multiple renewals with reductions. This aligns with insurer feedback that pricing is reaching the pre-hard market levels of 2019.
This abundance of capacity is a product of the strong insurer appetite across the market. Most carriers are actively seeking to grow and are under pressure to meet premium‑income targets in a reducing‑rate environment. With competition intensifying, insurers are writing more business to maintain top‑line growth, and are increasingly looking beyond core D&O to ancillary ML lines to support broader portfolio expansion.
