Marsh Says It Only Sees ‘Targeted Correction’ of Rates

Marsh executives are only seeing a “targeted correction” — not a broad-based hard market — in the property/casualty insurance market.

CEO Brian Duperreault said during an earnings call, “Is it a hard market? I think not in the definitions we apply.” He added that while some carriers are seeing a benefit in terms of rate, “it is not across the board.”

Chief Operating Officer and Group President Daniel Glaser added that the market follows levels of losses, and the levels of losses have been specific to geography and to lines of business. “So, it is a pretty targeted correction of rates in certain areas — we don’t see a broad-based blood-in-the-eye hard market where underwriters are walking away from clients en masse,” Glaser said.

Marsh & McLennan Cos. Inc. reported $347 million profit for its 2012 first quarter, up 6.8 percent from $325 million reported during the same period in 2011.