The market is softening - and fast. For workers comp and D&O, significantly faster than pundits (myself included) expected - D&O rates are down 19% and WC has declined 11%.

Even property rates are down, by 6%.

Why so much so fast? Simple - too much capital plus an economic recession, equals too many insurers looking to get more than their share of a shrinking pie.

Expect price competition to heat up over the next three quarters, and more than a few carriers to leap right across the stupid line.