BRP Group, Inc. and Nasdaq’s Third Annual Directors and Officers (D&O) Benchmarking Report Includes Key Findings on Cyber Liability in this Year’s Edition

BRP Group, Inc. (NASDAQ: BRP) (“BRP Group”), an independent insurance distribution firm delivering tailored insurance solutions to a wide range of personal and commercial clients, today announced its third annual Directors and Officers (D&O) & Cyber Benchmarking Report.

More than 320 public companies participated in this year’s survey, conducted in collaboration with Nasdaq, Inc. (“Nasdaq”). Participating companies provided key policy information regarding their D&O and Cyber Liability insurance coverages. One of the key findings reveals that after several years of significant increases in insurance costs, followed by fairly meaningful decreases over the past 18 months, companies are starting to see a leveling off in premiums for both D&O and Cyber insurance. This report provides a baseline of measurement for companies who are interested in learning if they have received the same decrease as their peers, how their retention compares with others, and if they are buying the right amount of coverage.

“In light of recent Securities and Exchange Commission (SEC) rules surrounding Cyber Security Disclosures, we felt it was extremely important to add meaningful independent data on Cyber Liability Insurance in this year’s report,” said Mike Tomasulo, Senior Managing Partner and National Management Liability Practice Leader at BRP Group. “The D&O insurance information this survey provides has proven to be extremely valuable to many public companies the past few years and our goal was to also provide them the same level of transparency and data for Cyber Liability, which can be difficult to understand and benchmark.”

The Nasdaq-listed public companies that were surveyed, on average, saw their primary D&O insurance layer decrease by 15.5 percent compared to 20.3 percent for their previous renewal, and 48 percent of respondents reported relatively flat renewals. In addition, 58 percent of companies reported seeing a fairly flat Cyber Liability renewal (+/- 10 percent).

One finding of note was that average retentions for D&O continued to fall steeply. Companies reported an average retention of $2.1M in 2023, down from $3.6M the previous year.

This year’s report provides a comprehensive overview of D&O and Cyber Liability insurance programs including:

- Changes in rate and retention since last year by market cap, industry and revenues

- Changes in corporate buying habits and policy structure

- Top Primary Carriers for D&O & Cyber Liability