TD Cowen Insights Podcast: CRC's CEO On E&S Industry Trends Including AI

Research evidence excerpt

TD Cowen Insights Podcast: CRC's CEO On E&S Industry Trends Including AI

TD SECURITIES (USA) LLC SECTOR NOTE

May 14, 2026

■Insurance: P&C Insurance TD Cowen Insights Podcast: CRC's CEO On

E&S Industry Trends Including AI

Andrew Kligerman THE TD COWEN INSIGHT

212 468 8440

E&S isn’t a cycle—it’s a structural shift, per CRC CEO Dave Obenauer. As property pricing

andrew.kligerman@tdsecurities.com

pressures near-term growth, CRC still sees mid-single-digit organic growth and a better 2H

Daniel Bergman as comps and property deceleration normalize. On AI, he says “accelerant, not disruptor”:

617 946 3747 scale will let wholesalers productize innovation, expand solutions, and take out cost—while

dan.bergman@tdsecurities.com

reinforcing their role in the chain.

Alfred Miller

212 468 8453 Structural, Not Just Cyclical: Excess & Surplus (E&S) Keeps Taking Share

alfred.miller@tdsecurities.com

Mr. Obenauer anchored E&S in decades—not just the past 10 years—as E&S outgrew standard

Jeff Tong commercial P&C ~80% of the time over 25 years (adjusting for GFC/AIG). The key driver is a

212 468 8450

“riskier world” pushing more complex, volatile, and emerging exposures (AI, evolving cyber,

jeff.tong@tdsecurities.com

inflation-sensitive loss trends) into E&S. He also pointed to the channel’s maturation: bigger,

Adittya Parthasarathy, CFA more specialized wholesalers and purpose-built carrier underwriting platforms designed

212 468 8449 explicitly for E&S business.

adittya.parthasarathy@tdsecurities.com

Property Pressure, But Growth Holds: Mid-Single Digit is the Base Case

On organic growth, the near-term headwind is clear: ongoing property rate reductions (now

~3 years running) are weighing on premium. Still, CRC sees mid-single-digit growth as a