Private Equity Rate Guide — U.S. HUB International’s rate guidance comprises an analysis of proprietary national survey data and interviews with HUB commercial insurance brokers and risk services consultants who specialize in the Financial Institutions industry. On average, we are experiencing rate cuts to moderate increases as insurance market conditions generally improve. Below are projections of rate increases that we anticipate in 2025. It’s important to discuss your business’ exposure with your insurance broker and understand what to expect well in advance of your next renewal. Coverage 2025 Private Equity Insights Rate Guide Capacity between carriers for private D&O placements remains D&O Private -10% to +5% strong. Underwriters are aggressively cutting premiums, giving automatic renewals and awarding two-year policies to maintain business. D&O insurance for public companies remains highly competitive. D&O Public -10% to +5% There is plenty of capacity and underwriters remain aggressive. Terms and conditions remain favorable for insureds. Premiums for cyber liability insurance are expected to continue to fall. Breaches and outages of significant service providers (i.e., Cyber -10% to Flat breaches at Change Healthcare and Crowdstrike) haven’t led to rate hikes yet but may point to harder market conditions in the first half of 2025. Claims on larger private equity firms are likely to drive higher rates and reduce capacity in the near term. General Partner -10% to +10% Underwriting considerations include the number of funds and Liability assets under management; investment strategy; management pedigree; portfolio company board exposure; and investor base or investment structure. Representation and Additional capacity has stabilized rates; however, expect rates and Warranty Flat to +5% retentions to rise should the volume of M&A transactions increase in Q4 of 2024 and into 2025. Professional Liability: E&O for As profitability has attracted competition in the market, expect Asset Managers, -5% to +5% additional capacity for Professional Liability coverage. Hedge Funds, Broker Dealers NOTE: Rate is typically defined as the amount of money necessary to cover losses and expenses while providing an insurance company with a profit for a unit of exposure. Exposure refers to a business’ or individual’s susceptibility to various daily risks. Carriers evaluate the level of risk an insured faces in calculating insurance premiums. 8