Is the market hard, soft or both? In the 2026 Argo Industry Pulse Report, Argo leaders, industry researchers and trade association policy experts examine mixed market signals and why traditional labels may no longer tell the full story.
- Some lines are softening while others remain firmly priced. Workers’ compensation is softening after years as one of the market’s steadiest lines. Meanwhile, casualty underwriters interviewed for the report express ongoing concerns about long-term liabilities. Sean Kevelighan, CEO of the Insurance Information Institute, puts it simply, “It’s a tale of two cities. The market is soft in some places and hard in others.”
- New entrants are competing without legacy liabilities on their books. An influx of capital – entering through mergers, acquisitions and MGAs backed by established carriers – is increasing competition across specialty lines. David Corry, Head of Casualty at Argo, notes that some newer entrants may see attractive conditions without fully appreciating the long-term liabilities associated with casualty insurance.
- Profitability is strong but pricing power is resetting. Some indicators suggest the market is softening, while long-term casualty concerns continue to create pricing pressure. The result is a market that is not moving in one direction.
Understanding the forces behind today’s mixed signals can provide a clearer picture than relying on traditional hard- or soft-market labels alone.
Explore the full report to learn how AI, workforce shifts and other market developments are influencing specialty insurance today.
