By Wolfgang Polzer, European Head of Technical Underwriting – Commercial D&O, Alta Signa
We spoke with Wolfgang Polzer, European Head of Technical Underwriting – Commercial D&O at Alta Signa, to explore the shifting dynamics of the D&O insurance market in the DACH region in 2025. With insolvency risk potentially on the rise, ESG regulation tightening, and market behaviour remaining oddly soft, Wolfgang shares why now is the time for underwriters to recalibrate, and how Alta Signa is positioning itself at the forefront of a more disciplined, insight-led approach to D&O.
What are the current trends in D&O in the DACH region?
The Directors & Officers (D&O) insurance market in the DACH region continues to defy economic and regulatory gravity. Despite rising geopolitical and regulatory uncertainty, increasing insolvency risk, and evolving ESG accountability pressures, D&O pricing and underwriting conditions remain curiously soft - particularly for new business and standard risk placements. There is, quite frankly, an increasing disconnect between risk and rate.
At the same time, regulatory developments, especially around ESG and supply chain governance, are reshaping the D&O exposure landscape. The German Supply Chain Due Diligence Act, for instance, introduces new layers of accountability for company directors which are particularly relevant when taken into account in conjunction with the current US tariffs impacting European entities. However, with limited legal precedent, the insurability of potential liabilities - including personal accountability for fines in the instance of supply chain failure - remains unclear. It’s a grey area that hasn’t yet been priced into today’s policies, which further adds to the market’s disconnect.
At Alta Signa, we’ve observed that while economic concerns - such as global trade tensions and supply chain fragility - are increasingly top-of-mind for directors and officers, this sentiment has yet to be fully reflected in market behaviour. German firms, for example, are acutely aware of their exposure to global trade dynamics, and the implications of potential tariffs ripple through boardroom discussions. However, this uncertainty isn't consistently priced into D&O policies. Even with heightened exposure and rising insolvency-linked claims, certain underwriters remain focused on growth at any cost - discounting premiums to win business, rather than aligning price with risk.
What about capacity?
We’re also seeing a wave of new international entrants into the DACH D&O space, often armed with fresh capacity and a mandate to build portfolios quickly. While this may increase options for brokers and clients in the short term, it raises real questions around underwriting discipline and long-term market sustainability. It’s not just about chasing top line market share - for the D&O sector to be sustainable and to avoid large “corrective” swings in rates when loss events occur and the cycle shifts.
We're seeing growing sophistication among D&O buyers, particularly among mid-sized companies. These firms increasingly value technical underwriting insight and appreciate the importance of tailored protection over commoditised products. Many are undergoing governance modernisation, facing new regulatory responsibilities, and seeking insurers who can work with them to build robust, compliant D&O programmes.
What sets Alta Signa apart?
This is where Alta Signa stands apart. We combine local knowledge, technical underwriting expertise, and a solutions-driven mindset to deliver a bespoke approach - particularly for complex risks. These might include corporate turnarounds, carve-outs, restructurings, or businesses with intricate shareholder arrangements. Such risks often struggle to find coverage in today’s market, yet we are seeing more of them come to us, not just because of capacity, but because we’re willing to engage, ask critical questions, and find a workable solution. In these cases, we often work directly with decision-makers such as CFOs, enabling us to understand the risk intimately and structure coverage accordingly. It’s rewarding work, and it distances us from the transactional churn of commoditised D&O underwriting.
From a market standpoint, there are signs of stabilisation during renewals - the era of steep discounts may be tapering off. But for new business and first-time buyers, we’re still in a highly competitive phase. We believe the market is entering a new cycle, and we advocate for underwriting discipline to be restored before another market shock forces a painful correction.
What is Alta Signa’s priority?
At Alta Signa, our priority is long-term, sustainable growth. We are deliberately cautious with how we deploy capacity - not to be conservative for conservatism’s sake, but to ensure continuity for our partners even if market appetites shift. Our carrier relationships are longstanding and stable, with all our binder agreements successfully renewed - and in some cases, expanded. This gives us the flexibility to respond to client needs without compromising underwriting standards.
We are also investing in growth: expanding our team in DACH, bringing in analysts and junior underwriters to meet demand from both standard and complex risk clients. We continue to support vanilla D&O risks as part of a balanced portfolio, but never as a quick win. Everything we do is underpinned by a high-quality underwriting approach and strong relationships - with clients, brokers, and carriers.
What’s your call to action?
Ultimately, our USP is a relationship-driven underwriting culture. It’s not about saying yes to everything - it’s about being a trusted, technically capable partner who asks the right questions, brings insight to the table, and stands firm on underwriting principles. If the D&O market in the DACH region is to remain sustainable, it must refocus on those fundamentals. We don’t need a crisis to remind us of that. The data is there. The exposure is rising. And now is the time to act.