The 2026 Directors and Officers (D&O) Benchmarking Report presented by The Baldwin Group in collaboration with Nasdaq delivers data-driven insights into how more than 250 public companies design their D&O insurance programs, including limits, pricing, and retentions across market cap ranges and industries.
Executive summary
With D&O insurance rates easing from their 2022 peak, the report highlights ongoing premium relief and more stable retentions, along with clear differences by sector and company size. These benchmarks help boards, CFOs, and leaders optimize their D&O insurance limits, A-Side coverage, and retentions to better align with today’s securities litigation and settlement risk.
According to this year’s survey:
Due to a greater number of large-cap participants, the average total limits increased to $66M from $33M, and median limits increased to $35M from $25M. As expected, average and median retentions also increased by roughly $500K over last year.
Market cap range
$250M to $500M
Average Total Limits: $37,501,754
Median Total Limits: $25,000,000
Average Retention: $1,502,500
Median Retention: $1,250,000
Overall D&O rate change data
Roughly 55% of all companies saw their overall D&O premiums stay within 10% of the previous year. Only 10% of companies enjoyed a rate reduction of over 30%, a drop from almost 13% a year ago. Most companies that saw significant rate changes were under $500M in market cap, as insurers seem to be clearly targeting the micro-cap space more than in previous years.
| Market cap | Significant decrease (> 30%) | Moderate decrease (10% – 30%) | Flat (+/– 10%) | Moderate increase (10% – 30%) | Significant increase (> 30%) |
|---|---|---|---|---|---|
| $0 – $100M | 11% | 44% | 40% | 4% | 0% |
| $100M – $250M | 29% | 7% | 64% | 0% | 0% |
| $250M – $500M | 14% | 29% | 50% | 7% | 0% |
| $500M – $1B | 0% | 36% | 57% | 7% | 0% |
| $1B – $2.5B | 8% | 31% | 54% | 0% | 8% |
| $2.5B – $5B | 20% | 40% | 40% | 0% | 0% |
| $5B – $10B | 0% | 0% | 86% | 14% | 0% |
| $10B – $50B | 0% | 0% | 100% | 0% | 0% |
| $50B – $250B | 0% | 17% | 67% | 17% | 0% |
| Total | 10% | 30% | 54% | 5% | 1% |
This year’s report provides a comprehensive overview of D&O liability insurance programs including:
Changes in rate and retention since last year by market cap and industry
Changes in corporate buying habits and policy structure
Top 10 primary insurers for D&O liability
For additional information about the survey or how you can obtain a full copy of the report, please click here or contact us with comments or questions at managementliability@baldwin.com.
You may also reach out to your Nasdaq Relationship Manager for more information.
This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. The Baldwin Insurance Group Holdings, LLC (“The Baldwin Group”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. The Baldwin Group does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, The Baldwin Group does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.
