Features

14 States Process $13.1B in Surplus Lines Premium in First Half 2016

Data from the 14 U.S. surplus lines service/stamping offices show they have processed almost $13.1 billion in insurance premium filings in the first half of 2016, according to the Surplus Lines Stamping Office of Texas (SLSOT). This represents a slight …

Alabama Department of Insurance Re-Accredited by NAIC

The Alabama Department of Insurance (ALDOI) announced Aug. 31 that it has been re-accredited by the National Association of Insurance Commissioners (NAIC) for a 5-year term. The ALDOI received its first NAIC accreditation in 1995. “I’m very proud of our …

Weak Profits Leading to Takeovers of Smaller Reinsurers

Weak profitability is likely to leave more reinsurers worldwide vulnerable to takeover in 2017, reinvigorating mergers and acquisition activity as healthier firms seek growth and efficiency savings, according to Fitch Ratings. Consolidation in the sector has stalled after a flurry …

Kentucky Workers’ Comp Loss Costs to Decrease by 5 Percent

The Kentucky Department of Insurance has approved the annual workers’ compensation rate filing from the National Council on Compensation Insurance Inc. (NCCI) with a rate decrease of five percent on average. It is the eleventh consecutive overall decrease in loss …

Court Rules Massachusetts Law Applies in Rhode Island Contamination Suit

The Massachusetts Appeals Court has ruled that Massachusetts law should apply in deciding whether Narragansett Electric Co. (NEC), a Rhode Island-based utilities provider, is entitled to insurance coverage for environmental contamination at several of its sites. The August 31 decision …

Low Prices Ultimately Could Bite London Market Insurers: A.M. Best, PwC Reports

The business outlook for the London insurance market is a familiar one across other global markets: underwriting profits are under pressure as ongoing soft market prices begin to take a toll. In separate reports on the London market, both A.M. …

State Oversight of Thrill Rides Questioned After Recent Accidents

In some parts of the U.S., the thrill rides that hurl kids upside down, whirl them around or send them shooting down slides are checked out by state inspectors before customers climb on. But in other places, they are not …

New Jersey Rules in Favor of CGL Coverage for Faulty Subcontractor Work

New Jersey has joined several other U.S. states in deciding that if a subcontractor’s defective work damages parts of a general contractor’s project, the damages are covered under the general contractor’s standard commercial general liability (CGL) policy. The New Jersey …

Signs of the Agency Financial Times: 7 Key Trends Producers Should Watch

7 Key Trends Producers Should Watch to Keep from Being Left Behind In “Left Behind,” the first book in an apocalyptic series by Tim LaHaye and Jerry Jenkins, the main characters find themselves scrambling to adjust to the sudden loss …

New Jersey Supreme Court Rules Paralyzed Waterpark Visitor Can Proceed with Gross Negligence Suit

A New Jersey waterpark visitor who was partially paralyzed in a 2010 accident while on a ride that simulates surfing can proceed with a lawsuit, the state Supreme Court ruled. Roy Steinberg and his wife claim employees at Sahara Sam’s …

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