Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
To Cut Costs, Reinsurers Should Lower Brokers’ Fees, Says Lloyd’s Chairman
Sep 15 2016 // Reinsurers, forced to cut prices for four years in a row, should target brokers’ fees as the industry seeks to reduce costs, according to Lloyd’s of London Chairman John Nelson. The brokers need to cut profit...
Prospect General in California Tribunalized by Lloyd’s
Sep 13 2016 // La Jolla, Calif.-based program administrator Prospect General Insurance Agency announced its tribunalization by Lloyd’s of London. Being named a coverholder allows Prospect General access to the Lloyd’s...
Hancock Exits RSA for Role at Lloyd’s
Sep 12 2016 // General insurer RSA said that Jon Hancock, managing director of UK commercial lines and global broker relationship director, is leaving RSA to take up the role of director of Performance Management at Lloyd’s of...
Lloyd’s Wins Right to Keep Oklahoma Quake Damage Lawsuit in New York
Sep 8 2016 // Lloyd’s of London has kept its lawsuit against New Dominion LLC over fracking out of the state where the ground is shaking. A federal judge in New York agreed Wednesday to decide the lawsuit by Lloyd’s seeking...
Hudson Insurance Launches Commercial Excess & Umbrella Unit, Taps Farrell to Lead
Sep 6 2016 // Hudson Insurance Group has launched its new commercial excess and umbrella business unit that will provide coverage on a non-admitted basis in all 50 states. Led by Thomas Farrell, the unit will operate on a limited...
UK Risks Losing Lloyd’s & London Market Insurers on Brexit: Lloyd’s Chairman
Sep 6 2016 // Lloyd’s of London and other insurers will be forced to move part of their businesses to the European Union if they fail to access the single market following Britain’s decision in June to leave the bloc,...
Missouri Again Non-Renews License of Northern Illinois Agency Owner
Sep 6 2016 // Missouri insurance regulators have once again refused to renew the non-resident producer license of the owner of an Illinois managing general agency that has been able to continue operations despite having his license...
EU Passporting Essential for Lloyd’s Market Position in Post-Brexit World: Fitch
Sep 1 2016 // The UK’s exit from the European Union, or “Brexit,” could lead to a loss of business for Lloyd’s of London unless the UK government is able to negotiate passporting arrangements to maintain access...
AIG’s Sparro Joins Endurance Specialty as CEO of U.S. Insurance
Sep 1 2016 // Endurance Specialty Holdings Ltd., a Bermuda-based specialty provider of property/casualty insurance and reinsurance, said Christopher Sparro is joining the company as executive vice president and chief executive officer...
M.J. Kelly Co.-Texas Adds Fonseca as Marketing Representative
Aug 25 2016 // Wholesale broker and managing general agent, M. J. Kelly Company-Texas, has added Vicky Fonseca as marketing representative in Fort Worth. The company also announced the retirement of Robert Grace. Fonseca is an insurance...
Missouri Non-Renews Insurance License of Northern Illinois Agency Owner, Again
Aug 24 2016 // The Missouri Department of Insurance has once again refused to renew the non-resident producer license of the owner of an Illinois managing general agency that has been able to continue operations despite having his...
Endurance Global Risk Solutions Adds Workers’ Comp Product
Aug 24 2016 // Endurance Specialty Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has launched a new workers’ compensation insurance product for its Global Risk Solutions...
Low Prices Ultimately Could Bite London Market Insurers: A.M. Best, PwC Reports
Aug 24 2016 // 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...
WSJ: AIG May Sell Shares in Lloyd’s Unit Ascot to Canadian Pension Board
Aug 23 2016 // American International Group Inc. is in early talks to sell its minority stake in the Lloyd’s of London syndicate manager Ascot Underwriting Holdings Ltd. to Canada Pension Plan Investment Board (CPPIB), the Wall...
Beazley Doubles Environmental Risk Capacity to $50M with Lloyd’s Consortium
Aug 23 2016 // Beazley, the London-based provider of specialist environmental liability insurance, has doubled its capacity for operational and fixed site environmental risks to $50 million. Covering the environmental liabilities of...
Willis Re Taps Aon’s McDowell to Lead Bermuda Unit; Harden as APAC President
Aug 23 2016 // Willis Re announced the appointment of Chris McDowell as CEO of Willis Re Bermuda. Effective Jan. 1, 2017, he will succeed Michael Harden, CEO of Willis Re Bermuda since 2014, who is returning to the Asia Pacific region as...
Caribbean Cat Facility, CCRIF, Pays Belize for Excess Rain From Hurricane Earl
Aug 23 2016 // CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made a pay-out of US$261,073 to the government of Belize as a result of heavy rains from Hurricane Earl on Aug. 4-5. Rainfall from the hurricane caused...
Lloyd’s Insurer ArgoGlobal Grabs O’Gorman from CNA to Lead Marine Team
Aug 22 2016 // ArgoGlobal, the Lloyd’s insurer and member of Argo Group, announced the appointment of Steve O’Gorman as head of Marine, effective Aug. 22. He reports to Bruno Ritchie, director of underwriting and active...
Endurance Global Risk Solutions Launches Environmental Liability Products
Aug 17 2016 // Endurance Specialty Holdings Ltd. has launched a new series of environmental liability insurance products, offering both primary and excess coverage for single sites or property portfolios. Endurance’s new products...
Watford Specialty Looking to Build Program Business with U.S. Acquisition
Aug 17 2016 // Newly formed Watford Specialty Insurance Co. (WSIC), a subsidiary of Bermuda-based Watford Re, took a big leap forward recently with its acquisition of a carrier with admitted licenses in all 50 states and the District of...
