Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Best Expresses Concerns over London Market Placement Deals
Sep 5 2013 // A.M. Best has been studying the recent innovation in the London insurance market, exemplified by the arrangement between Aon and Berkshire Hathaway announced in March, which automatically shares a percentage of premiums...
Lloyd’s Chairman Nelson Says Insurance Investment Boom Creates Risk
Sep 5 2013 // A flood of investment capital into structures linked to insurance could lead to instability and spark a new financial crisis if left unsupervised, a top official has warned. Billions of dollars from investment funds has...
Former Lloyd’s Chairman Max Taylor Joins Pioneer Underwriting Board
Sep 3 2013 // Former Lloyd’s Chairman Max Taylor Joins Pioneer Underwriting Board Recently formed – April 2011 – Pioneer Underwriting Limited announced that industry veteran Max Taylor has been appointed as Chairman of the...
Ironshore Specialty Launches Simplified Excess Liability Policy Form
Aug 29 2013 // Ironshore Inc.’s Specialty Casualty unit has introduced a new policy form for excess liability risks to provide a more concise coverage option for insurance brokers and insureds. Ironshore’s...
Lloyd’s Internal Probe Said to Be Focus of New York’s Iran Sanctions Inquiry
Aug 29 2013 // A New York regulatory investigation of Lloyd’s of London for possible violations of Iran sanctions law has led to a government request for files of an internal probe by the insurer, a person familiar with the matter...
AAMGA Expands Membership to Include All Wholesale Professionals
Aug 28 2013 // The American Association of Managing General Agents (AAMGA) has decided to expand its membership to include all wholesale insurance professionals, while keeping its original name. Membership will now be open not only to...
Specialty Underwriters & Risk Evaluators Acquires WSIB Insurance Agency
Aug 26 2013 // Specialty Underwriters & Risk Evaluators LLC has acquired Jackson, Mich.-based WSIB Insurance Agency from the Capacity Group of Companies, headquartered in Mahwah, N.J. WSIB currently operates as a wholesale broker and...
Coventry Risk Specialty Launches Pay-As-You Build Construction Program
Aug 23 2013 // Coventry Risk Specialty, an MGA focused on the construction industry, has launched a new Builders Reporting Policy (BRP) product for the construction industry. Coventry is the countrywide exclusive underwriter and will...
MSW Restructures as Specialty Insurance Intermediary
Aug 22 2013 // MarketScout Corp., an insurance distribution and underwriting company headquartered in Dallas, announced it has acquired 100 percent of the stock and assets of MSW. MSW will convert from a generalist brokerage to a...
International Excess Program Managers Adds Schmid as VP in Ohio
Aug 21 2013 // International Excess Program Managers, based in Cleveland, Ohio, has added George C. Schmid to its executive team. Schmid, an insurance industry veteran, will be taking on the role of vice president of program...
A Roundup of Maryland’s New Insurance Laws From 2013 Legislative Session
Aug 21 2013 // The Maryland Insurance Administration issued a bulletin this week summarizing new insurance legislation from the Maryland General Assembly’s 2013 session that have been signed into law by Gov. Martin O’Malley....
Suncorp Group Net Income Falls 32% on Banking Unit Loss
Aug 21 2013 // Suncorp Group Ltd., an Australian lender and insurer, posted a 32 percent decline in full-year profit in line with its guidance last month. Net income for the year to June 30 was A$491 million (US$443 million) compared...
Ironshore Specialty Launches Claims-Made Policy Form for Product Liability Risks
Aug 20 2013 // Ironshore Inc.’s Specialty Casualty unit is launching a new claims-made policy form to complement its suite of products and services available to the commercial general liability market for prospective insureds...
Berkshire Hathaway Specialty Insurance Hires 2 Execs From Zurich, The Hartford
Aug 16 2013 // Berkshire Hathaway Specialty Insurance — the recently launched commercial P/C insurance unit of Berkshire Hathaway — announced on Thursday the appointments of Leo Carroll as senior vice president, healthcare...
Surplus Lines’ McKay Named to IICF Western Board of Directors
Aug 14 2013 // Surplus Line Association of California Executive Director Benjamin J. McKay was named to the Insurance Industry Charitable Foundation’s Western division board of directors. The IICF board is comprised of industry...
Cat Bonds, Sidecars Keeping Reinsurance Rates Low Says Guy Carpenter
Aug 12 2013 // Reinsurance market rates continued to be driven by an influx of capital from third-party investors at the July 1 renewals, in spite of catastrophe losses reaching approximately $20 billion during the first six months of...
Commentary: Notifying Excess Insurers for Additional Insureds
Aug 9 2013 // An interesting case was recently decided by the Georgia Court of Appeals. In Garner and Glover Co. v. Barrett, 738 S.E.2d 721 (Ga. App. 2013), the issue was the duty of an insurance producer to notify an excess insurer...
No Ratings Change for Syndicate 2010 from Lancashire Acquisition Says Best
Aug 9 2013 // A.M. Best Europe – Rating Services Limited has commented that the financial strength rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 2010,...
Mitsui Sumitomo at Lloyd’s Hires 2 Professional Indemnity, D&O Specialists
Aug 7 2013 // UK non-life insurer Mitsui Sumitomo at Lloyd’s has hired two experienced underwriters as its Syndicate 3210 seeks to diversify its products and distribution to capitalize on significant international...
Lloyd’s Comments on Record Cannes Jewelry Heist
Aug 6 2013 // An article on the Lloyd’s of London website notes that the value of diamonds stolen in an armed robbery in Cannes on July 28 “has been estimated at nearly £90 million [€100 million, $133 million], making it...
