Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Best Affirms Torus Insurance and Operating Subsidiaries Ratings
Oct 27 2010 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength ratings of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of Torus Insurance (Bermuda) Limited, Torus...
Torus Names Kuprianczyk to European Professional Lines Team
Oct 25 2010 // Lines, based in Zurich. In addition to the newly appointed Cologne-based team under Professional Lines Manager Esther Fittinghoff-Hansen, he will “further bolster the provision of senior local expertise for...
Willis Re Merges UK, Europe Teams; Forms Willis Re Europe
Oct 21 2010 // Willis Re, the reinsurance advisor and part of Willis Group Holdings, announced that it has merged its teams handling Continental European and UK-based property and casualty business into an expanded European unit and is...
Best Affirms ‘A’ Ratings of Lloyd’s Syndicate 2010 (Cathedral)
Oct 21 2010 // A.M. Best Europe – Rating Services Limited has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 2010. At the same...
Specialty Products Manufacturing: Multiple Opportunities for Injury
Oct 21 2010 // In 2007 there were over 10 million consumer-product related injuries treated in hospital emergency departments, according to the National Safety Council. While the statistics reveal injuries from seemingly innocuous...
Lloyd’s to Restructure Claims Management Procedures
Oct 20 2010 // Tom Bolt, Lloyd’s Underwriting Performance Director, outlined plans in a speech last week to reorganize Lloyd’s claims handling procedures. He received immediate, and no doubt expected, support from...
HCC Insurance Holdings Creates New Underwriting Unit, HCC Specialty
Oct 20 2010 // Houston-based HCC Insurance Holdings Inc. is combining its Professional Indemnity Agency (PIA), HCC Public Risk, and HCC Specialty Underwriters units under a newly created underwriting division, HCC Specialty. HCC...
Lloyd’s McGovern Works to Expand No. American Business; Part II
Oct 18 2010 // Sean McGovern now heads Lloyd’s operations in the U.S. and Canada – the first and third largest sources of business for its underwriters. Lloyd’s not only wants to hold on to that business, but also to...
People
Oct 18 2010 // Insurance broker Marsh has added five industry veterans – four from competing broker Aon – to its private equity and mergers and acquisitions practice. James O’Brien, Jason Hawkins and Craig Warnke join...
Declarations
Oct 18 2010 // Inflationary Increase “The previous $15 million capital and surplus requirement has been in place since the ’90s, so is not near as meaningful in guaranteeing financial solvency of surplus line insurers today....
Court: Calif. Surplus Line Insurers Should Not Be Double-Taxed
Oct 18 2010 // Surplus line insurers should not be subject to California Constitution Section 28 taxes to the state, according to a California Court of Appeal decision that notes that these nonadmitted insurers already pay surplus line...
Lloyd’s McGovern Navigates Turbulent U.S. Waters; Part I
Oct 15 2010 // A recent article in Lloyd’s “Market” magazine noted that Sean McGovern, General Counsel and, since February 2010, the Director of Lloyd’s North America, “loves to mess about in boats in his...
Stanford Denied Use of Lloyd’s Insurance to Pay Fraud Defense
Oct 14 2010 // Accused swindler Allen Stanford may not use $100 million in a Lloyd’s of London directors and officers insurance policy to pay the lawyers defending him on charges of running a $7 billion fraud, a U.S. judge in Texas...
Beazley, Co-Founder of Beazley Group, Passes Away
Oct 14 2010 // The co-founder and former CEO of Beazley Group, Andrew Beazley, has passed away at the age of 57. Beazley was co-founder of the company and its CEO for 22 years of its 24-year history. The company founded by Andrew Beazley...
S&P Revises Outlook on Mutual of Omaha to ‘Negative’
Oct 13 2010 // Standard & Poor’s Ratings Services said it has revised its outlook on Mutual of Omaha Insurance Co. to negative from stable, and has assigned its ‘A’ rating to Mutual of Omaha’s issue of up to...
Clock is Ticking on Surplus Lines Tax Reform
Oct 12 2010 // The insurance industry called the passage of the Wall Street Reform & Consumer Protection Act on July 21, 2010, a “big win” thanks to provisions in the massive reform bill that would modernize regulation...
R-T Specialty Buys Southeast Wholesaler McAuley Woods
Oct 8 2010 // R-T Specialty, LLC, the wholesale brokerage unit of Ryan Specialty Group, LLC, has acquired McAuley Woods & Associates. Headquartered in Palm Beach, Florida, McAuley Woods is a wholesale insurance brokerage that also...
Safety Remains a Concern for Nanotechnology Says Lloyd’s
Oct 7 2010 // Nanotechnology is finding wider and broader use in modern technology. It is “transforming product design and innovation among manufacturers of electronics goods, textiles, cosmetics and foodstuffs as well as in other...
CNA Appoints Day VP of Specialty Underwriting – Accountants PL
Oct 7 2010 // Chicago-based CNA has named Jeff Day as vice president of Underwriting for its Specialty Lines Group. In this role, Day has responsibility for the global insurer’s Accountants Professional Liability program. Day has...
Lower Corporate Taxes Could Help Preserve London’s Competitiveness
Oct 5 2010 // The City of London is just emerging from the recession brought on by the financial crisis, but it’s “clear there are numerous challenges ahead if it is to retain its global importance as a center for financial...
