Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Judge Rules for Lloyd’s In Dispute Over Stanford’s Insurance
Dec 17 2009 // A federal judge in Houston found accused swindler Allen Stanford and his attorneys in contempt of a court order Wednesday over their attempts to collect insurance policy proceeds to pay defense costs. No sanctions were...
Best Affirms Ratings of Lloyd’s Syndicate 2001 and Amlin plc
Dec 17 2009 // A.M. Best Co. has affirmed Best’s Syndicate Rating of ‘A+’ (Superior) and the issuer credit rating of “aa-” of Lloyd’s Syndicate 2001, which is managed by Amlin Underwriting Limited....
Best Affirms Lloyd’s Syndicate 570 & 609 ‘A’ Ratings
Dec 16 2009 // A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and issuer credit rating of “a+” of Lloyd’s Syndicates 570 and 609, which are both managed by Atrium...
FSA, Lloyd’s Approve Montpelier Re’s Paladin Agency as Coverholder
Dec 14 2009 // Bermuda-based Montpelier Re Holdings Ltd. announced the formation of a new UK Managing General Agent, Paladin Underwriting Agency Limited, a wholly-owned subsidiary of the Montpelier Group. The new MGA has received...
Insurance ‘Central to our Climate Security’ Says Lloyd’s CEO
Dec 11 2009 // Lloyd’s CEO Richard Ward, speaking at an ancillary meeting of the Copenhagen Conference on Climate Change, stressed that, although “this is a side event to the main negotiations,’ It shouldn’t...
National Specialty Underwriters, Ace Westchester Launch Hospitality Program
Dec 10 2009 // Bellevue, Wash.-based National Specialty Underwriters Inc. (NSU) a program administrator and specialty wholesale broker, and ACE Westchester, the U.S.-based wholesale-focused property and casualty operation of the ACE...
Protective Specialty Announces New Professional Liability Division
Dec 8 2009 // Indianapolis, Ind.-based Protective Specialty has created a new Professional Liability Division, which joins the company’s portfolio of nationwide products by offering Miscellaneous Professional Liability. A...
People
Dec 6 2009 // Des Moines, Iowa-based Principal Financial Group announced that John Aschenbrenner, president of its insurance and financial services division, will retire at the end of 2009 after more than 37 years with the...
Options Backdating Settlement Has Important D&O Insurance Implications
Dec 6 2009 // In what may be a watershed event for the directors and officers (D&O) insurance industry, the parties to the consolidated federal options backdating-related shareholders’ derivative lawsuit involving Broadcom...
Floods in the U.K.; Lloyd’s Exchange Gets Rolling; Willis in Deal for Gras Savoye
Dec 6 2009 // A series of violent storms struck the west coast of England, beginning Nov. 19. Cumbria, the county just below the Scottish border, was the most severely affected area, where heavy rain caused extensive flooding in a...
Specialty Underwriting Firm Naxos Avondale Launches
Nov 30 2009 // Naxos Avondale Specialty Casualty Inc., an underwriting management company focused on the specialty casualty excess and surplus lines markets, has officially launched operations and begun accepting business. The creation...
Stanford Sues Lloyd’s of London for Defense Fees Under D&O Policy
Nov 25 2009 // Allen Stanford, who faces U.S. criminal and civil charges for allegedly leading a $7 billion Ponzi scheme, is suing Lloyd’s of London for defense costs. Lloyd’s had advanced some legal fees under a directors...
Beazley Starts Trading through the Lloyd’s Exchange
Nov 25 2009 // Lloyd’s and international insurer Beazley announced that underwriters placing business for the company now have access to the Lloyd’s Exchange. The processing system will enable them to “undertake...
Stringer Elected to Lead Texas Surplus Lines Association
Nov 24 2009 // Monte Stringer, executive vice president with U.S. Risk Inc. in Dallas, has been elected president of the Texas Surplus Lines Association Inc. for the coming year. Stringer and other new officers and directors of the...
Momentous Launches Restaurant Insurance Specialty Practice
Nov 24 2009 // Momentous Insurance Brokerage of Van Nuys, Calif., has launched a restaurant insurance specialty practice. Some of the risk management services offered include contract review, loss control and inspection, in-house claims...
De La Rochefoucauld to Head Lloyd’s French Office
Nov 23 2009 // Lloyd’s announced the appointment of Guy-Antoine De La Rochefoucauld as the new Country Manager for its French office, effective the 7th of December. The bulletin noted that he “has over 25 years experience in...
Best Affirms Balboa and Group Members ‘A’ Ratings
Nov 20 2009 // A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Balboa Insurance Group and its P/C members: Balboa Insurance Company...
New Lloyd’s Open Form Maritime Arbitration Panel Launched
Nov 18 2009 // A new Lloyd’s Open Form (LOF) arbitration panel has been launched by Lloyd’s of London. The appointments follow Lloyd’s announcement last May that it would change the way the panel operates, “and...
‘Economic Downturns’ Make Frauds, Scams More Likely Lloyd’s Warns
Nov 17 2009 // “Economic downturns are often linked to increases in fraud and crime,” notes an article on the Lloyd’s web site (www.lloyds.com). “In desperate times people are said to be more likely to turn to...
People
Nov 15 2009 // Maryland-based insurance and risk management firm HMS Insurance Associates Inc. has made several executive-level promotions. Nancey Bohlen has been promoted to chief financial officer and vice president of operations. She...
