Latest Excess Surplus Headlines

Lloyd’s Expects U.S. To Adopt Federal Regulation of Insurance

Nov 19 2008 // Pushed by the global economic crisis, the United States is expected to embrace federal regulation of the insurance industry as early as 2009, according to some financial and insurance executives. Federal regulation in the...

People

Nov 16 2008 // The Texas Surplus Lines Association Inc. elected new officers and directors at its 52nd annual meeting held Nov. 3, 2008, at the Four Seasons Hotel in Austin. The new officers are: President Paul Rainey, president of RSI...

Retail Agents Left Wondering About Austin Surplus Lines

Nov 16 2008 // Austin Surplus Lines, a managing general agency with offices in the Austin, Dallas and Houston areas, apparently has ceased conducting some or all of its contracted business, to the surprise of at least some of its...

Best Affirms Lloyd’s Syndicates 609, 570 (Atrium/Ariel) ‘A’ Ratings

Nov 14 2008 // A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicates 609 and 570, both of which are managed by Atrium...

American E&S Appoints Broker in Seattle

Nov 12 2008 // Tonja Prince, an industry veteran with 17 years of experience, is the newest broker in the American E&S Insurance Brokers Seattle branch. Most recently with AmWINS, Prince specializes in casualty, property, and...

Marsh’s Bowring Supports Clients with Innovative Risk Transfer Products

Nov 11 2008 // Bowring, Marsh’s International Specialist Broker, announced new efforts to make its placement leadership meet the requirements of its clients by creating “five bespoke risk transfer products covering property,...

Retail Agents Left Wondering About Austin Surplus Lines

Nov 11 2008 // Austin Surplus Lines, a managing general agency with offices in the Austin, Dallas and Houston areas, apparently has ceased conducting some or all of its contracted business, to the surprise of at least some of its...

Max Cap Completes Lloyd’s Acquisition

Nov 10 2008 // The Bermuda-based Max Capital Group has completed the previously announced acquisition of Imagine Group (UK) Limited, a Lloyd’s insurance operation, from Imagine Insurance Company Limited. “Imagine...

Rainey Elected to Lead Texas Surplus Lines Association

Nov 10 2008 // The Texas Surplus Lines Association Inc. elected new officers and directors at its 52nd annual meeting held Nov. 3, 2008, at the Four Seasons Hotel in Austin, Texas. The new officers are: President Paul Rainey, president...

Max Specialty Group Approved in New Hampshire

Nov 5 2008 // Max Specialty Insurance Co. said it has been approved as an eligible surplus lines insurer in New Hampshire. The Richmond, Virginia-based insurer is now an eligible surplus lines insurer in 49 states. “The addition...

Surplus Lines Association of California Increases Stamping Fee

Nov 2 2008 // The Surplus Lines Association of California Executive Committee and the Stamping Committee has approved an increase in the stamping fee from 0.125 percent to 0.225 percent, effective Jan. 1, 2009. All new policies, renewal...

Nov 2 2008 // Pete Garvey, current president of Integro Ltd., assumed the additional responsibility of CEO for the insurance broker, succeeding Roger Egan, who has left the company. Garvey has served as president of Integro since 2005....

Risk Managers Report Price Softening; Insurers Battle Surplus Decline

Nov 2 2008 // Property Premiums Fall Sharply; P/C Insurers Post Q3 Losses; Some Sell Stock to Raise Cash for Surplus Woes Risk managers report that commercial policy renewal prices are continuing to drop even as insurers are battling a...

Commercial P/C Insurers’ Stocks Down 14%; M&A Activity at Historic Highs

Nov 2 2008 // Stock Prices: The turbulent stock market is not sparing commercial property/casualty insurers. Through the first nine months of the year stocks are down 14 percent in the sector. M&A Activity: Despite the current...

Ironshore’s President, Chief Underwriter Resigns

Oct 30 2008 // Les Rock, president and chief underwriting officer of Ironshore Insurance Ltd., has resigned effective Oct. 31, 2008 for personal reasons. Howard Barnes, Peter Coleman and Rod Todd will continue to underwrite property...

Zurich Names Whitehead to Head Excess Casualty Unit

Oct 28 2008 // Zurich North America has named Kevin Whitehead to head its Excess Casualty unit. In this role, he will lead Excess Casualty operations across the United States, with oversight for 11 offices. Whitehead brings more than 20...

Montpelier Re Forms Lloyd’s Managing Agent

Oct 24 2008 // Montpelier Re Holdings Ltd. announced that it has received approval from the UK’s Financial Services Authority (FSA) and Lloyd’s to establish a wholly owned Lloyd’s Managing Agent subsidiary. The new unit...

AIG to Offer Banks ‘Commercial Umbrella’ Endorsement for Basel II

Oct 22 2008 // AIG Excess Casualty ®, a unit of AIG Commercial Insurance, announced that it is offering an endorsement to its commercial umbrella policy to help U.S. banks operating overseas meet Basel II requirements. “Basel...

Towers Perrin Sees P/C Insurer Surplus Decline of 8% for Q3

Oct 22 2008 // The U.S. property/ casualty industry’s reported statutory surplus at the end of the third quarter is projected to decline as much as $42 billion, or 8 percent, from the beginning of the year, according to estimates...

Lloyd’s Estimates Gustav/Ike Net Claims at Around $2.34 Billion

Oct 21 2008 // Lloyd’s has announced that its provisional loss estimates for Hurricanes Gustav and Ike will be approximately £1.3 billion ($2.34 billion). The estimate covers both on and offshore claims from both storms, and...