Latest Excess Surplus Headlines

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...

Loucaides Joins Lloyd’s Jubilee Managing Agency

Oct 21 2008 // Jubilee Managing Agency, a specialist Lloyd’s insurer, has announced the appointment of Andreas Loucaides, the former CEO of Catlin UK, as Director of Underwriting “to expand its portfolio and diversify its...

Flagstone Re Buying Lloyd’s Marlborough Underwriting Agency

Oct 20 2008 // Bermuda-based Flagstone Reinsurance Holdings Limited has entered into an agreement to acquire Marlborough Underwriting Agency Limited, the managing agency for Lloyd’s Syndicate 1861. The Syndicate underwrites a...

Hanchey and Prince Join Specialty Risk Associates in Baton Rouge

Oct 20 2008 // Shreveport, La.-based Specialty Risk Associates Inc. has added Keri Hanchey and Terri Prince to its Baton Rouge branch team. Hanchey has joined as a commercial lines underwriter. She has more than 20 years’...

Regulatory Compliance

Oct 20 2008 // Retention of Business Records Most people dread record keeping, whether it is logging expenses, travel mileage, billable hours, laps on the treadmill or the birthday presents given to family friends. Although it is...

AIG Commercial Insurance Battles Back

Oct 20 2008 // Execs Say Balance Sheet, Underwriting Appetite Remain Strong as Ever Exclusive Insurance Journal Interview with AIG Commercial Insurance CEO John Doyle and CFO Rob Schimek The very strengths in its balance sheet, surplus,...

Surplus Lines: A Market in Transition

Oct 20 2008 // The Soft Market and Financial Crisis Could Lead Firms into ‘Uncharted Waters’ For surplus lines insurance providers the economic turmoil and soft insurance market means a double-hit on profitability. Some...

Industry Innovators Give Agents Alternative Solutions

Oct 20 2008 // How to Use Surplus Lines Brokers and Managing General Agents Recent estimates show that about one third of all commercial risks in the United States are placed in an “alternative market.” As producers already...

ACE Extends Commercial D&O Offering into Lloyd’s

Oct 17 2008 // ACE Europe announced that it has extended broker access to its market-leading Directors & Officers (D&O) portfolio by writing commercial D&O risks at Lloyd’s. Commercial D&O is now available...

Surplus Lines Association of California Increases Stamping Fee

Oct 17 2008 // The Surplus Lines Association of California Executive Committee and the Stamping Committee has approved an increase in the stamping free from 0.125 percent to 0.225 percent, effective Jan. 1, 2009. All new policies,...