Latest Excess Surplus Headlines

Lloyd’s Updating Rules for ‘Names’

Oct 5 2006 // Until 1994, i.e. for over 300 years, “Names,” or individual wealthy investors were Lloyd’s source of capital to back its underwriting syndicates. The introduction of corporate capital changed that...

Middlesex Mutual, Holyoke Mutual Launch Joint Brand: MiddleOak

Oct 5 2006 // Holyoke Mutual Insurance Company, founded in 1843, and Middlesex Mutual Assurance Company, established in 1836, are writing another chapter in their history book with the announcement of their new group brand name:...

Specialty Risk Services Workers’ Comp Network Certified for Texas

Oct 4 2006 // Specialty Risk Services, LLC (SRS) announced the certification of its Texas Workers’ Compensation Health Care Network by the Texas Department of Insurance. The company will begin offering the new network to all...

Praetorian Completes Acquisition of Specialty Insurer Alea

Oct 2 2006 // Praetorian Financial Group, Inc., itself a specialty insurer, said it has completed the acquisition of Alea North America Specialty Insurance Company (ANASIC), which following regulatory approval will be renamed Praetorian...

P/C Insurers’ Profitability Drops in First-Half of 2006

Oct 2 2006 // The U.S. property/casualty insurance industry’s net income after taxes fell 9.3 percent to $28.3 billion in first-half 2006 from $31.2 billion in first-half 2005 as investment results deteriorated. Reflecting the...

Top Graduates Honored for Surplus Lines Designation

Sep 29 2006 // The National Association of Professional Surplus Lines Offices (NAPSLO) recognized the top four graduates of the Associate in Surplus Lines Insurance (ASLI) program at its annual convention on Sept. 15, 2006, in Chicago,...

Starr Forms New Lloyd’s Syndicate

Sep 29 2006 // Pending regulatory approvals, Lloyd’s 66th syndicate will start trading next month. Syndicate 1919, which has already received Lloyd’s approval, plans to begin underwriting on October 1st. The new syndicate,...

N.J. Agents Oppose Surplus Lines Commission Disclosure Proposal

Sep 29 2006 // Agents in New Jersey are protesting a state proposal to require originating brokers making surplus lines placements to tell insureds they will receive a portion of the commission. The Professional Insurance Agents of New...

Pacific Coast E&S Offers Business Auto Market

Sep 29 2006 // Pacific Coast E&S Services has a new business auto market available in California. Market covers business auto, liability and physical damage, light and medium vehicles; and local and intermediate radius. Most drivers...

Lloyd’s Posts $2.55 Billion H1 Profit

Sep 27 2006 // Lloyd’s announced overall first half profits of £1.3 billion ($2.553 billion), slightly below the £1.38 billion ($2.61 billion) it earned in the same period of 2005. Unfortunately Katrina, Rita and Wilma wiped out...

House Passes Surplus Lines Regulatory Reform Legislation

Sep 27 2006 // The U.S. House of Representatives passed legislation that would apply single-state regulation and uniform standards to the nonadmitted insurance and reinsurance marketplace. H.R. 5637, The Non-Admitted and Reinsurance...

SIAA Appoints Fahy to Head Programs and Specialty Markets

Sep 26 2006 // Strategic Independent Agents Alliance (SIAA) has appointed William J. Fahy as executive vice president for programs and specialty markets. Fahy’s duties include working with SIAA’s senior staff and Master...

Farms need specialty breakdown coverage for critical equipment

Sep 25 2006 // In the grip of a heat wave, the owners of a fruit farm didn’t suspect a mechanical problem when a 600 hp deep well pump started producing less water. After all, the temperature had been soaring for weeks and other...

Specialty program market continues to grow, but new business still a challenge

Sep 25 2006 // The program administrator specialty market continues to grow, according to survey results by Guy Carpenter & Company Inc. More than 65 percent of survey respondents estimate the size of the program administrator...

Risk retention group 2005 premium grows 11.5% to $2.4 billion

Sep 25 2006 // Despite the softening property/casualty market, commercial insureds who find liability insurance unavailable or unaffordable, as well as those who desire stability and control of their liability programs, continue to...

Sep 25 2006 // People Miami insurance agent Alex Soto has been inaugurated as the new president of the Independent Insurance Agents & Brokers of America (the Big “I”), with Robert E. Fulwider assuming the office of...

Farms need specialty breakdown coverage for critical equipment

Sep 25 2006 // Information technology plays an important part in production and a computer’s sensitive electronic circuits are susceptible to electrical damage. … Add the mechanical equipment it takes to run a farm and the...

News Currents

Sep 25 2006 // Specialty program market continues to grow, but new business still a challenge The program administrator specialty market continues to grow, according to survey results by Guy Carpenter & Company Inc. More than 65...

Risk retention group 2005 premium grows 11.5% to $2.4 billion

Sep 25 2006 // Despite the softening property/casualty market, commercial insureds who find liability insurance unavailable or unaffordable, as well as those who desire stability and control of their liability programs, continue to...

People

Sep 25 2006 // Miami insurance agent Alex Soto has been inaugurated as the new president of the Independent Insurance Agents & Brokers of America (the Big “I”), with Robert E. Fulwider and C. Brett Nilsson assuming the...