Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Bay Area Man Arrested on East Coast in $4 Million Insurance Fraud Scam
Apr 23 2004 // Richard W. Peterson, 63, of San Francisco, a former insurance broker/agent, was arrested April 19th at Miami International Airport on federal fraud charges for allegedly selling approximately $4 million of fake insurance...
Lloyd’s Chairman Warns on “New Era of Risk”
Apr 22 2004 // Speaking to business leaders in San Francisco at the World Affairs Council, Lloyd’s Chairman Peter Levene warned that new global risks increasingly threaten corporations, and need to be addressed at the boardroom...
Florida Surplus Lines Convention Takes a Cruise
Apr 21 2004 // The Florida Surplus Lines Association announced it will hit the waves at its 44th Annual Convention, July 29 – Aug. 2, 2004. For the first time, the convention will take place on a four-night cruise out of Ft....
XL Launches U.S. Primary Casualty Risk Management Program, Excess Workers Comp Division
Apr 20 2004 // Bermuda’s XL Capital Ltd. announced that it plans to enter the market for primary casualty risk management programs for major U.S. corporations. The company also announced the launch of an Excess Workers Compensation...
Slave Trade Suit Targets Lloyd’s, U.S. Companies
Apr 19 2004 // Ten present-day descendants of slaves who were transported from Africa in the 18th and 19th centuries have filed a lawsuit against R.J. Reynolds Tobacco Co., Fleet Boston Financial Corp. (as successor in interest to the...
Slave Trade Suit Targets Lloyd’s, U.S. Companies
Apr 19 2004 // Ten present day descendants of slaves, transported from Africa in the 18th and 19th centuries, have filed a law suit against R.J. Reynolds Tobacco Co., Fleet Boston Financial Corp. (as successor in interest to the...
RMS Risk Management Tools Assist Lloyd’s Syndicates
Apr 15 2004 // Risk Management Solutions (RMS), a provider of products and services for catastrophe risk management, has issued a set of instructions and tools to assist Lloyd’s syndicates in completing the 2004 Lloyd’s...
P/C Net Income Propels Surplus
Apr 14 2004 // The property/casualty insurance industry’s net income after taxes rose to $29.9 billion in 2003 — nearly 10 times the industry’s $3 billion in net income in 2002. Benefiting from both the $29.9 billion in net...
S&P Sees No Change in Lloyd’s Ratings
Apr 8 2004 // Standard and Poor’s Ratings Services announced that its ‘A’ insurer financial strength rating on Lloyd’s will not be affected by the company’s 2003 pro forma annual accounting result (See IJ...
Best Affirms Catlin, Syndicate 2003 ‘A’ Ratings
Apr 8 2004 // A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of Bermuda-based Catlin Insurance Company Ltd. (CICL) (Bermuda) and its Syndicate Rating of Lloyd’s Syndicate...
Pecoraro Arrested in London; Faces Trial in New Orleans
Apr 8 2004 // Arrested in London late last year after more than a decade as a fugitive, Nofio Pecoraro Jr., 53, has been extradited to face trial on federal charges connected to his family’s failed insurance company. According to...
S&P Affirms, Withdraws Atlantic Specialty Ratings
Apr 7 2004 // Standard & Poor’s Ratings Services announced that it has affirmed its ‘BBB’ counterparty credit and financial strength ratings on Atlantic Specialty Insurance Co. (Atlantic Specialty) and removed...
Lloyd’s Puts 2003 Profits at $3.387 Billion
Apr 7 2004 // While other insurers had a good year in 2003, Lloyd’s had a great one. The 300 year old insurance market projected 2003 profits on an annualized basis of $3.387 billion. On the old three-year system the 2003...
ILL. CONSIDERS SURPLUS LINES BILLS:
Apr 5 2004 // Bills dealing with the surplus lines market are up for consideration in the Illinois General Assembly this session. SB 2560 closely resembles last year’s vetoed bill, which would have amended the state insurance code...
Surplus Lines Products For Homeowners – Salvation or Cause for Concern’
Apr 5 2004 // In 2004, the California homeowners and dwelling marketplace continues to erode. In October 2003, catastrophic wildfires destroyed 790,000 acres of brush and forest land, and along the way destroyed 3640 homes, 1141...
S&P Revises Nationwide Outlook to Stable
Apr 1 2004 // Standard & Poor’s Ratings Services announced that it has revised its outlook on Nationwide Mutual Insurance Co. (NMIC) and its affiliates (collectively referred to as Nationwide) to stable from...
Lord Levene Addresses Italian Insurance Leaders
Mar 31 2004 // In a speech to Italian insurance leaders in Milan yesterday, Lloyd’s Chairman Lord Peter Levene addressed industry problems, and sounded a distinctively positive note on Lloyd’s prospects. “Last year, the...
Slave Trade Suit Targets Lloyd’s, U.S. Companies
Mar 30 2004 // Ten present day descendants of slaves, transported from Africa in the 18th and 19th centuries, have filed a lawsuit against R.J. Reynolds Tobacco Co., Fleet Boston Financial Corp. (as successor in interest to the...
Lloyd’s Hires Consultant for ‘Brand Name’
Mar 29 2004 // Lloyd’s has taken an additional step to try and cash in on what is arguably the best known name in global insurance. News reports (compiled by Reuters and Yahoo) note that the 300 year old London market has hired the...
ACE USA Launches Energy Excess Casualty Practice
Mar 26 2004 // New York-based ACE Casualty Risk, a division of ACE USA, announced the launch of its Energy Excess Casualty Practice, which provides “a comprehensive package of insurance products and services focusing on...
