Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
ACE USA Appoints Riegler to Lead ACE Risk Management’s Excess Workers’ Comp Unit
Nov 20 2003 // ACE USA, the U.S.-based retail operations of the ACE Group of Companies, announced the appointment of Ken Riegler, senior vice president, to lead the National Excess Workers’ Compensation unit for ACE Risk Management...
Lloyd’s Adopts U.K. GAAP in Move to Annual Accounting
Nov 20 2003 // In a further move to bring its accounting procedures up to date, Lloyd’s announced it would adopt UK Generally Accepted Accounting Principles (GAAP) beginning January 1, 2005. It also plans to eventually adopt...
A.M. Best Affirms Rating for Energy Insurance Mutual Ltd.
Nov 17 2003 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Energy Insurance Mutual Limited (EIM) (Bridgetown, Barbados). The rating outlook is stable. The rating reflects EIM’s excellent...
Fitch Reports P/C Insurers’ Credit Exposure from Reinsurance Increases; Disputes Grow but Stay Small Relative to Surplus
Nov 14 2003 // U.S.-based insurers’ reinsurance credit exposures have increased significantly during a period in which the credit quality of the reinsurance industry has deteriorated, according to a new research report published by...
Lloyd’s Notes Step in Business Process Reform
Nov 11 2003 // London-based Lloyd’s announced that a comprehensive and consistent form of slip for writing risks will be mandated starting in January 2004. This new move reportedly will significantly improve business processes...
Panel Says Attracting Private Specialty Carriers to Calif. Will Stabilize WC Crisis
Nov 6 2003 // The California workers’ compensation system is broken with employers under immense financial strain due to continually rising premiums and employees feeling their legitimate claims being tarnished by the increasing...
Best Affirms Lloyd’s Syndicate 510 ‘A’ Rating
Nov 6 2003 // A.M. Best Co. announced that it has affirmed its Syndicate Rating of A (Excellent) of Lloyd’s Syndicate 510 with a stable outlook. The U.K.’s R J Kiln & Co Ltd. is the Synicate’s manager. “The...
Rent Shield Announces $120 Million Lloyd’s Placement for Investment Property Risk
Nov 4 2003 // Toronto-based Rent Shield Corp, a provider of pass-through risk specialty insurance and reinsurance products, announced that it has received a Binding Agreement from Tysers International Insurance and Reinsurance Brokers...
Lloyd’s Issues Statement on Goshawk Withdrawal
Nov 3 2003 // Lloyd’s has issued a statement concerning the withdrawal of the U.K.’s Goshawk Insurance Holdings’ Syndicate 102 from the Lloyd’s market, indicating that the it will no longer be able to accept any...
SURPLUS LINE PREMIUM SEES 82 PERCENT INCREASE, SAYS SLA:
Nov 3 2003 // Ted Pierce, executive director of the Surplus Line Association of California (SLA), released the association’s nine-month total for processed surplus line premium showing an 82 percent increase over the 2002 premium...
Excess Flood Coverage
Nov 3 2003 // Nuts & Bolts: AIG Private Client Group, a division of the property and casualty subsidiaries of American International Group Inc. (AIG), has introduced excess flood coverage to support insureds in the event of...
The Reinsurance World 2003 – Capacity, Profitability and ‘The Cycle’
Nov 3 2003 // A year ago the reinsurance world had an optimistic side most companies had survived their exposures to 9/11 and premiums were rising. A pessimistic side reflected a 25 percent decline in capacity, thus limiting new...
AAMGA Reflects on Prosperous Year, Plans for the Future
Nov 3 2003 // The American Association of Managing General Agents (AAMGA) will hold its mid-year meeting at the Phoenician Resort & Spa in Scottsdale, Ariz., on Nov. 13-15. At the heart of this year’s meeting will be several...
The Reinsurance World 2003 – Capacity, Profitability and ‘The Cycle’
Nov 3 2003 // A year ago the reinsurance world had an optimistic side most companies had survived their exposures to 9/11 and premiums were rising. A pessimistic side reflected a 25 percent decline in capacity, thus limiting new...
Wooley, Kyle Battle for Louisiana’s Top Insurance Job
Nov 3 2003 // And then there were two. That is the scenario for this month’s runoff election (Nov. 15) in the race to be the next insurance commissioner in Louisiana. The Oct. 4 primaries brought the field of candidates down to...
Goshawk to Exit Lloyd’s Market
Oct 31 2003 // The U.K.’s Goshawk Insurance Holdings announced that it will exit the Lloyd’s market due to a series of losses dating back to 2001, and will henceforth concentrate on Goshawk Re its Bermuda-based reinsurance...
Argonaut Reports 54% Increase in Q3 2003 Premiums
Oct 29 2003 // San Antonio-based Argonaut Group Inc. announced financial results for the three- and nine-month periods ended Sept. 30, 2003. According to the company, highlights for the third quarter of 2003 include: · The...
Odyssey Re Holdings Corp. Notes Acquisition of Surplus Lines Shell
Oct 29 2003 // Odyssey Re Holdings Corp. announced that its subsidiary, Odyssey America Reinsurance Corporation, had closed on its purchase of the shell company, General Security Indemnity Company, from SCOR Reinsurance Company. The...
A.M. Best Assigns ‘A-‘ FSR to Aspen Specialty Co.
Oct 29 2003 // A.M. Best Co. has assigned an initial financial strength rating of A- (Excellent) to Aspen Specialty Insurance Company, the recently formed U.S. insurer that is part of the Aspen Group, which includes the ultimate parent...
Montpelier Re Reports $91 Million Q3 Net Income
Oct 29 2003 // Bermuda’s Montpelier Re Holdings Ltd. reported net income of $91 million, or $1.34 diluted earnings per share, for the three months to September 30, 2003. The company’s net income for the first nine months of...
