Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
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...
Markel Confirms Q3 Loss; 9 Month Profit
Oct 29 2003 // Virginia-based Markel Corporation confirmed the estimates it gave on Oct. 22 that it would suffer a third quarter loss (see IJ Web site Oct. 23). It reported a net loss of $1.68 per diluted share for the quarter ended...
AIG Private Client Group Adds to Excess Flood Coverage
Oct 28 2003 // AIG Private Client Group, a division of the property and casualty subsidiaries of American International Group, Inc. (AIG), has expanded its Excess Flood Program to 17 additional states across the country, bringing the...
RenRe Names Robert Lamendola Sr. VP; James Lewis VP
Oct 28 2003 // Bermuda’s RenaissanceRe Holdings Ltd. announced the appointment of Robert J. Lamendola as Senior Vice President to lead the continued development of its surety reinsurance business, and James R. Lewis as Vice...
Lord Levene Stresses Insurers’ Economic Role in Speech to NY RIMS
Oct 27 2003 // Speaking to the New York Risk Insurance Management Society on Friday, Lloyd’s Chairman, Lord Peter Levene, stressed the role insurance plays in business, calling it “the oil in the engine of the economy,...
Insurers Raise Concerns About Excessive Growth of the NAIC Surplus
Oct 24 2003 // Two major property/casualty trade associations have expressed serious concerns about a large surplus in the National Association of Insurance Commissioners’ (NAIC) proposed 2004 budget. For the three-year period...
A.M. Best Affirms Rating of Goshawk Reinsurance Ltd.; Assigns Negative Outlook
Oct 22 2003 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Goshawk Reinsurance Limited (Goshawk Re), Bermuda, and removed the rating from under review. This follows detailed discussions with the Goshawk...
Speakers at CIWA Breakfast Underscore Role of Local Wholesale Brokers’ Assoc.
Oct 20 2003 // Richard Bouhan, executive director of NAPSLO, and California Insurance lobbyist Dietmar Grellman of Norwood & Associates stressed the need for vigilance and activism at a breakfast sponsored by the California...
Commentary on First Half 2003 Results
Oct 20 2003 // The property/casualty insurance industry reported a statutory rate of return of 9.7 percent in the first half of 2003, up from a disappointing 1.0 percent in 2002 and the worst-ever negative 2.4 percent recorded in 2001....
Commentary on First Half 2003 Results
Oct 20 2003 // The property/casualty insurance industry reported a statutory rate of return of 9.7 percent in the first half of 2003, up from a disappointing 1.0 percent in 2002 and the worst-ever negative 2.4 percent recorded in 2001....
Arthur J. Gallagher & Co. Purchases CAL E&S Companies
Oct 17 2003 // Arthur J. Gallagher & Co. announced the acquisitions of CAL E&S Brokers, Inc. of Bay Shore, N.Y. and CAL E&S Brokers of New Jersey, Inc. of Morristown, N.J. Both companies were established in 2000. The CAL...
EC Drops Probe of Lloyd’s Regulation
Oct 16 2003 // The European Commission, the European Union’s regulatory authority, has dropped an investigation of the British government’s rules concerning the Lloyd’s market. The EC began the probe in response to...
ACE INA UK Eligible to Offer Insurance on E&S Basis for More Than 30 States
Oct 15 2003 // ACE INA UK Limited, a London-based operation of the ACE Group of Companies, is now eligible to offer insurance on an Excess & Surplus lines (E&S) basis in more than 30 U.S. states, including New York and...
Surplus Line Premium Sees 82 Percent Increase, Says SLA
Oct 13 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...
