Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
A.M. Best Downgrades Kemper Ratings
May 2 2003 // A.M. Best Co. has downgraded the financial strength ratings to C++ (Marginal) from B (Fair) of the participants in the Kemper Insurance Companies (Long Grove, Ill.) inter-company pool, eight reinsured affiliates and one...
Aon ASM Relationships Gives Kroll Clients Access to Lloyd’s Kidnap & Ransom Cover
Apr 29 2003 // Kroll Inc. is adding kidnap & ransom (K&R) insurance brokered by Asset Security Managers (ASM), a wholly-owned subsidiary of Aon Limited, based in Chicago. Kroll’s new, non-exclusive arrangement with ASM,...
ISO’s New Services Now Connects Insurers’ Extranets to Risk-Management, Loss-Control Info. Database
Apr 22 2003 // Insurance Services Office, Inc.’s (ISO) Engineering and Safety Service (E&S) unit has introduced a new Enterprise Subscription Service that enables insurance companies to connect their extranets for agents,...
Surplus Lines Certification Program Offers Number of New Completion Options
Apr 21 2003 // The Associate in Surplus Lines Insurance (ASLI) program, the only nationally recognized certification program for surplus lines specialists and others seeking expertise in this field, has new completion options that...
P/C Industry’s Surplus Falls Despite Improvement in Net Income After Taxes
Apr 17 2003 // The property/casualty insurance industry’s statutory surplus dropped $4.4 billion to $285.2 billion at year-end 2002 from $289.6 billion at year-end 2001. Surplus declined despite improvement in the industry’s...
Midland Co. Reports Record First Quarter 2003 Results
Apr 17 2003 // The Midland Co. reported record results for its first quarter ended March 31, 2003. Net income per share was 56 cents, including 7 cents in realized capital losses. That compares with 44 cents per share in last...
W.R. Berkley Corp. Notes Formation of New Excess Casualty Underwriting Division
Apr 11 2003 // W. R. Berkley Corporation announced the formation by its subsidiary, Admiral Insurance Company, of a new underwriting division. The new division, Admiral Excess Underwriters, will specialize in the underwriting of casualty...
R&SA Business Division Unveils New Specialty Foods Focus
Apr 11 2003 // As part of its ongoing segmentation strategy, the Business Insurance Division of Connecticut-based Royal & SunAlliance USA announced a new program of insurance and services for manufacturers of specialty food...
Lloyd’s Chairman Calls for Equal Treatment Under U.S. Insurance Law
Apr 11 2003 // The current U.S. regulation system must change to accept Lloyd’s as a loyal partner rather than reinsurance aliens, the Chairman of Lloyd’s of London told journalists in Washington, D.C. recently. Speaking to...
Ace Westchester Specialty Group Opens Chicago Casualty Office
Apr 11 2003 // Ace Westchester Specialty Group, a division of Ace USA Inc., has announced the opening of its new Chicago casualty office. The office, at 525 W. Monroe St., will underwrite primary general liability umbrella and high...
Lloyd’s Chairman Blasts U.S. “Litigious Culture”
Apr 9 2003 // “The U.S. litigation system, if left unchecked, will destroy the American spirit of enterprise and drain the U.S. economy,” was the stark message given by Lloyd’s Chairman Lord Peter Levene in a speech...
Hard Market Hits California Homeowners
Apr 7 2003 // Credit scoring, CLUE reports become targets of Commissioner Garamendi’s Ire The hard market has hit California homeowners hard. State Farm, which had nearly 23 percent market share in the state in 2001 according to...
Industry Applauds Lloyd’s Return to Profitability
Apr 3 2003 // If it were a sports story, it would be something like the Anaheim Angels winning the World Series last year, so when an insurance company, in this case an insurance market, goes from losing almost $5 billion to making...
Lloyd’s Announces Financial Results – $1.32 Billion Profit for 2002
Apr 2 2003 // After weathering asbestos claims, various disasters and the Sept. 11 attacks, Lloyd’s announced today that 2002 was a spectacularly profitable year. The 315-year old insurance market posted net profits on an annual...
Lloyd’s Announces First Companies to Use “Project Blue Mountain”
Apr 1 2003 // International brokers Marsh and Willis along with four major London-based insurers, ACE European Group, Amlin, Beazley and Wellington, became the first companies to sign letters of intent to use Lloyd’s new Project...
A.M. Best Assigns Pooled ‘A’ Rating to State National Group
Mar 28 2003 // State National Companies announced that A.M. Best has assigned an ‘A’ (Excellent) rating to its pooled subsidiaries, State National Insurance Company (SNIC) and State National Specialty Insurance Company...
A.M. Best Further Downgrades Ratings of Commercial Travelers and Monitor Life
Mar 27 2003 // A.M. Best Co. announced that it has downgraded the financial strength ratings to B- (Fair) from B+ (Very Good) of Commercial Travelers Mutual Insurance Company and its wholly-owned subsidiary, Monitor Life Insurance...
S&P’s Lowers Kemper Cos. Ratings; Keeps on Watch Negative
Mar 27 2003 // Standard & Poor’s has lowered its counterparty credit and financial strength ratings on the members of the Kemper Insurance Cos. Intercompany Pool (Kemper pool) to ‘B-‘ from ‘B+’. In...
Lloyd’s Affirmed
Mar 24 2003 // S&P’s affirmed its “A” long-term insurer financial strength rating on U.K.-based Lloyd’s insurance market. The “continuing commitment of capital providers to the Market and the consequent...
TRIA-a Flood of Paper, a Trickle of Buyers
Mar 24 2003 // December is the most dreaded month for a surplus lines broker. In addition to all the 12/31 and 1/1 renewals, one must deal with underwriters and employees having the gall to go on vacation, holiday parties, holiday...
