Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Aon, Zurich to Sponsor New Bermuda Insurer
Nov 8 2001 // Aon Corp. and Zurich Financial Services will sponsor and partially fund, Endurance Specialty Insurance Ltd., a new Bermuda-based insurance capacity vehicle with an initial capitalization of $1.2 billion. Each of the...
Lloyd’s Prepares for NAIC Audit
Nov 7 2001 // Lloyd’s is preparing to meet with representatives of the NAIC and the accounting firm Arthur Andersen to lay out the parameters for the audit of its reinsurance liabilities in conformity with the NAIC’s...
Calif.-Based Western Security Surplus Insurance Brokers Expands Operation
Nov 6 2001 // The Orange County/San Diego branch of Western Security Surplus Insurance Brokers Inc. has moved to larger facilities in Los Alamitos. Becky Hill, vice president and branch manager of the new offices, commented that the new...
Liberty Mutual, One Beacon Reach Definitive Agreement
Nov 5 2001 // Liberty Mutual Group and OneBeacon, a wholly owned subsidiary of White Mountains Insurance Group Ltd., reached a definitive agreement regarding a previously announced partnership transfering business and operations in 42...
Lloyd’s Underwriters, London Market Win Case
Nov 2 2001 // Underwriters at Lloyd’s of London and London Market insurance companies won an important reinsurance case recently when the New York Court of Appeals ruled that Travelers Casualty & Surety Company could not...
Lloyd’s Reacts to Moody’s Downgrade of 5 Syndicates
Nov 1 2001 // Lloyd’s took issue with Moody’s Investors Service’s decision to downgrade five of its leading underwriting syndicates, and its implications that the provisions of its central fund, which is called upon to...
Lloyd’s, NYSID Agree on Re Trust Fund Payment
Oct 29 2001 // Lloyd’s confirmed earlier reports (See IJ Website Oct. 26) that it has reached an agreement with the New York State Insurance Department which provides for the funding of the reinsurance trust that the NYSID...
Time-Tested Lloyd’s Turns to Address U.S. Disaster Losses
Oct 29 2001 // Lloyd’s of London, the world’s oldest and most visible insurer, has set about dealing with the aftermath of the terrorist attacks of Sept. 11. Two weeks after the event, it released its projected net loss...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 29 2001 // If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui...
Lloyd’s, NAIC Report Compromise
Oct 26 2001 // Lloyd’s and the National Association of Insurance Commissioners have reportedly reached a compromise on the deposit Lloyd’s must make to the reinsurance trust fund to guarantee payments of its estimated claims...
NAIC Withdraws Lloyd’s 60% Funding Deal
Oct 25 2001 // On Tuesday The National Association of Insurance Commissioners reversed its previous decision to permit Lloyd’s to deposit 60 percent, rather than 100 percent, of the amount normally required into its U.S....
Lloyd’s Confirms S&P WTC Gross Loss Figure
Oct 24 2001 // Lloyd’s confirmed an earlier report from Standard & Poor’s that gross losses from the events of September 11 will be around £5.4 billion ($7.7 billion). The net loss estimate of £1.3 billion...
State Farm to Provide $142 Million to Lloyd’s Amlin
Oct 24 2001 // State Farm made another big investment in the reinsurance market, when it agreed to provide an additional £100 Million ($142.5 million) in capital to Lloyd’s Amlin syndicate in which it is a major...
The Midland Company Reports Third Quarter Results
Oct 24 2001 // Cincinnati, Ohio-based The Midland Company, a highly focused provider of specialty insurance products and services, reported third quarter 2001 results ahead of its previous announcement. For the quarter ended Sept. 30,...
MO Authorizes State National
Oct 22 2001 // The state of Missouri awarded Fort Worth-based State National Specialty Insurance Company a certificate of authority for writing multiple lines of insurance. The authorization allows State National Specialty to write...
Lloyd’s Warns Names to Expect Cash Calls Averaging $60,000
Oct 18 2001 // Lloyd’s Names were warned that they would receive cash calls in the next few days from the syndicates in which they participate asking for additional deposits averaging between £42,000 and £50,000...
NAIC To Probe Lloyd’s Solvency After WTC Attacks, Relaxes Fund Requirements
Oct 16 2001 // The National Association of Insurance Commissioners intends to conduct an in depth audit of Lloyd’s financial condition following the attacks on the World Trade Center. The investigation will focus on Lloyd’s...
Aon to Underwrite Direct Property/Casualty, Reinsurance Coverages
Oct 16 2001 // Aon Corporation will expand its underwriting operations to include direct property and casualty insurance and reinsurance policies, the company announced on Oct. 12. This coverage will be provided in addition to existing...
Moody’s Downgrades Alleghany Lloyd’s Syndicate
Oct 11 2001 // Moody’s Investors Service downgraded the performance rating of Alleghany Underwriting Ltd.’s Lloyd’s Syndicate 376 form “B-Average” to “C+-Below Average” and kept it under review...
Missouri Awards State National Specialty Certificate of Authority
Oct 11 2001 // The state of Missouri awarded State National Specialty Insurance Company a certificate of authority for writing multiple lines of insurance. This authorization allows State National Specialty to write casualty, marine and...
