Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
CGNU To Sell Lloyd’s Agency to Berkshire
Nov 1 2000 // CGNU announced that it intends to exit the Lloyd’s market, and is selling its Marlborough Underwriting Agency to the Berkshire Hathaway Group for an undisclosed amount. Berkshire subsidiary GeneralCologne Re already...
Decision in Lloyd’s Lawsuit Expected
Oct 30 2000 // The judge’s decision in the Jaffray case against Lloyd’s is expected within the next two weeks. The suit by some 200 “Names” seeks damages for fraud related to their recruitment as investors by...
Lloyd’s-IUA Name Xchanging As Partner For Data Processing
Oct 24 2000 // Lloyd’s and the International Underwriting Association (IUA) jointly announced the selection of information technology specialist Xchanging as a partner in a joint venture which will develop and operate a unified...
Surplus Inc. Acquires CIA’s Commercial Book
Oct 23 2000 // Surplus Inc., a Spring, Tex.-based MGA, has acquired the commercial book of business from Combined Independent Agencies (CIA). The book includes property, casualty, package and commercial auto. CIA’s workers’...
MARINE AGENT BEACHED
Oct 9 2000 // A Kentucky insurance agent and agency have agreed to a $50,000 penalty for selling Texans millions of dollars worth of boat insurance without the special license required for placing business with Lloyd’s of London...
CNA E&S Aligns With ICSA.net, Sherwood Ins. Services
Oct 2 2000 // CNA E&S, a business division of CNA, has aligned with ICSA.net, an Internet security assurance business, and broker Sherwood Insurance Services. Through their alliance CNA E&S, Sherwood and ICSA.net will promote...
Lloyd’s ‘A+’ Affirmed
Oct 2 2000 // The “A+” insurer financial strength rating (FSR) on U.K.-based Lloyd’s insurance market was affirmed by Standard & Poor’s (S&P), which indicated that, despite poor results currently...
Credit General Signs Cut-Through, Resumes Writing
Oct 2 2000 // Credit General Insurance Company and Credit General Indemnity Company are back on track after a brief period in which the companies stopped writing new business. Henry C. Sibley, vice president of underwriting, sent a...
Association’s Hard Work Pays Off with Success of NAPSLO 2000
Oct 2 2000 // “There are leaders all over this room—it doesn’t just have to be in politics, because your business requires great leadership,” Former Senator Robert Dole told NAPSLO attendees. “And I think that...
Hiscox 1st Half Profits Lowered by Lloyd’s Losses
Sep 29 2000 // Hiscox Plc, which does business independently and in the Lloyd’s market as syndicate 33, saw 1st half profits drop to £100,000 ($146,000) from £1.4 million ($2.04 million) in the same period last year as a result...
Property/Casualty Insurers Watch Profits Fly Out the Window
Sep 25 2000 // ISO, NAII Report First-Half Net Income for Insurers Plunged; Fitch Adopts Negative P/C Outlook It hasn’t gone to hell in a handbasket yet, but the outlook for the property and casualty industry is far from good. On...
Report Lloyd’s/IUA Forming Joint Venture With Tech Firm
Sep 25 2000 // A report in the Times of London indicates that the joint Lloyd’s/ IUA (International Underwriting Association) Forum, set up last year to explore ways of harmonizing procedures between the two groups and making the...
Credit General Insurance, Indemnity Enter Cut-Through Arrangement With AmTrust Financial
Sep 22 2000 // For Credit General, the arrangement provides access to additional surplus upon which to write new business, as well as the security of AmTrust’s surplus. Credit General has resumed writing new business, which it...
S&P Affirms Lloyd’s A+ Rating
Sep 19 2000 // Despite expected losses from 1997 through this year, Standard & Poor’s reaffirmed the Lloyd’s insurance market’s A+ insurer financial strength rating. S&P cited Lloyd’s “very strong...
Commentary on First Half 2000 Results
Sep 14 2000 // The property/casualty insurance industry reported a statutory rate of return of 5.6 percent (on an annualized basis) during the first half of 2000, down from 8.2 percent during the first half of 1999 and 6.6 percent for...
P/C Industry’s First-Half Net Income Plunges; Combined Ratio at 109.2 for 2000
Sep 14 2000 // The U.S. property/casualty industry’s net income after taxes dropped to $10 billion in this year’s first half, down 32.5 percent from $14.9 billion a year ago. The industry’s surplus fell $7.6 billion, or...
The Hartford Completes Acquisition of Reliance
Sep 13 2000 // The Hartford Financial Services Group has completed the purchase of the financial products and excess and surplus lines from Reliance Group Holdings. The acquisition, first announced June 19, has cleared all regulatory...
Lloyd’s Syndicate To Offer Tripwire Cyber Insurance
Sep 12 2000 // Tripwire Inc. a leading U.S. provider of “integrity assessment security solutions,” headquartered in Portland, has joined with Lloyd’s HAW Syndicate “to include Tripwire software as a recommended...
Lloyd’s Updates “Open Form” Salvage Agreement
Sep 4 2000 // Lloyd’s announced that it has revised one of the best known documents in the maritime world – The Lloyd’s Open Form. Designed to speed rescue and salvage operations for ships in distress, the document...
Lime Street Meets Silicon Valley; New Initiatives Transform Lloyd’s
Sep 4 2000 // Lloyd’s is adapting to modern business methods and upgrading its business systems so rapidly that it promises to meet, if not surpass, the vision that Chairman Max Taylor first set out in “Priorities for...
