Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Texas Surplus Lines Premium Up 13% Over Last Year
Jul 16 2019 // Surplus lines premium in Texas has increased to $3.48 billion at the 2019 mid-year point, up 13.4% over 2018’s mid-year total of $3.06 billion, according to data reported to the Surplus Lines Stamping Office of Texas...
Future at Lloyd’s Consultation Period Ends – Now the Hard Work Begins
Jul 12 2019 // When the 10-week consultation period for “The Future at Lloyd’s” project ended this week, Lloyd’s confirmed that participation was widespread, with more than 4000 suggestions and comments received...
Brit Global Specialty USA Adds Swiss Re’s Zillgitt, Redstone’s Magee
Jul 12 2019 // Brit Global Specialty USA has named Garick Zillgitt as vice president, Primary General Liability, and Justin Magee as vice president, Excess Casualty. Zillgitt and Magee will both be based in California in Walnut Creek and...
AM Best Affirms Credit Ratings of Lloyd’s
Jul 11 2019 // AM Besthas affirmed the Financial Strength Rating of “A” (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of Lloyd’s (United Kingdom), Lloyd’s China and Lloyd’s...
LP Risk Acquires Wholesale Insurance Broker, Houston Surplus Lines
Jul 10 2019 // Texas-based managing general agency and surplus lines broker, LP Risk, has acquired the assets and operations of Houston Surplus Lines, an independently owned wholesale insurance brokerage. Houston Surplus Lines team will...
Pushing and Pulling Lloyd’s Into the 21st Century
Jul 10 2019 // Twenty-five years ago, the Lloyd’s of London marketplace was teetering on the brink of insolvency, reeling from billions of dollars of asbestos and pollution liabilities. Many of the best brains in the market worked...
Last Chance: Future-at-Lloyd’s Consultation Period Ends Today
Jul 10 2019 // Today is the last day when Lloyd’s market practitioners can provide input to the Future at Lloyd’s project, which was first announced on May 1. Chief Executive Officer John Neal at the time encouraged...
Berkshire Hathaway’s Leeks Joins Everest Insurance as Lloyd’s Syndicate Underwriter
Jul 9 2019 // Everest Insurance International announced the addition of Martin Leeks to its Lloyd’s Syndicate 2786 as a medical malpractice and multi-national/ specialty underwriter. Leeks will be responsible for the development...
Fewer E&S Flood Insurance Policies in Texas Coastal Counties Post-Harvey
Jul 9 2019 // The organization that keeps track of excess and surplus policies sold in Texas says the number of E&S flood insurance policies in place in the state’s coastal counties declined after Hurricane Harvey hit in...
Pool Re Buys Non-Damage BI Retro Cover in Program Led by Liberty Specialty
Jul 8 2019 // Pool Re, Britain’s terrorism reinsurer, announced the placement of its new retrocession program covering non-damage business interruption (NDBI) losses. The program incepted on July 5. The Counter-Terrorism and...
Lloyd’s to Require Cyber Cover Clarity in Re/Insurance Policies
Jul 8 2019 // Lloyd’s of London wants all insurance and reinsurance policies to clearly state whether coverage will be provided for losses caused by a cyber attack, saying this was in the best interest of both brokers and...
Lloyd’s Sets Targets for Risks Placed Electronically for Remainder of 2019
Jul 3 2019 // Lloyd’s has confirmed the mandated targets for electronic placement of risks for the remainder of 2019. For Q3 2019 each syndicate will be required to have written no less than 60% of its risks using a recognized...
Commentary: Surplus Lines Support Florida’s Vibrant Insurance Market
Jul 3 2019 // The Sunshine State is one of the top three consumers of surplus lines insurance in the country. As Florida focuses on attracting jobs and welcoming opportunity, the surplus lines insurance industry is helping the...
Lloyd’s Appoints Rigby as Chief Operations Officer
Jul 2 2019 // Lloyd’s of London announced that Jennifer Rigby has been appointed chief operations officer (COO). Rigby has been performing the role on an interim basis since March this year, following the departure of former COO...
U.S. Risk Insurance Group Finalizes Sale to USI Insurance Services
Jul 2 2019 // Dallas, TX, July 2, 2019 – U.S. Risk Insurance Group (U.S. Risk), one of the nation’s largest property and casualty program and specialty brokerage firms, today announced the completion of its previously announced...
Private Flood Market Grows, Again: Report
Jul 1 2019 // The private flood insurance grew again in 2018 but not nearly as much as it grew in 2017. According to the recently released Carrier Management report on “Top Private Flood Insurers, 2019 Market Study,” during...
People
Jul 1 2019 // National American International Group said Kathleen Zortman will join the company as president and CEO of Private Client Group, General Insurance. In this new role, Zortman will lead AIG’s global high net worth...
Chubb, Hiscox, Tokio, Other Lloyd’s Underwriters Form Innovation Facility to Insure Emerging Risks
Jun 26 2019 // A group of Lloyd’s underwriters has launched a new facility with £53 million ($67.5 million) of capacity that is designed to speed up re/insurance product development for new and emerging risks. The Product...
Specialty Broker Ed Expands to Bermuda
Jun 25 2019 // Reinsurance and specialty broker Ed said it has received regulatory approval from the Bermuda Monetary Authority for its new operation in Bermuda. Ed Bermuda will provide its multiline broking services through TradEd, its...
Tokio Marine Puts UK Insurer into Run-Off, Now Focusing on Lloyd’s Business
Jun 25 2019 // Tokio Marine Group is putting one of its UK insurance companies, Tokio Marine Kiln Insurance (TMKI), into run-off. Going forward, Tokio Marine Kiln (TMK) will focus on its Lloyd’s businesses. The run-off plan will be...
