Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Mass. Court Rules on CGL Independent Contractor Exclusion
Oct 8 2012 // A Massachusetts court recently ruled in favor of insurer Lloyd’s in a dispute over a commercial property and general liability policy excluding coverage for independent contractors. The insured, a property...
ANV Settles in as Lloyd’s MGA, as Capacity and Syndicates Grow
Oct 8 2012 // There are now 78 operating syndicates at Lloyd’s; 88, including Special Purpose and RITC syndicates. Although no new ones have so far joined Lloyd’s this year; three syndicates have transferred ownership:...
Business Moves – Midwest
Oct 8 2012 // AmWINS North Carolina-based insurance wholesaler AmWINS Group Inc. has partnered with two insurance industry executives, Terry Younghanz and Richard Parks, to form a new managing general underwriter (MGU) focused on...
Citizens Depopulation and Rates – A Practical Solution
Oct 8 2012 // Today, the homeowners insurance marketplace in Florida is dominated by carriers that were start-ups in the 1990s. Many of them grew by participating in takeout programs initiated to reduce the policy count acquired by the...
Chairman Nelson Charts Future Course for Lloyd’s
Oct 8 2012 // Lloyd’s of London Chairman John Nelson knew when he acceded to his post one year ago that his predecessor, Lord Peter Levene, would be a hard act to follow. Levene served for nine years and oversaw significant...
Slow and Steady: Surplus Lines Industry Reverses Downward Trend; Optimism Good for 2012
Oct 8 2012 // Despite catastrophic events in 2011, low investment yields and competitive pressures, surplus lines specialists — especially market leaders — generated healthy operating profits and returns on both revenue and...
Florida’s Take-Out Plan: Citizens Loans to Willing Private Insurers
Oct 8 2012 // Florida’s state-backed property insurer is considering for the first time investing in private insurers to the tune of $350 million, with the hopes these insurers would then take on up to 300,000 of its policies. The...
Secure Legal Title Launches Lloyd’s Coverage
Oct 5 2012 // Secure Legal Title Ltd., a London-based provider of legal indemnity and title insurance, announced the registration at Lloyd’s of “Secure Legal Title Cover,” which will provide legal indemnity and title...
Surplus Lines: Regulators Vetting of Alien Nonadmitted Insurers
Oct 4 2012 // The National Association of Insurance Commissioners (NAIC) is a non-profit entity that acts as the trade association for state insurance commissioners. Although the NAIC may play a central role in regulation of the...
P/C Insurers’ Profits Jump in First Half as Catastrophe Losses Drop
Oct 4 2012 // U.S. property/casualty insurers’ net income after taxes jumped to $16.4 billion in first-half 2012 from $4.8 billion in first-half 2011, with insurers’ overall profitability as measured by their annualized rate...
Lloyd’s Analyzes Repercussions of Thai Flood Losses a Year Later
Oct 3 2012 // Lloyd’s has published an analysis of the floods that hit Thailand in October 2011, which notes that “after weeks of slowly spreading their way through many of Thailand’s provinces, flood waters eventually...
Ryan Specialty Group Acquires Atlantic Star Intermediaries in New York
Oct 2 2012 // Chicago-based Ryan Specialty Group L.L.C. announced Monday that its wholesale arm R-T Specialty L.L.C. has acquired assets and operations of Atlantic Star Intermediaries L.L.C. Terms of the transaction were not...
Catlin Sponsors Demonstration of ‘Touch Table’ Technology
Oct 2 2012 // London-based Catlin Underwriting Agencies Limited, a unit of Catlin Group Limited, announced that it is studying how technological innovations could improve service to brokers and clients in the Lloyd’s market. As...
Virginia’s Markel Names 2 Executives in Product Line Leadership Group
Sep 27 2012 // Richmond, Va.-headquartered Markel Corporation announced two appointments within its product line leadership group. Michael Vought, managing director of excess & umbrella within Markel’s product line leadership...
‘We’re an Attractive Place to do Business:’ Lloyds CEO Richard Ward
Sep 26 2012 // Following Lloyd’s release of its composite results for the first six months of 2012 – a £1.53 billion [$2.4 billion] profit – Lloyd’s chief executive Richard Ward was understandably pleased. In a telephone...
Lloyd’s 1st Half Profits at $2.4 Billion; CEO Cites ‘Disciplined Underwriting’
Sep 26 2012 // Lloyd’s of London’s first six months of 2012 financial figures couldn’t evince a greater difference from those posted in the first half of 2011. It posted profits of £1.53 billion ($2.47...
Massachusetts Court Rules on Scope of Independent Contractor Exclusion
Sep 25 2012 // A Massachusetts court recently ruled in favor of insurer Lloyd’s in a dispute over a commercial property and general liability policy excluding coverage for independent contractors. The insured, a property...
Florida Rep. Hits Citizens for ‘Rushing’ Surplus Loan Proposal
Sep 24 2012 // A plan by Florida’s state-backed property insurer to loan private insurers millions of dollars in surplus in exchange for removing policies has not been properly vetted and is a sweetheart deal for a few insurers, a...
Best Affirms AXIS Specialty and Subs ‘A’ Ratings; Outlook Positive
Sep 24 2012 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of AXIS Specialty Limited and its operating affiliates, as well as the ICR...
Florida’s Citizens to Loan Surplus to Private Insurers
Sep 24 2012 // Florida’s state-backed property insurer is considering investing in private insurers to the tune of $350 million, with the hopes these insurers would then take up to 300,000 policies. The move is an attempt by...
