Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
IMB Warns of Horn of Africa Piracy Perils; Lloyd’s Reaction
Jun 20 2007 // The ICC International Maritime Bureau (IMB) has issued an alert to all sea traffic off the Horn of Africa. “Heavily armed pirates are subjecting vessels to violent attacks while in international waters,” said a...
Brokers’ stock prices up 8%; 23 M&As posted in April and May
Jun 18 2007 // Stock Prices: Overall, brokers’ stocks have performed well year-to-date, up 8 percent. A strong contributor to the stock price increase is the merger and acquisition premium related to the high prices private equity...
Ribeiro Named New Lloyd’s Director – International Markets
Jun 14 2007 // Lloyd’s has appointed Jose Ribeiro, currently Willis’ Managing Director for Latin America and the Caribbean, as its new Director of International Markets and Business Development. He assumes responsibility...
Lloyd’s Settles Dispute with Aon, Benfield over Central Fund Policy
Jun 11 2007 // Lloyd’s announced that it has reached a settlement with brokers Aon and Benfield of litigation centering on the placement terms of the New Central Fund insurance policy, issued in 1999. Benfield made a similar...
Investment Manager D.E. Shaw Set to Acquire Specialty Insurer James River
Jun 11 2007 // Global investment manager D. E. Shaw group has organized a Bermuda-based holding company to acquire James River Group, Inc. a North Carolina- based excess and surplus and workers’ compensation insurer, in a...
Lloyd’s to Issue Tier 1 Subordinated Debt; S&P, Best Ratings
Jun 7 2007 // Lloyd’s announced plans to “return to the debt markets with a benchmark issue of Tier 1 perpetual subordinated debt.” The bulletin said the “issue will give greater flexibility and liquidity to...
Florida Welcomes Insurers to Anxious Market
Jun 5 2007 // Eight new insurers entered the property and casualty insurance marketplace in Florida since January 1, 2007 according to the Florida Office of Insurance Regulation The insurers represent a variety of insurance entities...
Arch Promotes Kmetz for Global Property, Manahan for E&S
May 31 2007 // Arch Insurance Group, a subsidiary of Arch Capital Group Ltd., announced the following executive moves in its property division effective immediately: Michael Kmetz has been promoted to senior vice president and will be...
Langley Leaving Hiscox to Become Lloyd’s Director
May 31 2007 // Sue Langley, previously Chief Operating Officer at Hiscox, is leaving the Bermuda-based/UK insurer to take up a new position as Lloyd’s Director, Market Operations and North America. She is expected to formally join...
Navigators Opens Specialty Program Division; Cullen Named Unit President
May 25 2007 // The Navigators Group, Inc.’s principal underwriting agency subsidiary, Navigators Management Company, has established the Specialty Program Division. Products underwritten for niche markets by the division will...
E&S Carrier Ironshore Approved to Write Commercial Risks in Fla.
May 24 2007 // Bermuda-based Ironshore Insurance Ltd. reports it has been approved to write property, property catastrophe and casualty insurance on an excess and surplus basis for risks in Florida. Ironshore, formed in late 2006, is a...
Max Specialty Now Eligible in N.Y., N.C., Kan. for Total of 45 States
May 24 2007 // Max Specialty Insurance Co., based in Richmond, Virginia, is now an eligible surplus lines carrier in 45 states, with the recent addition of New York, North Carolina and Kansas. Max Capital Group Ltd.,through its operating...
Business Risk Partners, Praetorian Offer Small-Middle Market D&O
May 23 2007 // Business Risk Partners and Praetorian Financial Group are launching insurance products: Private Accord and Excess Guardian. Private Accord is a directors and officers liability package product for small and middle market...
Recent Ratings Recaps: ACE (Aus. & NZ); CCR; Omega; Kiln
May 22 2007 // A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating (ICR) of “a+” of ACE Insurance Limited (Australia) and ACE Insurance Limited (New Zealand)...
The Courage to Compete
May 21 2007 // In 1968 when the Maurice “Hank” Greenberg took over what was to become American International Group (AIG), it was an insurance agency selling other insurers’ policies around the globe. Within years, AIG...
Swett & Crawford CEO says softening market doesn’t leave out E&S market as an option
May 21 2007 // Whether the market is “soft” or “softening” doesn’t make a difference. There’s still a place for the excess and surplus lines broker in the mix, says Neal Abernathy, CEO of Swett and...
News Currents
May 21 2007 // Lloyd’s and Economist Intelligence Unit report warns of threats from political violence Global business leaders report they are increasingly concerned about risk; prevents some from investing overseas A new report...
Big Dig insurer AIG to pay $58.5 million in workers’ comp excess profit
May 21 2007 // Massachusetts Attorney General Martha Coakley has reached a $58.5 million settlement with American International Group (AIG), the workers’ compensation carrier for the Central Artery Tunnel (CA/T) Project, known as...
Trinity E&S Reduces Minimum Premium for Contractors
May 15 2007 // Trinity E&S Insurance Services based in Bermuda Dunes, Calif., has reduced the minimum premium for its contractors’ program from $25,000 to $10,000 for the majority of classes with coverage for tract work. The...
S&P Raises Rating on Lloyd’s Advent Syndicate 0780; Outlook Positive
May 15 2007 // Standard & Poor’s Ratings Services has raised its Lloyd’s Syndicate Assessment (LSA) on Advent Underwriting – Syndicate 0780 to “2” from “2-” with a positive...
