Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
News Analysis: Commentary on Full Year 2001
Apr 29 2002 // The property/casualty insurance industry reported a statutory rate of return of negative 2.7 percent in 2001, down from 6.5 percent return for the year 2000. The results were released by the Insurance Services Office, Inc....
W.R. Berkley to Acquire 20% Stake in Lloyd’s Market Insurer Kiln
Apr 26 2002 // W.R. Berkley will up its share in Lloyd’s insurer Kiln to 20 percent by acquiring 32.8 million newly offered shares in the company at 47 pence (68 cents) and the acceptance of a two-for-three rights issue at the same...
A.M. Best Affirms Lloyd’s ‘A- (Excellent)’ Rating
Apr 23 2002 // A.M. Best announced that it has maintained the A- (Excellent) financial strength rating of the Lloyd’s market “after the recent announcement of a 2001 loss of GBP 3.11 billion [$4.5 billion], on an annually...
U.S. Regulators Give Approval on Lloyd’s Estimate
Apr 18 2002 // Following the initial portion of a review of the market, U.S. regulators have given Lloyd’s of London approval on the company’s estimate of $8 billion for gross claims in the Sept. 11 destruction of the World...
PIANJ Applauds Surplus Lines Proposals
Apr 17 2002 // The Professional Insurance Agents of New Jersey has commended the New Jersey Department of Banking and Insurance (DOBI) for proposing standards and procedures for surplus lines insurance procurement. In a letter sent last...
Fitch Lowers Ratings of Members of Kemper Insurance Cos.
Apr 17 2002 // Fitch Ratings has downgraded the Insurer Financial Strength ratings of the Kemper Insurance Companies (KIC) from ‘A-‘ to ‘BBB’. Additionally, Fitch has downgraded the surplus notes rating of...
Argonaut Obtains Renewal Rights to Fulcrum Excess and Surplus Lines from SCOR
Apr 17 2002 // Argonaut Group, Inc. announced that it has reached an agreement with SCOR Group to acquire the renewal rights and certain other assets of SCOR subsidiary Fulcrum Insurance Company, an excess and surplus lines’...
Cattle Loom Large on the Farm & Ranch Scene
Apr 15 2002 // Whoopee ti yi yo, git along little dogies It’s your misfortune, and none of my own. Whoopee ti yi yo, git along little dogies, For you know Wyoming will be your new home. That trail song, used by historian Walter...
Cattle Loom Large on the Farm & Ranch Scene
Apr 15 2002 // Whoopee ti yi yo, git along little dogies It’s your misfortune, and none of my own. Whoopee ti yi yo, git along little dogies, For you know Wyoming will be your new home. That trail song, used by historian Walter...
Australia Extends Aviation Excess Coverage
Apr 12 2002 // The Australian government has joined the U.S., the European Union and other countries in extending excess coverage for terrorist and war risk to the country’s airline industry and related infrastructure. The...
Lloyd’s Change to Annual Accounting Creates $4.45 Billion Loss Estimate for 2001
Apr 11 2002 // Lloyd’s decision to begin reporting the profits and losses of its syndicates on an annual basis, rather than over three years, produced some costly results, with last year’s losses estimated at £3.11...
Endurance Specialty CEO Sees Market Challenges
Apr 3 2002 // In a recent discussion of the state of the p/c insurance and reinsurance market Kenneth J. LeStrange, Chairman, CEO and President of Bermuda-based Endurance Specialty Insurance, Ltd. saw continuing challenges, but also...
Lloyd’s Kiln Covers Drug Company Patents
Apr 1 2002 // London’s Financial Times carries a report that Lloyd’s underwriter Kiln has written policies insuring an unidentified “multinational pharmaceutical group” against challenges to some of its...
Lloyd’s Completes $5 Billion Trust Fund Transfer
Mar 29 2002 // Lloyd’s of London announced that it has completed the transfer of over $5 billion to its trust funds in the United States since September 2001, and has fulfilled the arrangement made with the National Association of...
Moody’s Report Discusses Effect of Decreasing Number of Lloyd’s Syndicates
Mar 28 2002 // A report by Moody’s Investors Service discusses the long term effects of the dwindling number of Lloyd’s syndicates, and concludes that, although the trend marks a decline in Lloyd’s market share, it will...
AXIS Gains Wide Access to U.S. Market with Company Acquisitions
Mar 26 2002 // Newly formed Bermuda insurer AXIS Specialty Limited announced that that its US subsidiary, AXIS Specialty U.S. Holdings, Inc., has entered into agreements to purchase the Royal & SunAlliance Personal Insurance Company...
Cox to Run Off $142 Million in Lloyd’s Business as Part of Restructuring
Mar 22 2002 // Hit heavily by the Sept. 11 attacks, with estimated losses from the events now reaching £125 million ($178 million), Cox insurance, which writes both retail coverage and participates in the Lloyd’s market,...
ISO Service Offers New Program for Loss Control, Safety Professionals
Mar 18 2002 // Insurance Services Office, Inc.’s (ISO) Engineering and Safety Service (E&STM) unit is offering a new, self-directed ‘distance learning’ program for loss control and safety professionals to study and...
Lloyd’s Seems to be Weathering the Storm
Mar 11 2002 // After the record losses from the WTC attacks, two cash calls, a buffeting by the rating agencies, a proposed reorganization of its basic financial structure and an audit by the National Assoc-iation of Ins-urance...
Lloyd’s Seems to be Weathering the Storm
Mar 11 2002 // Elton John’s “I’m Still Standing” could become Lloyd’s theme song—it’s a better fit than “Candle in the Wind.” After the record losses from the WTC attacks, two cash calls,...
