Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Lloyd’s Raises Sept. 11 Net Loss Estimates 45%
Nov 28 2001 // Lloyd’s revised estimates of the net losses suffered by its syndicates as a result of the destruction of the World Trade Center and related events to £1.9 billion ($2.7 billion), £600 million ($849...
XL To Realign Lloyd’s Operations
Nov 28 2001 // Bermuda’s XL Capital announced that it “is realigning” its Lloyd’s operations. As of January 1, 2002 it will take over all the funding of two syndicates run by XL Brockbank Ltd., and two other...
Gallagher Acquires Lloyd’s Broker MRS; Willis Ups Stake in German Broker JWA
Nov 28 2001 // Two of the world’s biggest insurance brokers are growing. Arthur J. Gallagher & Co. announced that it had acquired MRS Holdings Ltd. of London for an undisclosed amount, and Willis Group Holdings said it will...
Insuring Nonprofits as Markets Harden
Nov 19 2001 // As recession looms and claims costs associated with the terrorist attacks on September 11 add up, insurance markets are beginning to harden for the first time in nearly a decade. Many major property and casualty carriers,...
New Capital Boosts Bermuda’s Reinsurance Industry
Nov 19 2001 // As the reinsurance industry gears up to replace a good portion of the capital lost in the Sept. 11 attacks, companies are seeking to place themselves in a position to profit from the expected surge in demand and resulting...
Lloyd’s Deposits $2 Billion, May Tap Central Fund, Reinsurance Cover
Nov 16 2001 // Lloyd’s has deposited around $2 billion into its reinsurance trust account, administered by the New York State Insurance Department – 60 percent of its projected reinsurance liabilities, as agreed with the...
Chubb Specialty Consolidates Product Groups into ‘ChubbPro’
Nov 16 2001 // Chubb Specialty Insurance (CSI), part of the Chubb Group of Insurance Companies, has consolidated three of its product groups into a new business unit called Chubb Professional, or “ChubbPro.” Sean M....
NAII Surplus Lines Committee Reaffirms Position
Nov 12 2001 // The basic principle of surplus lines insurance dictates those insurers should be free to exclude coverage for any risk–including mold–so that they can provide especially crafted insurance that customers...
LLOYD’S AGREES ON FUNDS
Nov 12 2001 // Lloyd’s of London reached an agreement with the New York Insurance Department in conjunction with the National Association of Insurance Commissioners (NAIC) on the funds required for its “Credit for...
Aon, Zurich to Sponsor New Bermuda Insurer
Nov 8 2001 // Aon Corp. and Zurich Financial Services will sponsor and partially fund, Endurance Specialty Insurance Ltd., a new Bermuda-based insurance capacity vehicle with an initial capitalization of $1.2 billion. Each of the...
Lloyd’s Prepares for NAIC Audit
Nov 7 2001 // Lloyd’s is preparing to meet with representatives of the NAIC and the accounting firm Arthur Andersen to lay out the parameters for the audit of its reinsurance liabilities in conformity with the NAIC’s...
Calif.-Based Western Security Surplus Insurance Brokers Expands Operation
Nov 6 2001 // The Orange County/San Diego branch of Western Security Surplus Insurance Brokers Inc. has moved to larger facilities in Los Alamitos. Becky Hill, vice president and branch manager of the new offices, commented that the new...
Liberty Mutual, One Beacon Reach Definitive Agreement
Nov 5 2001 // Liberty Mutual Group and OneBeacon, a wholly owned subsidiary of White Mountains Insurance Group Ltd., reached a definitive agreement regarding a previously announced partnership transfering business and operations in 42...
Lloyd’s Underwriters, London Market Win Case
Nov 2 2001 // Underwriters at Lloyd’s of London and London Market insurance companies won an important reinsurance case recently when the New York Court of Appeals ruled that Travelers Casualty & Surety Company could not...
Lloyd’s Reacts to Moody’s Downgrade of 5 Syndicates
Nov 1 2001 // Lloyd’s took issue with Moody’s Investors Service’s decision to downgrade five of its leading underwriting syndicates, and its implications that the provisions of its central fund, which is called upon to...
Lloyd’s, NYSID Agree on Re Trust Fund Payment
Oct 29 2001 // Lloyd’s confirmed earlier reports (See IJ Website Oct. 26) that it has reached an agreement with the New York State Insurance Department which provides for the funding of the reinsurance trust that the NYSID...
Time-Tested Lloyd’s Turns to Address U.S. Disaster Losses
Oct 29 2001 // Lloyd’s of London, the world’s oldest and most visible insurer, has set about dealing with the aftermath of the terrorist attacks of Sept. 11. Two weeks after the event, it released its projected net loss...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 29 2001 // If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui...
Lloyd’s, NAIC Report Compromise
Oct 26 2001 // Lloyd’s and the National Association of Insurance Commissioners have reportedly reached a compromise on the deposit Lloyd’s must make to the reinsurance trust fund to guarantee payments of its estimated claims...
NAIC Withdraws Lloyd’s 60% Funding Deal
Oct 25 2001 // On Tuesday The National Association of Insurance Commissioners reversed its previous decision to permit Lloyd’s to deposit 60 percent, rather than 100 percent, of the amount normally required into its U.S....
