Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Welcome to the 3rd Annual “Top Ten Stories of the Year”
Dec 24 2001 // In what became one of the most significant, traumatic and challenging years in U.S. history, the insurance industry, along with the rest of the nation, has had to come to terms with the terrorist attacks perpetrated...
Report European Commission Set to Investigate Lloyd’s Regulation
Dec 20 2001 // London’s Financial Times carries a report that the European Commission has completed a preliminary investigation of Lloyd’s operations and may well “open formal proceedings against the UK...
W.R. Berkley to Enter Excess Medical Malpractice Market
Dec 19 2001 // Connecticut-based W.R. Berkley Corp. announced it will enter the excess medical malpractice market with the formation of Berkley Medical Excess Underwriters, LLC., based in St. Louis, Missouri, which will underwrite on...
A.M. Best Affirms Lloyd’s ‘A-‘ Rating, Removes from Review
Dec 18 2001 // A.M. Best announced that it has affirmed Lloyd’s “A- (Excellent) rating and has removed the “under review” status of its rating, which it applied shortly after the September 11 attacks. Best...
Top 10 Stories of 2001
Dec 17 2001 // Recollections and Renewal: Looking Back at 2001 with an Eye to the Future This is the year that was. It is one that many people will be glad to see come to an end because the new year always brings hope—for a rebirth,...
Lloyd’s Capacity for 2002 Tops $17 Billion, Largest Ever
Dec 13 2001 // The rumors of Lloyd’s demise seem to have been premature, as the London market announced record breaking capacity for the year 2002 of around £12.3 billion ($17.5 billion), an increase of $1.8 billion over this...
Lloyd’s Warns of Greater Exposures for Marine Underwriters
Dec 12 2001 // Julian James, Lloyd’s Director of Worldwide Markets, speaking at a conference in Paris, warned that marine underwriters should rethink and restructure the way they they write risks, as bigger vessels, more passengers...
From Promotions to Sport Pros, Special Events Insurance Covers it All
Dec 10 2001 // During the playoffs between the Seattle Mariners and the New York Yankees preceding the 2001 World Series, the National-Hole-in-One Association provided insurance coverage for a promotion sponsored by a Seattle-based...
From Promotions to Sport Pros, Special Events Insurance Covers it All
Dec 3 2001 // During the playoffs between the Seattle Mariners and the New York Yankees preceding the 2001 World Series, the National-Hole-in-One Association provided insurance coverage for a promotion sponsored by a Seattle-based...
Nationwide Mutual Insurance Co. Receives Rating on Surplus Note
Nov 30 2001 // Chicago-based Fitch has assigned an “A+” rating to the $400-million surplus note offering by Nationwide Mutual Insurance Company (Nationwide Mutual). Fitch also carries a “AA” rating on the insurer...
AIG’s Greenberg, Lloyd’s Riley Meet for Talks
Nov 29 2001 // Maurice “Hank” Greenberg, the CEO of American International Group and Lloyd’s Chairman Saxon Riley met yesterday at a ceremony marking the opening of a new AIG-backed syndicate at Lloyd’s. They were...
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...
