Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Lloyd’s to Cut 10% of UK Employees on Soft Market Pricing Pressures
Jun 26 2017 // Lloyd’s of London is planning to cut 10 percent of its staff in the UK as the world’s oldest insurance market looks to streamline operations and reduce costs amid continued pricing pressure on its...
Existing EU Contracts Must Be ‘Grandfathered’ After Brexit to Avoid Complexity: Lloyd’s CEO Beale
Jun 26 2017 // Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd’s of London Chief Executive...
Texas Stamping Office: Surplus Lines Insurance Premium Up for 2017
Jun 23 2017 // Data collected by the Surplus Lines Stamping Office of Texas (SLTX) shows that insurance premium amounts recorded in May 2017 are higher than totals recorded in May of 2016 or 2015. The information was presented at the...
XL Catlin Promotes E&S Property Insurance Regional Leader in Boston
Jun 23 2017 // XL Catlin’s excess and surplus (E&S) insurance team has promoted Caitlin Murphy from senior underwriter to the role of eastern regional vice president of E&S Property. In her new role, Murphy will direct...
Randall & Quilter to Sell Lloyd’s Agency to Medical Liability Insurer Coverys
Jun 23 2017 // Randall & Quilter Investment Holdings Ltd. announced it has reached agreement to sell the entire share capital of its Lloyd’s managing agency, R&Q Managing Agency Ltd. (RQMA), to Coverys, a provider of...
The Hanover & Chaucer Launch Dublin-Based International Specialty Insurer
Jun 22 2017 // The Hanover Insurance Group, Inc. and its subsidiary, Chaucer, announced that they will form a Dublin-based company, Chaucer Insurance Co. DAC (Chaucer Dublin), to write international specialty insurance business. The...
California Surplus Lines Don’t Want to be Left out of State’s Marijuana Regs
Jun 20 2017 // California’s surplus lines industry is trying to clear up the haze over a proposed regulation that would require medical marijuana businesses to purchase insurance only from admitted carriers. The regulation is one...
PURE Expands E&S Homeowners Coverage to South Carolina
Jun 20 2017 // The PURE Group of Insurance Companies has expanded its PURE Programs excess & surplus (E&S) line offering designed to protect higher risk homes insured for $1 million or more, into South Carolina. With this...
Biglari Holdings Inc. to Acquire Pacific Specialty Insurance Co. in California
Jun 19 2017 // Biglari Holdings Inc. and Pacific Specialty Insurance Co. announced a definitive agreement for a subsidiary of Biglari Holdings to acquire all of the outstanding shares of the parent company of California-based Pacific...
Arkansas Insurance Regulators OK Allied World, Vantapro Specialty Acquisition
Jun 19 2017 // The Arkansas Insurance Department has approved the acquisition of two domestic affiliated companies, Allied World Surplus Lines Insurance (AWSLIC) and Vantapro Specialty Insurance Co., by Swiss and Canadian...
People
Jun 19 2017 // West Des Moines, Iowa-based GuideOne Insurance has named Jessica E. Clark as the company’s new chief executive officer. Bringing nearly 20 years of leadership experience in property and casualty insurance, Clark...
Carnegie-Brown Begins Tenure as Lloyd’s Chairman
Jun 16 2017 // Bruce Carnegie-Brown formally has officially assumed his position as chairman of Lloyd’s, following the retirement of John Nelson. “I am very excited to get started. In the months since my appointment was...
FAIR Talk About Residual Markets
Jun 14 2017 // The start of hurricane season made me think about a topic that many of us don’t often think about in P&C insurance: residual markets. The 21st century insurance marketplace in the US is nominally a free market,...
Burand’s State of P/C Insurance Industry, Part 1: Agencies Facing Paradigm Shift
Jun 13 2017 // Editor’s Note: This is the first of two articles by Burand based on his most recent 50-page whitepaper, State of the P&C Insurance Industry 2017. The whitepaper is available from Insurance Journal’s...
Lloyd’s Urges Insurer Investment in Natural Habitats for Flood Protection
Jun 13 2017 // Natural coastal habitats such as mangroves, coral reefs and salt marshes protect communities more effectively against coastal storms than seawalls, and insurers should consider this when pricing flood risk, Lloyd’s...
Lloyd’s Coverholder, Arma Underwriting, Launches in Dubai with MENA Focus
Jun 12 2017 // Asta, the Lloyd’s third party managing agent and specialist MGA investor, announced that Dubai-based Arma Underwriting Ltd. has received full approval from all regulators and commenced operations last...
MarketScout Sells Workers’ Compensation Business to Specialty Program Group
Jun 7 2017 // Dallas-based insurance exchange MarketScout, which provides agents with access to specialty markets, has sold its workers’ compensation managing general agency business to Specialty Program Group. MarketScout said it...
Fort Worth’s InsureZone Adds Surplus Lines Rating Technology
Jun 5 2017 // Fort Worth-based InsureZone announced the release of MGA Pro, which can provide real-time surplus lines rating from 25 carriers. InsureZone purchased MGA Pro in 2016 in order to add surplus lines rating to its suite of...
Excess Capacity Continues to Drive Rate Cuts at June Renewals: JLT Re Report
Jun 5 2017 // Reinsurance rates fell for the sixth consecutive year at the June 1, 2017 renewals, according to a market commentary published by JLT Re. JLT Re cited its Risk-Adjusted Florida Property-Catastrophe (ROL) Index which fell...
Texas ‘Industrial Insureds’ Bill Signed into Law
Jun 5 2017 // The Texas Legislature has passed a bill exempting certain commercial insureds from the requirement that agents make a “diligent effort” to find insurance in the admitted insurance market before taking the risk...
