Surplus Lines News

How COVID-19 Impacts the Surplus Lines Insurance Industry

COVID-19 has majorly disrupted the global economy, and while many business sectors are subjected to temporary shutdowns or bare minimum operations, the insurance industry is racing forward while confronting unprecedented amounts of risk and uncertainty. Under most state-issued business shutdown …

Venture Underwriters Hires Barrow in Chicago, Expanding Underwriting Team

Venture Underwriters Inc., a division of Allstar Financial Group, has expanded its Chicago underwriting team to include commercial underwriting veteran Chris Barrow. Barrow joins Chicago office as vice president specializing in commercial general liability. The office will be relocating to …

Wildfires Likely to Boost California Surplus Lines Homeowners Share; FAIR Plan Expansion Questioned

Premium volume from homeowners polices written by California’s surplus lines industry, although still small, has doubled over the past four years, seemingly pushed by an increase in wildfires in the state. Some experts believe that the surplus lines share of …

California Export List Hearing for Surplus Lines Slated for November

Parametric earthquake coverage and terrorism coverage are among the potential items on the 2019 Export List hearing being held next month by the California Department of Insurance. Adding a risk or coverage to the export list requires evidence there isn’t …

Wildfires Making Insurance Harder to Find, California Department of Insurance Says

Severe wildfire seasons have made it harder for homeowners to find insurance in high wildfire-risk areas, according to new data collected by the California Department of Insurance. The data released this week from the CDI shows a 6% increase in …

California Surplus Lines Stamping Fee Goes to 0.25% in 2020

The Surplus Line Association of California board has voted to adjust the stamping fee to 0.25%, effective Jan. 1, 2020, the group announced on Tuesday. The stamping fee has been set at 0.2% for seven years, the longest recorded period …

SLTX Adds Purchasing Group Flag Function to Electronic Filing System

A new feature allowing agents and brokers to indicate whether or not an insured is a purchasing group is now available within the SLTX Electronic Filing System (EFS), the Surplus Lines Stamping Office of Texas reported. A “Yes” or “No” …

Ryan Specialty Group to Acquire Wholesaler Atlantic Specialty Lines

Ryan Specialty Group has agreed to acquire the assets and operations of Atlantic Specialty Lines, Inc. (ASL), a privately-owned wholesale insurance brokerage headquartered in Richmond, Virginia, with additional locations in Illinois, Florida, Louisiana, New York, Pennsylvania and Texas. The ASL …

Human Error May Have Caused Seattle Crane Collapse, Experts Say

Human error may have caused a crane collapse that killed four people and injured four others over the weekend, experts said Monday. Based on videos of the collapse, they said it appears workers who were disassembling the construction crane had …

California Wildfires Helped Drive Homeowners Premium Volume in Surplus Lines

Wildfires have evidently been driving more Californians into the surplus lines market, pushing up homeowners surplus premium volume to more than $122 million in 2018, according to the Surplus Line Association of California. “We have seen over the last five …