Kinnect isn’t the only technology-based initiative making news around Lloyd’s (See previous article). Xchanging Ltd., its back office service provider and in independent company, is expanding its presence in the insurance sector through the acquisition of the U.K.-based insurance technology …
Lloyd’s announced that its Kinnect data transmission platform has just handled its first “open market” risk placement – a “complex open market risk” placed by Willis with Amlin last week. “A US commercial property risk was transferred on Wednesday from …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A-” (Excellent) of The Steamship Mutual Underwriting Association (Bermuda) Ltd. (Steamship), but has changed the outlook to negative from stable. “The rating reflects improving operating performance due …
According to the American Insurance Association the new U.S.-Australia free trade agreement will help encourage investment and cement an effective trade partnership even though it falls short of completely eliminating trade barriers. “This trade agreement, while not perfect, will help …
A conservative legal group has called for insurance regulators and attorneys general in California and New York to investigate conflicts of interest they say are caused by placement service agreements (PSAs) and the practice of “leveraging.” The use of PSAs …
The Washington, D.C.-based Council of Insurance Agents and Brokers (CIAB) has filed suit in South Dakota, West Virginia and the U.S. Virgin Islands challenging statutes that preclude out-of-state insurance brokers from conducting business in their jurisdictions without the countersignature of …
Overland Park, Kan.-based GE Commercial Insurance, a division of GE’s Employers Reinsurance Corp. (ERC), announced it has increased its capacity to write umbrella and follow form excess coverage underwritten by the specialty excess and surplus lines individual risk unit. This …
Bill Maney has been named director of operations at Ohio-based Westfield Financial Corp., a member of the Westfield Group. Prior to joining Westfield Financial, Maney served in various management positions with Cincinnati-based Great American Financial Resources Inc. Most recently, he …
Wausau Insurance has contracted with IVANS to use Transformation Station in an attempt to streamline the submission and quoting process of middle-market business for agents and brokers. Wausau has developed the technology to accept complete submission data based on ACORD …
Rory A. Cline, former executive vice president of facultative reinsurance at CNA Reinsurance, has launched DirectFac Inc., a new independent property facultative agency that aims to provide insurers direct access to syndicated products. “Our goal is to provide clients value-added …
