Latest Excess Surplus Headlines
All the headlines from our Excess Surplus Topic Page, ordered by recency.
Citgo Wins $54M from Lloyd’s Insurers After Oil Seized by Venezuela Government
Dec 21 2023 // (Bloomberg) — Citgo Petroleum Corp. was awarded an insurance payment of more than $54 million for almost 1 million barrels of crude seized by the Venezuelan government. A jury in federal court in Manhattan decided...
Parametric Re/Insurer NormanMax Gets ‘in Principle’ Nod to Launch Lloyd’s Syndicate
Dec 21 2023 // NormanMax Insurance Holdings, the Miami, Florida-based parametric re/insurance group, has received “in principle” approval from Lloyd’s to launch a syndicate, which will be managed by Apollo Syndicate...
Lloyd’s Adds Guyana to Risky Shipping List Amid Escalating Dispute With Venezuela
Dec 19 2023 // One of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s...
Lloyd’s Extends Lease on Iconic London Headquarters Until 2035
Dec 18 2023 // Society of Lloyd’s, better known as Lloyd’s of London, has reached an agreement to remain in its One Lime Street headquarters until at least 2035, the Financial Times reported. The deal with landlord Ping An...
S&P Upgrades Lloyd’s Financial Strength Rating to AA-
Dec 15 2023 // S&P Global Ratings has revised its financial strength rating for Lloyd’s of London to “AA–”, outlook stable, from “A+”, outlook stable. The rating upgrade reflects the improvement in...
Oklahoma Insurance Department Adopts Surplus Lines Automation Suite
Dec 14 2023 // The Oklahoma Insurance Department announced the adoption of the Surplus Lines Automation Suite (SLAS) for the reporting and payment of all Oklahoma surplus lines premium taxes beginning January 1, 2024. For all Oklahoma...
People Moves: XPT Specialty Adds Swift to Brokerage Team; Alliant Names Davis Employee Benefits VP in Kansas City
Dec 14 2023 // Swift Joins XPT Specialty Brokerage Team XPT Specialty, headquartered in New York, N.Y., hired Ben Swift as an underwriter/broker specializing in commercial binding accounts for Midwest retailers. Before joining XPT, Swift...
Markel International Launches Specialty Division, Led by 2 Hires From Brit
Dec 14 2023 // Markel, the insurance operation within Markel Group Inc., has launched a Specialty practice within its International Wholesale division, which will be spearheaded by Tom Hillier as divisional managing director. The...
AXIS Gets In-Principle Approval to Launch Energy Resilience Syndicate at Lloyd’s
Dec 14 2023 // AXIS Capital Holdings Ltd. announced it has received in-principle approval from Lloyd’s to launch a syndicate that will focus on providing capacity for new energy projects with a critical role in supporting the...
Missouri’s Denali Specialty Expands Investor Property Program to Include Student Housing
Dec 13 2023 // Denali, a wholesale insurance specialist, announced that its Investor Property Program has grown to include student housing. The expansion of Denali’s package insurance for investor properties is well timed. Limited...
Ryan Specialty Forms International Financial Lines MGU Ryan Financial Lines
Dec 13 2023 // Ryan Specialty said it has formed an international financial lines managing general underwriter (MGU), Ryan Financial Lines. This MGU is being created by unifying the operations of EmergIn Risk, led by Jamie Bouloux;...
New York Law Bars Subrogation by Lloyd’s in LaGuardia Project, Appeals Court Affirms
Dec 13 2023 // A federal appeals court has declared that New York law prevents Lloyd’s from recovering some loss payments from Zurich American because Zurich’s insured was also an insured of Lloyd’s in a case involving...
People Moves: Papanikolaou to Succeed Mueller as AGCS CEO and Will Lead Allianz Commercial; May Promoted to CEO of Lloyd’s Europe as Breitburd Steps Down
Dec 11 2023 // This edition of International People Moves details appointments at Allianz Global Corporate & Specialty SE (AGCS) and Lloyd’s Europe. A summary of these new hires follows here. Papanikolaou to Succeed Mueller as...
Africa Specialty Risks Gets ‘In Principle’ Approval to Launch Syndicate in 2024
Dec 11 2023 // Africa Specialty Risks (ASR), the pan-African focused re/insurance group, has received “in-principle” approval to launch a Lloyd’s syndicate in 2024. The syndicate will be launched in partnership with...
Kansas Insurance Companies to See Reduced Surplus Lines Tax Rate in 2024
Dec 8 2023 // Insurance companies in Kansas will pay a reduced surplus lines tax rate beginning next year after the legislature passed a law lowering the surplus tax rate from 6% to 3% for tax years 2024 and after. Kansas insurance...
Specialist Risk Group Acquires Lloyd’s Broker CBC Partnership
Dec 8 2023 // Specialist Risk Group (SRG) has agreed to acquire the London-based broker CBC Partnership (CBC), subject to the necessary regulatory approvals. Financial details of the transaction were not disclosed. CBC will become...
People Moves: DeCotis Specialty Adds Lyle and Downie to Commercial Lines Team
Dec 8 2023 // DeCotis Specialty Insurance, headquartered in Providence, Rhode Island added Lori Lyle as senior commercial lines account manager, and Jay Downie as a commercial lines insurance broker. Lyle joins DeCotis after spending...
CFC Executives Walsh and Newman to Step Down After Lloyd’s Misconduct Probe
Nov 29 2023 // CFC, the London-based managing general agent, announced that its founder and group CEO, David Walsh, and Graeme Newman, CEO of CFC Underwriting, will be exiting the company following the completion of an investigation by...
Probitas Ready to Launch Lloyd’s Special Purpose Arrangement for 2024 Year of Account
Nov 28 2023 // Lloyd’s syndicate Probitas 1492 announced that Lloyd’s has given formal approval for its special purpose arrangement (SPA), which will begin underwriting in the 2024 year of account. The SPA, called “AdA...
Markets/Coverages: Apollo to Launch Specialty Treaty Class of Business
Nov 28 2023 // Apollo, the London-based independent specialist insurer and reinsurer, announced it will launch a new specialty treaty class of business within the Reinsurance Division of Syndicate 1969, on Jan. 1, 2024. The new portfolio...
