The strong pricing environment for most business lines written in the London insurance market is expected to support good underwriting profitability – factors that have led AM Best to revise its outlook for the segment to positive from stable. Further, …
The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines office release by the Wholesale & Specialty Insurance Association (WSIA). 2023 premiums reflected a 14.6% …
A key Florida Senate committee this week advanced a bill that would allow surplus lines carriers to take over coverage of second homes from Citizens Property Insurance Corp. Reaction by agents and brokers was mixed. The issue of having the …
ATLANTA (AP) — Georgia Power Co. will pay $413 million to settle a lawsuit accusing the utility of reneging on financial promises to one of its nuclear reactor partners. The payments to Oglethorpe Power Corp., announced Friday, could hold down …
Connecticut’s Insurance and Real Estate Committee has advanced a surplus lines insurance measure that the industry says would lift an unnecessary administrative burden but the state insurance regulator believes would unnecessarily lessen consumer protections. The bill would relieve surplus lines …
Surplus lines premium increased 22% and transactions rebounded almost 6.6% over their 2020 totals in the 15 states with designated surplus lines stamping offices. The increases represented record levels of premium ($51 billion) and transactions (5.3 million) since the stamping …
Chicago-based investor Agman has announced the launch of Aurenity, a new tech-enabled Managing General Agent (MGA) targeting the Excess and Surplus (E&S) market. Aurenity will deploy underwriting analytics to determine technical pricing for E&S exposures, delivering sustainable profitability for its …
Surplus lines premium exceeded $24 billion and premium bearing transactions exceeded 2.6 million through the first six months of 2021, according to the 2021 Midyear Report of the U.S. Surplus Lines Service and Stamping Offices by the Wholesale & Specialty …
Lloyd’s announced it plans to stop accepting admitted market accounts in the U.S. in a year and focus on the U.S. reinsurance and excess and surplus (E&S) insurance market, where it is the market leader. As part of this strategy …
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 …
