Insurance News

Posts Tagged ‘lines

The credit profile for personal lines of insurance in the United States is stable, despite intense underwriting competition and a weak economy, Moody’s Investors said.

In a report, the New York-based rating agency cites the sector’s core underwriting earnings power, resilience to a weak economy and good risk-adjusted capitalization as reasons for the stable outlook.

The company said it expects core underwriting earnings (excluding Read the rest of this entry »

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WASHINGTON?Inclusion of a provision to streamline the regulation of surplus lines insurers in a comprehensive financial regulatory reform bill is drawing plaudits from industry observers.

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, D-Conn., included the Nonadmitted and Reinsurance Reform Act as part of the 1,136-page discussion draft of the Restoring American Financial Stability Act of 2009, which he Read the rest of this entry »

A soft market, the recession and underwriting and investment losses took a bite out of the U.S. surplus lines industry?s underwriting and operating results in 2008, according to a recent report from A.M. Best Co. Inc.

Direct written premiums for the industry fell 6% in 2008 to $34.4 billion?the largest percent decline since 1988, said Oldwick, N.J.-based Best. The rating agency attributed the decline to persistent soft market conditions Read the rest of this entry »

NEW YORK?Barring a major catastrophe or unforeseen event, risk managers should see stable property/casualty rates at least through the beginning of 2010, executives from Marsh & McLennan Cos. Inc. said Wednesday.

The economic turmoil that has characterized the past 12 months has not, as many had expected, ended the prolonged soft insurance and reinsurance markets, the executives said on a webcast sponsored by MMC?s brokerage unit, Marsh Read the rest of this entry »

TALLAHASSEE, Fla.—Florida Gov. Charlie Crist on Thursday signed into law a measure restoring the surplus lines industry’s traditional exemption from rate and form regulation in the state.The Florida Supreme Court put the exemption into question last year when it ruled in Essex Insurance Co. vs. Mercedes Zota, et al , that surplus lines was only exempt from the rating section of Chapter 627 of Florida’s insurance statute but was subject Read the rest of this entry »

WASHINGTON —The House plans to speed up consideration of a measure to reform regulation of surplus lines insurance and reinsurance, insurance lobbyists said today.

The bill (H.R. 2571) will be taken up under expedited procedures. At the same time the lobbyists said the pace of enacting regulatory reform legislation is slowing down as Congress deals with other priorities.

The lobbyists who commented made their remarks in Read the rest of this entry »

KANSAS CITY, Mo.—Pricing, capacity and terms and conditions in the surplus lines market remained relatively flat in the first quarter of 2009 compared with the same quarter in 2008, according to a National Assn. of Surplus Lines Offices’ membership survey. Of the 178 NAPSLO members responding to the survey, 48% said they see no change in the overall availability of specialty insurance coverage so far this year and 44% said terms are about the Read the rest of this entry »