| National Underwriter's Guide to the E&S/Specialty Lines News |
THIS MONTH'S E&S FEATUREStart-Up Wholesalers See Opportunities In A Tough MarketA slow economy and a soft specialty insurance market have not stalled the launches of wholesale brokers this year. Timothy Turner, president of Ryan-Turner Specialty, and Glenn Hargrove, president of MSW, describe their new ventures with the spirit of optimism seemingly more prevalent in pre-recession, high-flying years.
RECENT E&S NEWSFDIC Plan to File Lawsuits Creates D&O Policy Coverage QuestionsReports that the Federal Deposit Insurance Corp has given the green light to sue more than 50 directors and officers of failed banks has one broker questioning the collectability of D&O insurance. Although the federal agency is seeking to recoup more than $1 billion in losses related to the credit crisis, a lot of the D&O policies have been depleted to the bare bones, according to Michael White, senior vice president of Willis' Executive Risks Practice. Despite Oil Spill, Energy Insurance Market Prices To Remain Flat Experts in the energy field believe insurance market pricing will remain flat for the next 12 months despite early concerns that the Deepwater Horizon spill would drive prices higher. Alleged Texas Fraudster Loses Defense Costs From Lloyd's, Arch A federal judge in the U.S. District Court in Houston ruled earlier this month that Lloyd's and Arch Specialty Insurance Co. do not have to cover the legal expenses of Texas financier R. Allen Stanford, who is accused of bilking investors of $7 billion in an alleged Ponzi scheme. Program Business Market Gets Crowded As Players Keep Piling In To Offest Soft Market A shift in appetite and a stable but continuing soft market have combined to make life challenging for major players in the program business segment, particularly as more competitors enter an already crowded marketplace. To distinguish themselves in the crowd, program administrators are looking beyond commodity-like approaches. Uncertainty With Distribution Puts Delos Insurance Under Review Delos Insurance Group's "A-minus" rating from A.M. Best Co. is under review with negative implications following the merger of its holding company with Southwest Insurance Partners, Inc.
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