Matthew D. Nichols, ASLI, President of All Risks, Ltd., was elected to serve as President of NAPSLO for the 2012-13 term.
“I’m very excited and honored to become the president of NAPSLO for the next 12 months,” said Mr. Nichols. “I look forward to leading the organization in conjunction with the NAPSLO team. I appreciate their participation and support and would like to see as much volunteering as anyone would like to do in the coming 12 months.”
NAPSLO member firms elected the slate of Officers and Directors at the Association’s Annual Business Meeting on Wednesday during the 2012 Annual Convention in Atlanta.
NAPSLO members elected the following NAPSLO officers for one-year terms:
• President - Matthew D. Nichols, ASLI, All Risks, Ltd., Hunt Valley, Maryland
• Vice President - Kevin T. Westrope, Westrope, Kansas City, Missouri
• Secretary - Hank Haldeman, The Sullivan Group, Los Angeles, California
• Treasurer - Gilbert C. Hine, Jr., CPCU, CFP, McClelland & Hine, Inc., San Antonio, Texas
Elected for three-year terms on the Board of Directors were:
• Gilbert C. Hine, Jr., CPCU, CFP, McClelland & Hine, Inc., San Antonio, Texas
• Davis D. Moore, Worldwide Facilities, Inc., Los Angeles, California
• Matthew D. Nichols, ASLI, All Risks, Ltd., Hunt Valley, Maryland
• Scott A. Culler, Markel West, Woodland Hills, California
• Michael D. Miller, CPCU, CLU, ARe, Scottsdale Insurance Company, Scottsdale, Arizona
Outgoing Past President Letha Heaton and Board member Greg Crouse were also recognized during the General Session for their outstanding service to the NAPSLO Board of Directors.
Thursday, October 11, 2012
Timothy Pedersen Presented Charles A. McAlear/NAPSLO Industry Award
Timothy Pedersen Presented Charles A. McAlear Award
Timothy Pedersen, President of Travis/Pedersen & Associates and a Past NAPSLO President, was presented the Charles A. McAlear/NAPSLO Industry Award by outgoing President Robert Sargent during Wednesday’s General Session program at the 2012 NAPSLO Annual Convention in Atlanta.
“We recognized the best and brightest in our surplus lines community today,” said outgoing President Robert Sargent. “Our industry has become very successful because of the efforts of these leaders, and it was a privilege to honor them today.”
NAPSLO’s McAlear Industry Award honors individuals who have made significant contributions to the surplus lines industry.
Mr. Pedersen was elected to the NAPSLO Board in 1993 and served as President from 1999 to 2000, and as Convention Chair he was instrumental in planning NAPSLO’s special 25th Anniversary Convention in New York in 1999. Since leaving the NAPSLO Board, he has remained active and visible within the Association, and industry, serving on the Illinois Surplus Lines Association Board as Treasurer.
The NAPSLO President's Award, which recognizes NAPSLO Committee Chairs for outstanding service, was presented to Greg Crouse, Chair of NAPSLO’s Membership Committee. The W. Dana Roehrig (Past President's) Award, which recognizes efforts of NAPSLO’s committee volunteers, was presented to Wendy Houser for service to NAPSLO’s Mid-Year Committee. Daniel F. Maher, Executive Director of the Excess Line Association of New York, was presented the Richard M. Bouhan Legislative Advocacy Award, honoring individuals whose advocacy helps advance the legislative interests of the surplus lines industry. The Steven R. Gross Next Generation Award, which recognizes contributions to NAPSLO by members under 40 years of age, was presented to Nick Abraham, outgoing president of NAPSLO’s Next Generation.
ASLI Designees Recognition
The 2011-2012 class of Associate in Surplus Lines Insurance (ASLI) designees were recognized during the ASLI Conferment Ceremony at the General Session.
The Distinguished Graduate in the 2011-2012 Class was Christopher D. Murphy, EMC Insurance Companies and recognized for Academic Excellence were Corissa M. Pate, John S. Slaba; and Julia L. Wilking. In addition to Mr. Murphy, designees recognized at the General Session were: William Brown, RPS; Timothy Byrne, Coastal Agents Alliance; Christopher Campbell, Insurance House; Elizabeth Hannon, Scottsdale Insurance Co.; Wesley Hartsoe, Insurance House; and Raul Plasencia, Risk Placement Services.
The ASLI program was developed jointly by the Derek Hughes/NAPSLO Educational Foundation and The Institutes in 1996. Since the program’s inception, more than 1,800 insurance professionals have earned the designation, including 109 during the past year.
Marketing Awards Presented
Three firms were recognized in the annual NAPSLO Marketing Award contest for outstanding marketing efforts. Receiving the first place award was Venture Programs for their Preferred Club Program Gold Standard Campaign. Receiving honorable mention were USG Insurance Services for their 10th Anniversary Campaign and TAPCO Underwriters for their Product Ad, Email Blasts entry.
NAPSLO teamed up with the Insurance Marketing & Communication Association (IMCA) to offer NAPSLO members the opportunity to submit their best marketing campaigns to be recognized. More than 30 entries from NAPSLO member firms were received in the second year of the contest.
NAPSLO Interns Recognized
Six NAPSLO interns selected to attend the Annual Convention were also recognized during the General Session. NAPSLO selected 13 interns to work with NAPSLO members over the past summer and the top six were selected to attend the Annual Convention.
The six interns will be interviewed to select two for additional intern opportunities in London and Bermuda next year. Selected were: Cameron Annas, Appalachian State University; Kacy Jones, the University of Mississippi; Lynden Lyles, the University of Louisiana at Monroe; Thomas Metzger, Temple University; Eric Mutch, Illinois State University; and Will Smith, Georgia State University.
“I am excited to present to you our top six NAPSLO interns this year,” said Steve Gross, Co-Chair of the Career Awareness & Internship Committee. “Attracting top talent to our industry is what the NAPSLO internship program is all about, and I sincerely appreciate the hard work and support of their host firms this year.”
Broker firms hosting interns were: AmWINS Brokerage – Atlanta, AmWINS Brokerage – New York, Bliss & Glennon, Boston Insurance Brokerage, Burns & Wilcox, CRC – Atlanta, CRC - New Jersey, Crouse & Associates, Hull & Co., Insurance House, Preferred Concepts, LLC, The Sullivan Group, and Westrope.
Company host firms were: AXIS Insurance, Endurance, Great American Specialty E&S, James River Insurance Co., Liberty International, Markel Midwest, Markel Northeast, Maxum Specialty Insurance Group, Nautilus Insurance Co., RSUI Group, Inc., Scottsdale Insurance Co., Vela Insurance Services, and Western World Insurance Group.
“We recognized the best and brightest in our surplus lines community today,” said outgoing President Robert Sargent. “Our industry has become very successful because of the efforts of these leaders, and it was a privilege to honor them today.”
NAPSLO’s McAlear Industry Award honors individuals who have made significant contributions to the surplus lines industry.
Mr. Pedersen was elected to the NAPSLO Board in 1993 and served as President from 1999 to 2000, and as Convention Chair he was instrumental in planning NAPSLO’s special 25th Anniversary Convention in New York in 1999. Since leaving the NAPSLO Board, he has remained active and visible within the Association, and industry, serving on the Illinois Surplus Lines Association Board as Treasurer.
The NAPSLO President's Award, which recognizes NAPSLO Committee Chairs for outstanding service, was presented to Greg Crouse, Chair of NAPSLO’s Membership Committee. The W. Dana Roehrig (Past President's) Award, which recognizes efforts of NAPSLO’s committee volunteers, was presented to Wendy Houser for service to NAPSLO’s Mid-Year Committee. Daniel F. Maher, Executive Director of the Excess Line Association of New York, was presented the Richard M. Bouhan Legislative Advocacy Award, honoring individuals whose advocacy helps advance the legislative interests of the surplus lines industry. The Steven R. Gross Next Generation Award, which recognizes contributions to NAPSLO by members under 40 years of age, was presented to Nick Abraham, outgoing president of NAPSLO’s Next Generation.
ASLI Designees Recognition
The 2011-2012 class of Associate in Surplus Lines Insurance (ASLI) designees were recognized during the ASLI Conferment Ceremony at the General Session.
The Distinguished Graduate in the 2011-2012 Class was Christopher D. Murphy, EMC Insurance Companies and recognized for Academic Excellence were Corissa M. Pate, John S. Slaba; and Julia L. Wilking. In addition to Mr. Murphy, designees recognized at the General Session were: William Brown, RPS; Timothy Byrne, Coastal Agents Alliance; Christopher Campbell, Insurance House; Elizabeth Hannon, Scottsdale Insurance Co.; Wesley Hartsoe, Insurance House; and Raul Plasencia, Risk Placement Services.
The ASLI program was developed jointly by the Derek Hughes/NAPSLO Educational Foundation and The Institutes in 1996. Since the program’s inception, more than 1,800 insurance professionals have earned the designation, including 109 during the past year.
Marketing Awards Presented
Three firms were recognized in the annual NAPSLO Marketing Award contest for outstanding marketing efforts. Receiving the first place award was Venture Programs for their Preferred Club Program Gold Standard Campaign. Receiving honorable mention were USG Insurance Services for their 10th Anniversary Campaign and TAPCO Underwriters for their Product Ad, Email Blasts entry.
NAPSLO teamed up with the Insurance Marketing & Communication Association (IMCA) to offer NAPSLO members the opportunity to submit their best marketing campaigns to be recognized. More than 30 entries from NAPSLO member firms were received in the second year of the contest.
NAPSLO Interns Recognized
Six NAPSLO interns selected to attend the Annual Convention were also recognized during the General Session. NAPSLO selected 13 interns to work with NAPSLO members over the past summer and the top six were selected to attend the Annual Convention.
The six interns will be interviewed to select two for additional intern opportunities in London and Bermuda next year. Selected were: Cameron Annas, Appalachian State University; Kacy Jones, the University of Mississippi; Lynden Lyles, the University of Louisiana at Monroe; Thomas Metzger, Temple University; Eric Mutch, Illinois State University; and Will Smith, Georgia State University.
“I am excited to present to you our top six NAPSLO interns this year,” said Steve Gross, Co-Chair of the Career Awareness & Internship Committee. “Attracting top talent to our industry is what the NAPSLO internship program is all about, and I sincerely appreciate the hard work and support of their host firms this year.”
Broker firms hosting interns were: AmWINS Brokerage – Atlanta, AmWINS Brokerage – New York, Bliss & Glennon, Boston Insurance Brokerage, Burns & Wilcox, CRC – Atlanta, CRC - New Jersey, Crouse & Associates, Hull & Co., Insurance House, Preferred Concepts, LLC, The Sullivan Group, and Westrope.
Company host firms were: AXIS Insurance, Endurance, Great American Specialty E&S, James River Insurance Co., Liberty International, Markel Midwest, Markel Northeast, Maxum Specialty Insurance Group, Nautilus Insurance Co., RSUI Group, Inc., Scottsdale Insurance Co., Vela Insurance Services, and Western World Insurance Group.
Wednesday, October 10, 2012
Technology, Leadership Highlight Tuesday's Programs
NAPSLO’s technology program and NAPSLO’s Next Generation panel discussion among industry leaders on lessons learned from their first hard market were the focus of Tuesday’s programs.
The technology program, Current Technology Issues: Bringing Carriers into the Mix, reviewed broker, vendor and insurer technology approaches to smooth data transfer. “Carriers aren’t going to be successful if we mandate things,” said Greg Ricker, Strickland Insurance Group CIO and Co-Chair of the Joint Working Group’s Carrier Subgroup. “We really have to have everyone come together. This is not a carrier problem, it’s not a wholesaler problem, it’s an industry challenge. And there’s enormous interest in what we are doing.”
NAPSLO’s Next Generation sponsored the panel discussion, Lessons Learned from My First Hard Market, where industry leaders shared their tips for success in the business. “As the NAPSLO logo and phrase ‘uberrima fides’ suggests, you must act in utmost good faith, because your clients and colleagues want to do business with people they trust,” said Dave Leonard, Chairman and CEO of RSUI Group. “Demonstrate your expertise, your work ethic and the value you contribute to the insurance transaction.”
“I encourage all wholesalers to do what we do best – develop your expertise and your key relationships,” said Matthew D. Nichols, ASLI, President of All Risks, Ltd. “These fundamentals are key regardless of the market cycle.”
The program was moderated by Nick Abraham, NAPSLO’s Next Generation President.
The technology program, Current Technology Issues: Bringing Carriers into the Mix, reviewed broker, vendor and insurer technology approaches to smooth data transfer. “Carriers aren’t going to be successful if we mandate things,” said Greg Ricker, Strickland Insurance Group CIO and Co-Chair of the Joint Working Group’s Carrier Subgroup. “We really have to have everyone come together. This is not a carrier problem, it’s not a wholesaler problem, it’s an industry challenge. And there’s enormous interest in what we are doing.”
NAPSLO’s Next Generation sponsored the panel discussion, Lessons Learned from My First Hard Market, where industry leaders shared their tips for success in the business. “As the NAPSLO logo and phrase ‘uberrima fides’ suggests, you must act in utmost good faith, because your clients and colleagues want to do business with people they trust,” said Dave Leonard, Chairman and CEO of RSUI Group. “Demonstrate your expertise, your work ethic and the value you contribute to the insurance transaction.”
“I encourage all wholesalers to do what we do best – develop your expertise and your key relationships,” said Matthew D. Nichols, ASLI, President of All Risks, Ltd. “These fundamentals are key regardless of the market cycle.”
The program was moderated by Nick Abraham, NAPSLO’s Next Generation President.
Gov. Jeb Bush Address Highlights General Session
The highlight of the NAPSLO Annual Convention and today’s General Session will be the keynote address by former Florida Gov. Jeb Bush as part of the E.G. Lassiter Lecture Series, presented by the Derek Hughes/NAPSLO Educational Foundation. Gov. Bush will speak at 9:15 a.m. on America’s Promise in Uncertain Times in Atrium Ballroom A on the Atrium Level. In addition, the General Session will feature the traditional awards and recognition presentations.
Mr. Bush was Governor of Florida in 1998 and was re-elected in 2002, concluding his service in January 2007. He previously served as Florida’s secretary of commerce under Gov. Bob Martinez. He is currently the head of his own successful consulting business, Jeb Bush and Associates, where his clients range from small technology start-ups to well-known Fortune 500 companies. He is also the chairman of the Foundation for Excellence in Education, a national foundation focused on education reform.
“We are especially looking forward to Governor Bush and his remarks,” said Matthew D. Nichols, NAPSLO Vice President and 2012 Convention Chairman. “He is an exceptional speaker and, as a leader in Florida, he has a good appreciation of the importance of surplus lines insurance.”
NAPSLO honors during the General Session will include The Charles A. McAlear/NAPSLO Industry Award, which honors individuals who have made significant contributions to the surplus lines industry; the Richard M. Bouhan Legislative Advocacy Award, presented to individuals whose advocacy helps advance the legislative interests of the surplus lines industry; the NAPSLO President's Award, which recognizes NAPSLO Committee Chairs for outstanding service; the W. Dana Roehrig (Past President's) Award, which recognizes efforts of Association committee volunteers; and the Steven R. Gross Next Generation Award, which recognizes contributions by NAPSLO members under 40.
NAPSLO will also recognize the 2011-2012 class of Associate in Surplus Lines Insurance (ASLI) completers, winners of the NAPSLO Marketing Award contest, and the six 2012 NAPSLO interns selected to attend the convention.
Mr. Bush was Governor of Florida in 1998 and was re-elected in 2002, concluding his service in January 2007. He previously served as Florida’s secretary of commerce under Gov. Bob Martinez. He is currently the head of his own successful consulting business, Jeb Bush and Associates, where his clients range from small technology start-ups to well-known Fortune 500 companies. He is also the chairman of the Foundation for Excellence in Education, a national foundation focused on education reform.
“We are especially looking forward to Governor Bush and his remarks,” said Matthew D. Nichols, NAPSLO Vice President and 2012 Convention Chairman. “He is an exceptional speaker and, as a leader in Florida, he has a good appreciation of the importance of surplus lines insurance.”
NAPSLO honors during the General Session will include The Charles A. McAlear/NAPSLO Industry Award, which honors individuals who have made significant contributions to the surplus lines industry; the Richard M. Bouhan Legislative Advocacy Award, presented to individuals whose advocacy helps advance the legislative interests of the surplus lines industry; the NAPSLO President's Award, which recognizes NAPSLO Committee Chairs for outstanding service; the W. Dana Roehrig (Past President's) Award, which recognizes efforts of Association committee volunteers; and the Steven R. Gross Next Generation Award, which recognizes contributions by NAPSLO members under 40.
NAPSLO will also recognize the 2011-2012 class of Associate in Surplus Lines Insurance (ASLI) completers, winners of the NAPSLO Marketing Award contest, and the six 2012 NAPSLO interns selected to attend the convention.
Tuesday, October 09, 2012
Technology, Industry Leaders Focus of Tuesday’s Program
A program reviewing broker, vendor and insurer technology approaches to smooth data transfer, and a panel discussion among industry leaders on lessons learned from their first hard market will be the focus of today’s programs.
The technology program, Current Technology Issues: Bringing Carriers into the Mix, will include presentations from Tammie Miller, Risk Placement Services Director of Automation and Chair of the E&S Joint Working Group London Subgroup; Greg Ricker, Strickland Insurance Group CIO and Co-Chair of the Joint Working Group’s Carrier Subgroup; Scott Good, Scottsdale Insurance Co. Sr. Director, Customer Innovations and Co-Chair of the Joint Working Group’s Carrier Subgroup; and Lloyd’s Sarah Thacker, Senior Business Analyst, and Peter Montanaro, Head of Delegated Authorities. The program will take place at 8:30 a.m. in International 8 & 9 on the International Level of the Marriott.
NAPSLO’s Next Generation is sponsoring the panel discussion, Lessons Learned from My First Hard Market. It will feature J. Neal Abernathy, President and CEO of Swett & Crawford, Michael J. Carr, Senior Vice President responsible for Liberty International Underwriters’ (LIU) E&S Property division, David Leonard, Chairman and CEO of RSUI Group, and Matthew D. Nichols, ASLI, President of All Risks, Ltd. The program will be moderated by Nick Abraham, president of Next Generation and a Director within Markel’s Wholesale Marketing Department. Immediately following the panel, NAPSLO’s Next Generation will host a reception in A705 on the Atrium Level of the Marriott.
The technology program, Current Technology Issues: Bringing Carriers into the Mix, will include presentations from Tammie Miller, Risk Placement Services Director of Automation and Chair of the E&S Joint Working Group London Subgroup; Greg Ricker, Strickland Insurance Group CIO and Co-Chair of the Joint Working Group’s Carrier Subgroup; Scott Good, Scottsdale Insurance Co. Sr. Director, Customer Innovations and Co-Chair of the Joint Working Group’s Carrier Subgroup; and Lloyd’s Sarah Thacker, Senior Business Analyst, and Peter Montanaro, Head of Delegated Authorities. The program will take place at 8:30 a.m. in International 8 & 9 on the International Level of the Marriott.
NAPSLO’s Next Generation is sponsoring the panel discussion, Lessons Learned from My First Hard Market. It will feature J. Neal Abernathy, President and CEO of Swett & Crawford, Michael J. Carr, Senior Vice President responsible for Liberty International Underwriters’ (LIU) E&S Property division, David Leonard, Chairman and CEO of RSUI Group, and Matthew D. Nichols, ASLI, President of All Risks, Ltd. The program will be moderated by Nick Abraham, president of Next Generation and a Director within Markel’s Wholesale Marketing Department. Immediately following the panel, NAPSLO’s Next Generation will host a reception in A705 on the Atrium Level of the Marriott.
Opening Reception Highlight of Monday’s Program
The 2012 NAPSLO Annual Convention kicked off with the Opening Reception at the Hyatt Regency Atlanta on Monday night and many of the more than 3,400 attendees and spouses registered for the meeting attended the reception.
Other events on Monday included the Federal Legislative Update from NAPSLO’s Washington D.C. representative Maria Berthoud of FaegreBD. She reviewed current legislative priorities for NAPSLO, described the importance of the NAPSLO PAC, and highlighted the current landscape for the upcoming Presidential and Congressional elections.
“The two most important legislative priorities for NAPSLO in the coming year will be preservation of the NRRA provisions in the Dodd-Frank Act, as the repeal of Dodd-Frank will be contemplated in the coming Congress,” said Ms. Berthoud. “We will also be very focused on passage of NARAB II legislation, with hopes of activity in the lame duck session.”
Demmie Hicks of DBH Consultants provided her insights on Managing Change: Selling Strategies For A Transitioning Market, a leadership workshop presented by NAPSLO’s Next Generation.
“What does leadership and selling have in common?” asked Ms. Hicks. “Becoming aware of all of who you are allows you to have a greater impact on everything you do.”
NAPSLO's Brokers’ Lounge and Club Table Area were heavily used on Monday. “We are also pleased to see attendees taking advantage of the benefits offered by the expanded Broker’s Club,” said Convention Chair Matt Nichols. “Each year more and more firms are interested in reserving a table to meet with other attendees.”
Other events on Monday included the Federal Legislative Update from NAPSLO’s Washington D.C. representative Maria Berthoud of FaegreBD. She reviewed current legislative priorities for NAPSLO, described the importance of the NAPSLO PAC, and highlighted the current landscape for the upcoming Presidential and Congressional elections.
“The two most important legislative priorities for NAPSLO in the coming year will be preservation of the NRRA provisions in the Dodd-Frank Act, as the repeal of Dodd-Frank will be contemplated in the coming Congress,” said Ms. Berthoud. “We will also be very focused on passage of NARAB II legislation, with hopes of activity in the lame duck session.”
Demmie Hicks of DBH Consultants provided her insights on Managing Change: Selling Strategies For A Transitioning Market, a leadership workshop presented by NAPSLO’s Next Generation.
“What does leadership and selling have in common?” asked Ms. Hicks. “Becoming aware of all of who you are allows you to have a greater impact on everything you do.”
NAPSLO's Brokers’ Lounge and Club Table Area were heavily used on Monday. “We are also pleased to see attendees taking advantage of the benefits offered by the expanded Broker’s Club,” said Convention Chair Matt Nichols. “Each year more and more firms are interested in reserving a table to meet with other attendees.”
Monday, October 08, 2012
A.M. Best Releases 2012 Special Report, U.S. Surplus Lines – Market Review
Domestic surplus lines writers saw a small increase in direct premiums written in 2011, breaking a four year decline, and the overall surplus lines industry reported a 1.8% decrease in direct written premiums, the fifth consecutive annual decline, according to A.M. Best’s 2012 Special Report, U.S. Surplus Lines – Market Review.
The report, produced by the A.M. Best Company with a grant from the Derek Hughes/NAPSLO Educational Foundation, represents the 19th annual study of the surplus lines industry.
“We are pleased to continue our support to A.M. Best in producing the annual special report,” said Joseph Timmons, President of the Derek Hughes/NAPSLO Educational Foundation. “The report has become the authoritative study of the industry, demonstrating the stability of the excess and surplus lines sector.”
The report noted domestic professional writers saw a 3.2% increase to $22.6 billion in direct premiums written in 2011. Lloyd’s remained virtually unchanged at $5.8 billion, regulated aliens reported a 32.5% decrease to $2.5 billion and domestic specialty, companies saw a 19.5% decline, to $231 million.
For the eighth year in a row, the surplus lines industry reported no financially impaired companies noting a marked contrast to the admitted property/casualty industry’s 34 disclosed financial impairments for the year.
The report indicates surplus lines insurers continue to demonstrate resiliency by remaining very well capitalized despite significant market challenges and unprecedented natural catastrophe events in 2011. The report continues to provide A.M. Best’s perspective on the state of the market and the relative positions of carriers in the market, and it examines the surplus lines sector’s financial condition and ratings distribution, market trends, regulatory and legislative developments, distribution issues, and impairment trends.
A panel of industry leaders, including NAPSLO President and Foundation Director Robert Sargent, Foundation Director Maureen Caviston, Lexington Insurance Company President David Bresnahan, and NAPSLO Executive Director and Foundation Director Brady Kelley, reviewed the report’s results as part of an A.M. Best produced, and Lexington sponsored, webinar on Monday, September 24. A copy of the webinar can be viewed at http://www.bestreview.com/webinars/surplus12.
A copy of the report was recently emailed to NAPSLO members, and copies will be available at NAPSLO’s 2012 Annual Convention. Members can either download the report from NAPSLO website or request an electronic copy by emailing info@napslo.org.
The report, produced by the A.M. Best Company with a grant from the Derek Hughes/NAPSLO Educational Foundation, represents the 19th annual study of the surplus lines industry.
“We are pleased to continue our support to A.M. Best in producing the annual special report,” said Joseph Timmons, President of the Derek Hughes/NAPSLO Educational Foundation. “The report has become the authoritative study of the industry, demonstrating the stability of the excess and surplus lines sector.”
The report noted domestic professional writers saw a 3.2% increase to $22.6 billion in direct premiums written in 2011. Lloyd’s remained virtually unchanged at $5.8 billion, regulated aliens reported a 32.5% decrease to $2.5 billion and domestic specialty, companies saw a 19.5% decline, to $231 million.
For the eighth year in a row, the surplus lines industry reported no financially impaired companies noting a marked contrast to the admitted property/casualty industry’s 34 disclosed financial impairments for the year.
The report indicates surplus lines insurers continue to demonstrate resiliency by remaining very well capitalized despite significant market challenges and unprecedented natural catastrophe events in 2011. The report continues to provide A.M. Best’s perspective on the state of the market and the relative positions of carriers in the market, and it examines the surplus lines sector’s financial condition and ratings distribution, market trends, regulatory and legislative developments, distribution issues, and impairment trends.
A panel of industry leaders, including NAPSLO President and Foundation Director Robert Sargent, Foundation Director Maureen Caviston, Lexington Insurance Company President David Bresnahan, and NAPSLO Executive Director and Foundation Director Brady Kelley, reviewed the report’s results as part of an A.M. Best produced, and Lexington sponsored, webinar on Monday, September 24. A copy of the webinar can be viewed at http://www.bestreview.com/webinars/surplus12.
A copy of the report was recently emailed to NAPSLO members, and copies will be available at NAPSLO’s 2012 Annual Convention. Members can either download the report from NAPSLO website or request an electronic copy by emailing info@napslo.org.
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