Arkansas Clarifies Reporting Requirements

The Arkansas Insurance Department has issued Rule 24 to clarify existing legislation regarding surplus lines insurance in order to provide clear guidance to originating producers and brokers and surplus line brokers in Arkansas.

Rule 24 provides direction regarding forms and documents necessary for reporting and accounting on property, casualty, surety and marine insurance issued by surplus line insurers through surplus line brokers.

Among the items the rule reviews include: requirements regarding the surplus line broker's affidavit, responsibility for conducting and reporting a diligent search, language on the contract indicating the policy is written by a surplus lines insurer, and payment of the state’s surplus lines premium tax.

A copy of the approved Rule 24 is available to download from the Arkansas Insurance Department.

E&S Direct Premiums Written Fall 7.5% in 2009

Excess and surplus insurers reported declining premiums in 2009, writing 7.5 percent fewer direct premiums versus the prior year, according to SNL Financial's analysis of the U.S. E&S market, the Insurance Journal reported. The slide comes after a decline in 2008 of 8.6 percent from 2007.

The Insurance Journal said all of the top 10 E&S insurers by market share saw year-over-year declines in premiums written and said American International Group Inc. wrote 15.1 percent fewer premiums in 2009, but retained its No. 1 position with nearly a quarter of the market share. Rounding out the top three, Zurich Financial Services Ltd. saw an 11.2 percent decline, and Nationwide Mutual Group saw a decline of 4.6 percent.

W. R. Berkley Corporation Forms Verus Underwriting Managers, LLC and Announces Executive Appointment

W. R. Berkley Corporation announced the formation of Verus Underwriting Managers, LLC. Verus, based in Richmond, Virginia, will provide property and casualty excess and surplus lines coverages and will underwrite on behalf of W. R. Berkley Corporation member insurance companies rated A+ (Superior) by A.M. Best Company, Inc.

Dale H. Pilkington has been named president of Verus. Mr. Pilkington, a former member of the NAPSLO Board of Directors, has more than 30 years of experience in the commercial insurance industry, with a primary focus on excess and surplus lines. He most recently served as president of the excess and surplus lines segment of a major insurer. Mr. Pilkington earned a Bachelor of Arts in Accounting from the University of South Florida.