April 2021
Texas Surplus Line Reporter
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and writing about this business for over 40 years.
Articles
SLTX’s year-end 2020 net position exceeds $35.27 million
With 2020 premium and stamping fee collections up by 14.0 percent at the end of last year, the Surplus Lines Stamping Office of Texas held a net cash position of $35.27 million at year-end, according to the annual audit completed by the CPA firm Calhoun, Thomson and...
2021 starts out with record high surplus lines premium
With $334.88 million more in surplus lines premium reported for the first quarter of 2021 compared with the same period of 2020, the surplus lines market grew by 20.10 percent, exceeding last year’s overall growth by year-end of 13.98 percent. Last year’s first...
TWIA prepares for $4.03 billion in losses
Ron Walenta, newest member of the Texas Windstorm Insurance Association board of directors, an inland representative on the board, observed, “If we buy too much (reinsurance) and we don’t use it, we’ll get criticized. If we don’t buy enough and we needed more, we’ll...
Lloyd’s reports $1.2 billion loss for 2020 underwriting year
London ViewsBy LEN WILKINSLondon CorrespondentLloyd’s annual report for 2020 shows a $1.2 billion loss as net COVID-19 claims reached $4.42 billion which caused the market to hit a combined operating ratio of 110.3 percent against 102.1 percent for 2019. The $1.2...
Florida declares American Capital insolvent, appoints receiver
On April 2, Florida Commissioner of Insurance David Altmaier, advised the state’s chief financial officer in a letter that American Capital Assurance Company is insolvent and that its board of directors consented to an Order of Receivership. Under the order, American...
Pennsylvania seeks liquidation of Bedivere/One Beacon
Pennsylvania Insurance Commissioner Jessica Altman announced March 19 that the Commonwealth Court approved a petition to liquidate Bedivere Insurance Company, formerly OneBeacon Insurance Company on March 11. Through the liquidation process, policyholder claims will...
The Texas trucking industry supports litigation reforms
On March 22, the American Property Casualty Insurance Association released a report highlighting the harmful impact that rising commercial automobile litigation is having on businesses and consumers in Texas. The timing of the report was crucial to APCIA’s support of...
Artificial intelligence can help reduce costs of mega claims
In the workers’ compensation claims arena, 0.4 percent of the claims account for 40 percent of all claims costs. These mega claims are at a 12-year high and add up to $2 billion each year in paid losses in the U.S. PropertyCasualty360 offered insurers insight in how...
APCIA challenges Washington’s emergency rule on credit scores
On April 6, the American Property Casualty Insurance Association filed for an injunction against emergency regulations recently filed by Washington Insurance Commissioner Mike Kreidler. The association is adamant that Kreidler exceeded his authority when he...
CAIF’s Fraud of the Month: Divorced dad murders autistic sons for life insurance
BY ARINZE IFEKAUCHE Coalition Against Insurance Fraud Ali F. Elmezayen was sentenced to 212 years in prison after driving himself, his ex-wife, and his two severely autistic sons off of a pier in Los Angeles. Elmezayen’s kids drowned to death in the backseat of...
Transformational change can lead to a better normal
Baby steps are about incremental change – slow, safe, and easy, with Momma standing by your side and holding your hand. Giant steps are about transformational change – leaps of faith with nobody to hold your hand, where risks abound, and sometimes someone is kicking...
News In Brief
News in Brief
PEOPLE Penni Chambers was elected chairwoman of the board of directors of the Surplus Lines Stamping Office of Texas by unanimous vote of the board members during its virtual meeting held March 25. Chambers is beginning her fourth year of service on the SLTX board as...