December 2021
Louisiana Surplus Line Reporter
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Articles
LIGA board votes to assess companies
When the Louisiana Insurance Guaranty Association (LIGA) board of directors met on Nov. 30, the board voted to use LIGA’s one percent assessment authority in 2021 to assess insurance companies in Louisiana. In addition, the board voted to authorize the full assessment...
P&C industry underwriting loss reaches $6.1 billion
Increased losses and expenses in the U.S. property/casualty industry during the first nine months of 2021 led to a $6.1 billion underwriting loss for the period, according to an AM Best report, released Nov. 29.The financial review is detailed in a Best’s Special...
Louisiana insurer plans to acquire policies
Without mentioning the name of the insurance company, Commissioner of Insurance Jim Donelon announced Dec. 15 that a Louisiana licensed insurer plans to acquire all policies from Access Home Insurance Co. and State National Fire Insurance Co., two insolvent homeowners...
Coalition asks for greater transparency in NFIP rates
Insurance Commissioner Jim Donelon participated in a meeting on Dec. 13 organized by GNO Inc. to advocate for greater transparency on the new flood insurance rates in the National Flood Insurance Program that will take effect for renewing policies on April 1, 2022.GNO...
LDI takes on rehabilitator
Commissioner of Insurance Jim Donelon announced Nov. 29 that he plans to take additional steps to protect Louisiana long-term policyholders of Senior Health Insurance Company of Pennsylvania from what Donelon believes to be “disastrous rate increases or benefit...
LDI orders New Orleans agent to stop selling insurance
The Louisiana Department of Insurance (LDI) ordered New Orleans insurance agent Vilia Ann Ragas and her agency, Citywide Insurance Agency Inc., to stop their insurance business after Ragas failed to remit premiums she collected from clients. On Dec. 3, LDI fraud...
Coastal insureds anxious about flood insurance rates
Folks in coastal areas around the country, particularly in south Louisiana, are anxious about increases in their NFIP flood insurance rates. They are fearful that astronomical increases, such as one that was $572 when the policy was to incept on Sept. 30 then...
Going forward insurance should take on a new focus
Editor’s Note: The opinions expressed in this column are those of the author and not necessarily those of The Surplus Line Reporter and Insurance News. By ARDIE CESARIO A CBS reporter was speaking with a man in Houma whose home was destroyed by hurricane Ida. The...
FEMA presents webinar on Risk Rating 2.0 to agents
In an attempt to get flood insurance producers up to speed on Risk Rating 2.0 Equity in Action, the Federal Emergency Management Agency presented a webinar on Nov. 30 targeting insurance professionals. The webinar included information on what led to the transformation...
True leadership is needed now like never before
By MICHAEL G. MANESManes and AssociatesAs I compose this column, the TV is broadcasting the funeral of General Colin Powell. He was a most respected individual who had earned the admiration of most, if not all, Americans. I don’t know, nor do I care, if he was a...
Renewal season delays as losses give support for rate increases
London ViewsBy LEN WILKINSLondon CorrespondentAs the market plays cat and mouse with this year’s reinsurance renewals delays are occurring. Lloyd’s managing agent Arch reported that reinsurance renewals are significantly behind schedule. Arch believes firms are...
News In Brief
News in Brief
AWARDS The Burns and Wilcox Louisiana office was recently recognized as one of the Offices of the Year. Louisiana Managing Director, Bonnie Steen, CPCU, AINS, CIC said, “Our experienced staff and broad market access along with excellent agency relationships allows us...