March 2021

Louisiana Surplus Line Reporter

We are insurance industry professionals working
and writing about this business for over 40 years.

Articles

Fourth generation agent to lead YIPs

Fourth generation agent to lead YIPs

A fourth generation agent, Ryan Page, Page and Sons Insurance Agency, was installed president of the Young Insurance Professionals Feb. 5 at a ceremony held during the YIPs Annual Winter Conference at the Hilton Baton Rouge Capitol Center. Page succeeds Jessica...

Robinson installed at virtual meeting

Robinson installed at virtual meeting

Shay Robinson, UPC Insurance Company, was installed president of The 1752 Club during a virtual meeting held Feb. 25. She succeeds Lyndsey Manalla Graham, Servpro of Metairie, who remains on The 1752 Club’s board of directors.Robinson has more than 17 and one-half...

LCPIC votes on vendors, renews line of credit, files financials

LCPIC votes on vendors, renews line of credit, files financials

At the March 11 meeting, of the Louisiana Citizens Property Insurance Corp. (LCPIC) board of directors, the board voted on the CAT Vendor RFP, the renewal of the $50 million line of credit, the 2020 year-end financials, and the filing of those financials with the...

Farmers to write again in Louisiana

Farmers to write again in Louisiana

Insurance Commissioner Jim Donelon has approved rate and form filings for Farmers Insurance, the nation’s ninth largest property and casualty insurer, to return to the Louisiana market this month with auto, homeowners, condo and renters insurance. Donelon announced...

Commissioner directs insurers to give customers their policies

Commissioner directs insurers to give customers their policies

Insurance Commissioner Jim Donelon announced March 2 that he has issued Bulletin 2021-03 reminding insurers of their obligations to policyholders as they work with consumers affected by the devastating 2020 hurricane season and impacted by the extreme winter weather...

Task force hears auto tort reform plan

Task force hears auto tort reform plan

When the Task Force on Affordable Automobile Insurance met on Feb. 23, members of the committee heard from an attorney and an orthopedic surgeon who offered what they thought would be a “realistic target” for tort reform that the task force should consider when it...

Best expects P/C industry in 2021 to face same headwinds as in 2020

Best expects P/C industry in 2021 to face same headwinds as in 2020

Many factors that insurers encountered in 2020 likely will continue to impact the financial performance of the U.S. property/casualty (P/C) industry in 2021, with last year’s results reflecting a still-firm commercial lines pricing environment and higher-than-average...

Best revises E&S market to stable

Best revises E&S market to stable

AM Best has revised its market segment outlook on the U.S. E&S industry to stable from negative due to its ongoing ability to successfully navigate the COVID-19 pandemic. The Best’s Market Segment Report, “Market Segment Outlook: U.S. Excess & Surplus Lines,”...

More profit on less premium in auto

More profit on less premium in auto

Profitability metrics in the U.S. private passenger auto insurance segment showed notable improvement through third-quarter 2020 over the prior-year period, even though premium volume during the timeframe declined, according to a new AM Best report released March 4....

Panelists could not have predicted the turbulence of 2020

Panelists could not have predicted the turbulence of 2020

While other rating agencies continue to rate the global reinsurance market’s outlook as negative, at the end of 2018, AM Best changed its view of the reinsurance market segment to stable from the negative outlook it had held between 2014 and 2018. As Best sees it,...

PIA trumpets move to abolish FIO

PIA trumpets move to abolish FIO

The National Association of Professional Insurance Agents (PIA) trumpeted the reintroduction of S. 524, the Federal Insurance Office Abolishment Act. Previously introduced in the 116th Congress, the bill was reintroduced by Sen. Ted Cruz, R-Texas. The FIO was...

Judge dismisses Oceana Grill case

Judge dismisses Oceana Grill case

Orleans Parish Judge Paulette Irons dismissed the complaint from the owners of the Oceana Grill in New Orleans. The owners of the French Quarter restaurant, Cajun Conti LLC, were seeking millions in business interruption coverage from underwriters at Lloyd’s after...

What you learn after you know it all matters most

By MICHAEL G. MANESManes and AssociatesI call these lessons the wisdom of scar tissue. My older son, Slade, was and is a risk taker. At age two he was sitting (more correctly standing) on a chair at the kitchen table. It was the Christmas season, and we had an Advent...

WSIA honors five members for their exceptional service

WSIA honors five members for their exceptional service

During the Wholesale and Specialty Insurance Association meeting held March 2, the association honored five WSIA members for their exceptional service to the association.Donahue/McAlear honorees The Vincent Donahue/Charles McAlear Industry Award, WSIA’s highest...

News In Brief

News in Brief

News in Brief

MERGERS/ACQUISITIONS Amwins Group Inc, the largest independent wholesale distributor of specialty insurance products. announced March 5 that it has signed a definitive agreement to acquire Worldwide Facilities, the fourth largest wholesale broker in the U.S. Worldwide...