September 2020
Texas Surplus Line Reporter
We are insurance industry professionals working
and writing about this business for over 40 years.
Articles
Independent Actuary Finds TWIA’s 2021 Rates Deficient
On Sept. 4, Willis Towers Watson reported its independent evaluation of rates and catastrophe models for the Texas Windstorm Insurance Association, finding the rates deficient for 2021. The numbers come in not quite as deficient as TWIA’s internal actuaries predicted...
Hurricane Laura’s Losses Estimated at $4B to $15B
Early estimates of onshore property damage from Hurricane Laura by various modelers range from about $4 billion to $12 billion. Those estimates came in from CoreLogic, Karen Clark and Company and AIR. Several days later, risk modeler RMS estimated that onshore and...
Commissioner Kent Sullivan Announces His Resignation
On Aug. 18, Kent Sullivan announced his resignation as Texas Commissioner of Insurance. He remains in this role through September. Sullivan became commissioner in October 2017 shortly after Hurricane Harvey’s catastrophic impact on the state. During his three…
Lloyd’s Announces Half-Year Losses, Expects to Pay $6.5 Billion for Coronavirus Claims
London ViewsBy LEN WILKINSLondon CorrespondentLloyd’s has announced losses of $0.52 billion for the half year to date. The market can live with that but will be worried about Lloyd’s management’s expectation that the market stands to…
Insurance Serves Policyholders When There is ‘No More’
By MICHAEL G. MANESManes and AssociatesToday is September 11, 2020 – the 19th anniversary of what we now call – 9 /11. The TV is playing in the background, reliving the terror of that day. It is the tragedy– no matter where you lived–that reshaped our world. We will...
Breaking From Other Negative Reviewers, AM Best Sees Reinsurance Sector as Stable
Breaking From Other Negative Reviewers, AM Best Sees Reinsurance Sector as StableWhile 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...
Drew Brown Installed as President of IIAD for 2020-2021
Drew G. Brown, co-president and chief operating officer of TexCap Insurance, became president of the Independent Insurance Agents of Dallas during a Zoom meeting and installation ceremony on Aug. 19. From the outset, Brown has found virtue in the virtual.With fewer...
QBE’s Leadership Disrupted by CEO’s Failure to Follow Ethics/Conduct Code He Helped Write
QBE’s Leadership Disrupted by CEO’s Failure to Follow Ethics/Conduct Code He Helped WriteAustralia-headquartered QBE Insurance Group has announced that its CEO, Pat Regan, is to leave the company following a complaint…
Fake Navy SEAL Invents Beirut Heroics, Steals Disability
Claimed PTSD and Silver Star, Yet Never Served in Military by JIM QUIGGLE What a hero, Richard Meleski bleated about his harrowing exploits as a Navy SEAL during a covert operation in Beirut, Lebanon.“Eighteen-hour hostile takeover. Became POW, during this tour....
News In Brief
People
Stonetrust Commercial Insurance Company has announced the hiring of Jeff Skaggs as senior vice president of underwriting and marketing; Dawn Boniol as manager of compliance, quality control and claims support, and Richard Perkins as loss prevention outreach...
Meetings & Education
The Federation of Insurance Women of Texas has moved its 76th Annual Convention to a virtual event, Oct. 20-24. Sessions will offer four hours of continuing education credit and classes are open to all. Fees to attend the C.E. classes are $25 for members, $35 for...
Fundraiser
The Independent Insurance Agents of Houston will host its
Second Annual
Fishin’ with a Mission Tournament
on Oct. 29 through Oct. 31. Tournament headquarters is the Beachfront Pavilion in Rockport.
NIAC
Longtime insurance consumer advocate Birny Birnbaum proposed a model law to the National Association of Insurance Commissioners during an online meeting of the Consumer Liaison Committee. Birnbaum’s proposal would define fair and unfair discrimination in insurance;...
Flood Coverage
After Hurricane Harvey inundated Southeast Texas, the number of flood insurance policies in the Corpus Christi area increased. But new federal data shows those gains are eroding. Nearly all Corpus Christi-area counties have fewer federal flood policies in place than...
TDI
The Texas Department of Insurance is circulating an informal working draft of a new rule on pet insurance that will classify pet insurance as inland marine insurance and allow insurers to sell it through individual or group policies.The change would designate pet...