E&S/Specialty

The benefits of the surplus-lines-modernization law enacted in 2010 are already being felt through greater efficiency in the marketplace and likely lower premiums for customers, according to an official of the National Association of Professional Surplus Lines Offices.

Penn State is telling subpoenaed employees to hire their own attorneys, which may be paid for by the universitys directors and officers insurance coverage.

Penn State is telling subpoenaed employees to hire their own attorneys, which may be paid for by the universitys directors and officers insurance coverage.

American International Group Inc.s remaining debt to the U.S. government is about $45 billion after paying an additional $1.5 billion to the U.S. Treasury Department, the company says.

CNA Financial Corp. says it has agreed to buy specialty insurer Hardy Underwriting Bermuda Ltd. for about $227 million.

CNA Financial Corp. says it has agreed to buy specialty insurer Hardy Underwriting Bermuda Ltd. for about $227 million.

As a further sign the insurance-pricing cycle is beginning to shift, Moodys Investors Service says some companies are reporting strong growth in excess and surplus lines business, generally a sign that standard-market carriers are tightening underwriting and shedding business.

Risk managers are not confident that the loss-of-earnings trigger for business-interruption coverage is clearly explained to them, and many feel that the products that are available do not adequately cover their risks.