E&S/Specialty

Veteran surplus lines insurance industry executives say they'll know a market turn when they see one, but so far, all the barometers they check to predict the proximity of a turn are stuck in soft market territory.

U.S. insurers regained lost ground in 2009 with the property and casualty sector's net income nearly tripling, to $35 billion, according to the Highline Data Performance Monitor.

Risk retention trade groups are urging prompt House action on legislation introduced last week that will allow their members to sell commercial property insurance.

An economic recovery could halt the movement by standard carriers into markets traditionally served by excess and surplus lines insurers, industry experts said.

With $80 million of private equity capital, Kinsale Capital Group, Ltd. announced the formation of a new Richmond, Va.-based excess and surplus lines company.

For the second straight year, captive owners said securing collateral from banks to satisfy their fronting companies is their top concern, a survey by the Captive Insurance Companies Association has revealed.

Legislation will be introduced in the House allowing risk retention groups to sell commercial property insurance, according to an industry source.

Two Bermuda-based companies, Max Capital Group and Harbor Point Ltd., agreed to merge last week, creating a global insurance and reinsurance enterprise with total capital of $3 billion.