Agency Management

With Richmond, Va., continually growing as an excess and surplus lines insurance hub, the newest E&S carrier to set up shop there will distinguish itself with a "contrarian underwriting strategy," the company's chief executive says.

In the insurance industry, good communication between carriers and agents has always been essential, particularly when a carrier's ability to work effectively with agents has such a clear bottom-line impact.

Think of real-time technology processing--the ability to access carrier information through an agency management system immediately--as a recently planted lawn with lots of young grass, but also some patches of brown.

After seeing damages awarded against it in one lawsuit, a Chinese drywall maker announced last week that it settled a case brought against it by U.S. homebuilder Beazer Homes for an undisclosed dollar amount.

Businesses often overlook the need to buy extra or excess liability insurance limits, but these prudent coverage purchases are an essential safeguard, protecting against asset depletion from unforeseen risks.

New York State Insurance Superintendent James Wrynn and the state Assembly and Senate Insurance Committee chairs will discuss New York property and casualty insurance issues at The New York Insurance Association Inc.'s upcoming 2010 Annual Conference.

Insurance agents in Tennessee challenged by the number of claims from floods and tornadoes that hit the state may also be dealing with the prospect of lawsuits over accusations that they failed to properly advise customers about flood insurance.

Association officials believe provisions aimed at modernizing the excess and surplus lines marketplace will be retained in the final version of financial reform legislation that will be reconciled between the House and Senate.