E&S/Specialty

Non-U.S. organizations vaulted up a premium ranking of writers of excess and surplus lines insurance in the United States in 2009, although industrywide U.S. E&S premiums shrank for the third straight year.

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.

With an eye toward servicing $1,500 surplus lines accounts rather than $200,000 accounts, the newest managing general agency in Connecticut aims to grow by capturing the small, hard-to-place business of each retail agent customer.

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.

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.