There was general agreement that participation in the fund should be mandatory for all admitted insurers
, but virtually every other detail was the subject of debate.
SIG represents several admitted insurers
, all rated “Excellent” by A.
It's the market to which buyers can turn for additional capacity when admitted insurers
have cinched their purse strings tight.
Cites conditions with which a surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser must comply in order to win exemption from any state requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers
find it easier to win business by moving into traditional surplus lines areas.
Mid-Continent Group - a part of American Financial Group - consists of Mid-Continent Casualty, Mid- Continent Assurance and Oklahoma Surety, all admitted insurers
Premium typically flows from non-admitted insurers
to admitted insurers
during soft markets, so this is not surprising.
But while looking for additional business to write, admitted insurers
are not attempting to sweep up large blocks of business from the surplus lines market, Donovan stresses.
All other causes of impairment for both surplus lines and admitted insurers
accounted for less than 10% of the identified impairments.
Also, given the high catastrophe prone risk and generally higher value of homes in these areas, a sizable portion of the coverage is provided by the E&S market, and may work to shift losses away from the traditional top admitted insurers
Laucher said approximately 1% of FAIR's underwritings are comprised of vacant homes, because in California, with rare exceptions for preferred clients, agent/brokers cannot place vacant homes with their admitted insurers
This position appears to be based on the fact that, from a traditional point of view, surplus lines insurers have not been subject to the same regulation as admitted insurers
, not only in Florida but throughout the country.