National Underwriter's Guide to the E&S/Specialty Lines News


Are Wholesaler Commissions At Risk In The Ongoing Soft Market?

Retail brokers may start seeking larger cuts of the commissions paid out on surplus lines transactions as the soft market continues, a specialty lines carrier executive told wholesale brokers recently.

John Molbeck, CEO of HCC Insurance Holdings, delivered his warning at an insurance conference early this month, where executives described strategies for coping with market pressures and predicted that a broad-scale pricing turn—beyond the offshore energy insurance market—is at least a year away.



EPL Insurers Still Avoid Wage-&-Hour Coverage Grants For Large Employers
Fear of wage-and-hour claims is escalating among buyers and sellers of employment practices liability insurance, with sellers' fears limiting EPLI solutions for small employers—and resulting in none at all for the largest ones, market participants report.

Who's At Risk For FLSA Suits?
Walmart may be the most frequent defendant named in wage-and-hour lawsuits, but insurers and pharmaceutical companies are also caught up in a maze of rules they didn't know applied to certain subsets of their workforce, experts say. The bigger surprise is that the impacted workers didn't know the rules applied to them, according to David Bradford, executive vice president of New York-based Advisen.

CRC Injunction Request Denied; Former Employees Can Still Work For Ryan, Judge Says
A U.S. District Court judge has elected not to grant an injunction requested by wholesale broker CRC Insurance Services Inc. against former employees now with competitor Ryan Specialty Group's R-T Specialty of Illinois, LLC.

Insurer, Agents Groups Slam $6B Proposed Cuts In Crop Insurance Program
Agent associations joined the National Crop Insurance Services in criticizing the Obama administration's decision to cut the federal crop insurance program by $6 billion over the next 10 years. The government's action through the USDA's Risk Management Agency also puts an 80 percent cap on crop insurance commissions for agents.

Global, Technology Platforms Touted At AAMGA Meeting
Surplus lines producers who previously saw technology as a source of disruption to their business model, and retail agents who once had limited access to global specialty markets, are having their needs addressed, according to executives of Western World Insurance Group, a N.J.-based E&S insurer, and Jansen & Hastings, a London-based MGA, who attended the recent annual meeting of the American Association of Managing General Agents.

Coming Up Next Month
In July, National Underwriter magazine and NU's E&S Extra e-newsletters will cover the environmental and collector risks specialty insurance markets, as well as the insurance market for amateur sports leagues.

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