While it may not be Lloyds of London, the upgrade of The Hanover Group last week was positive news for U.S. insurers.
I mention Lloyds, because it is seeing its heyday right now, at a time when some other large insurers arent doing as well. As I have written recently, Lloyds renaissance is attracting risk managersunder scrutiny from their boardswho are shopping the London Markets.
Their boards, more than ever and rightly so, are asking questions about the financial strength of their insurers. Theyre also looking at spreading risks over several insurers. Boardand other pressures are motivating risk managers Ive talked to, to go to great lengths to research insurers financial security. Buyers say they are not relying on just ratings orthe recommendations of their brokers as they may have in the past. After all, their jobs could be on the line.
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