NAPSLO's 2015 Annual Convention, held at the Manchester Grand Hyatt San Diego and Marriott Marquis San Diego Marina, drew record attendance this year, reinforcing the sentiment that business in the Surplus Lines market remains, in a word, excellent.
One need look no further for proof of the E&S industry's favorable status than A.M. Best's 2015 Surplus Lines Report—which illustrates how surplus lines insurers have continued the momentum gained in 2012 and 2013 by ending 2014 in strong form, with nearly $1 billion of net underwriting profit that included over $525 million of net accident year underwriting profit and $376 million in additional profits taken from prior years in the form of favorable reserve development.
Additionally, during 2014 price momentum likewise was sustained as direct premiums in this sector grew 6.7%.
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
