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While surplus lines insurers and wholesale brokers attending the National Assn. of Professional Surplus Lines Office Inc.'s Mid-Year Educational Workshop described 2006 as a "phenomenal year" for their industry, several expressed nervousness about softening market conditions during 2007.
A softening market is good for policyholders, but the reverse is true for insurers that thrive when risks struggle to find coverage.
In response to increased competition from standard market insurers, though, NAPSLO members said their companies are launching several new productssuch as legal liability for warehouse operators and real estate developers or evacuation expense coverage for higher education entitiesthat also is good for insurance purchasers.
About 650 people attended the NAPSLO Mid-Year Educational Workshop held March 1-3 in Indian Wells, Calif.
NAPSLO's annual convention will be held Oct. 3-6 in New Orleans. For more information contact Kansas City, Mo.-based NAPSLO at 816-741-3910.