P&C Companies News

Everest Re Group Finalizes Acquisition of Heartland Crop Insurance

The Bermuda-based Everest Re Group has acquired the business and operations of Heartland Crop Insurance, Inc., a managing general agent, for $55 million plus the agreed upon value of the net assets of the agency, with an additional contingency of …

Mapfre Global Risks Is Lead Insurer for Spanish Satellite

MAPFRE GLOBAL RISKS is the leading insurer for the Spanish satellite of the communications operator HISPASAT, H1E, which was launched on the 29th of December from the Kourou base in French Guiana. MAPFRE GLOBAL RISKS said it had “insured both …

Top Workers’ Compensation News in 2010

Soft market conditions with unabated price competition and a slow economy with reduced payrolls continued to affect commercial liens including the the workers’ compensation industry in 2010, as they did in 2009. Robert Hartwig, president of the Insurance Information Institute, …

P/C Insurers Improve Personal Lines, Investment Results in Q3

The U.S. property/casualty industry generated improved operating results in the third quarter despite competitive market conditions, elevated catastrophe losses, the economic downturn and historically low investment yields. The industry’s net income improved to $29.9 billion for the nine months ended …

Florida Approves Lower Collateral for Renaissance Re

Bermuda-based Renaissance Reinsurance Ltd. has been approved to participate in Florida’s property reinsurance marketplace with modified collateral requirements. In 2007, Florida lawmakers passed legislation that authorized the Office of Insurance Regulation to establish lower collateral requirements for non-United States based …

Toyota Says Subrogation By 7 Insurers for Acceleration Claims Is Meritless

Seven automobile insurance firms have followed Allstate Insurance Co. in suing Toyota Motor Corp. to recover money they paid in claims for car crashes blamed on unintended acceleration of Toyota vehicles. The insurers’ court action has opened a new front …

Best Assigns ‘A’ Rating to Swiss-based Catlin Re

A.M. Best Europe – Rating Services Limited has assigned a financial strength rating of ‘A’ (Excellent) and an issuer credit rating (ICR) of “a” to Catlin Re Switzerland Ltd, the newly formed wholly owned subsidiary of Bermuda-based Catlin Group Limited …

Willis Re: Overcapacity Keeps Renewal Rates in Reinsurance Down

“Overcapitalization in the reinsurance market continues to gradually push rates downwards with price reductions at the January 1, 2011 reinsurance renewals averaging between 5 percent and 10 percent, according to the latest assessment of the state of the marketplace for …

Best Affirms Mitsui Sumitomo Insurance ‘A+ Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and the issuer credit rating (ICR) of “aa” of Mitsui Sumitomo Insurance Company, Limited (MSI), as well as the FSR of ‘A+’ (Superior) and ICR of “aa” …

Six Keys to Harleysville’s Turnaround

Six years ago, Harleysville Group was in need of a big change. The Pennsylvania-based insurer had just come out of the worst performing year in its history. That’s when newly appointed CEO Michael Browne — who declared the company’s performance …