P&C Companies News

XL to Sell $22B of Life Policies to RGA, as CEO McGavick Narrows Focus on P&C

XL Group Plc agreed to sell about 290,000 life insurance policies at a loss to Reinsurance Group of America Inc. as Chief Executive Officer Mike McGavick narrows his company’s focus to property & casualty coverage after buying Catlin Group Ltd. The deal …

Travelers Appoints Casella as Senior VP, International Insurance

The Travelers Companies Inc. announced that Michael Casella has joined the company as senior vice president, International Insurance. Casella will be responsible for furthering efforts to leverage the expertise from the company’s lines of business – personal, business, bond and …

AXA to Buy Charter Ping An in Philippines, Eyeing P&C Growth Opportunities

AXA Philippines announced it will acquire 100 percent of Charter Ping An Insurance Corp. from GT Capital for 45 million euros ($48.3 million). The acquisition will enable AXA Philippines to offer property & casualty insurance products, along with its current …

The Case for Independent Agency Optimism

Over the past few years, dire predictions about the independent agent’s future have gotten a lot of attention. With consumers increasingly adopting the latest technology-driven shopping and buying behaviors, some industry observers have questioned whether the independent agent will be …

Canada’s Economical Insurance Moves Closer to Becoming Public Company

Economical Insurance, one of Canada’s largest property and casualty insurers, moved closer to becoming a public company after its board voted to demutualize. The 10-member board of directors recommended it convert to a shareholder-owned company from one owned by its policy …

XL’s Q3 Operating Net Income Down to $70.8M on Integration Costs, Cat Losses

Dublin-headquartered XL Group reported third quarter operating net income of $70.8 million, or $0.23 per share, down from $187.1 million, or $0.70 per share, in the prior year quarter. The current quarter’s results include approximately $55.2 million in integration costs …

QBE Names Allianz’s Grote SVP, P/C Commercial Lines

QBE North America has welcomed a veteran industry executive to its leadership team. Walter Grote has joined QBE North America as senior vice president, commercial property/casualty, and will be based in the Chicago office. Prior to QBE, Grote served as senior vice …

Surplus Lines Posts Record-Breaking Year for 2014

The surplus lines industry broke records in 2014, growing direct premium written (DPW) in 2014 to $40.2 billion — the highest point in history, reports A.M. Best’s “2014 Special Report U.S. Surplus Lines – Segment Review.” Surplus lines insurers grew …

Insurers Unlikely to Be Impaired by Claims From Tianjin Port Explosion: S&P

Insurers are unlikely to be impaired by the loss claims from the explosions in the Chinese Port of Tianjin last week, according to a report from Standard & Poor’s. “Based on our initial investigation, we expect most of the affected …

A.M. Best Places 2 Chinese Insurers’ Ratings Under Review After Tianjin Blast

As a result of losses resulting from the recent explosions at Tianjin port, A.M. Best has placed under review with negative implications the financial strength rating of two Chinese insurers, which have large exposures to the losses of their motor vehicle …