Latest Market Headlines
All the headlines from our Market Topic Page, ordered by recency.
Palisades Group Acquires Prudential’s NJ P/C Company
May 23 2003 // The Palisades Group, based in Berkeley Heights New Jersey, announced that it has agreed to acquire The Prudential Property and Casualty Insurance Company of New Jersey (PRUPAC-NJ), the New Jersey property and casualty unit...
Cochran, Caronia & Co. Convenes Insurance Investor Conference May 21
May 20 2003 // Cochran, Caronia & Co., investment bankers to the insurance industry, will convene a conference to address critical issues facing the property and casualty insurance industry. The day- ong conference will feature...
It’s Coming, Eventually, But This Time We’re Ready for It
May 19 2003 // I hate to be the one to bring it up, but …you know it’s coming. It’s lurking, ready to pounce. Not as bad as the 1970s or 1980s, or to the depths of the late 1990s or 2000, perhaps. But it will come...
Web Services, J2EE, .NET’ – Should an Agent Care’ Absolutely!
May 19 2003 // Revolutionary technology supporting agent-carrier collaboration is in widespread deployment. Known as Web Services, these technologies will play a critical role in determining the agent and carrier winners in...
The Ratings Game
May 19 2003 // Every day, agents and brokers use financial strength ratings of insurers in their business. A carrier’s ratings may affect an agent’s ability to place risks with that insurer, or the client’s willingness...
NAII, Alliance and AIA Comment on NJ Auto Reform Bill’s Passage
May 19 2003 // The National Association of Independent Insurers, the Alliance of American Insurers and the American Insurance Association all had favorable comments on the passage of New Jersey’s Auto Insurance Reform Act. (See...
NAII Says Quickest Cure for MA Auto Insurance Market is Increased Competition
May 19 2003 // Representatives of the National Association of Independent Insurers told the Massachusetts Division of Insurance at a recent hearing that one of the most effective ways to enhance the insurance market for consumers in the...
Insurance Journal Increases Audio Broadcasts From Web Site
May 19 2003 // In an effort to deliver more insurance news to the industry, Insurance Journal is going on the road to interview industry figures and report from various conferences. Mitch Dunford, executive vice president, noted,...
InsBridge, Systems Consulting Services Form Partnership
May 15 2003 // Plano, Texas-based InsBridge Inc. and Systems Consulting Services Inc. (SCSI), of Ellicott City, Md., providers of software solutions to the property and casualty (P&C) insurance industry, announced they are forming a...
A.M. Best: Asbestos Settlement Won’t Aid Ratings
May 15 2003 // Recent reports of a national, privately financed trust to pay asbestos claimants have raised questions about the insurance industry’s ability to fund its participation in a trust while maintaining individual...
U.S. Marine Insurers Continue Profitability in Highly Competitive Global Marketplace
May 15 2003 // U.S. ocean marine insurers reportedly continued to outperform the property/casualty business as a whole in 2002, but the market should not begin celebrating just yet, according to David French, chairman, American Institute...
S&P’s Hosts 18th Annual Conference June 1-3
May 13 2003 // Unprecedented challenges facing the U.S. insurance industry in the past year, including asbestos claims and lawsuits, terrorism, a weak economy, and a continuing weak investment markets, have many insurance executives...
Fitch Sees P/C Insurers’ Underwriting Results Improving in ’03
May 12 2003 // Fitch Ratings’ current estimate is that the domestic property/casualty insurance industry will experience an improvement in the combined ratio to 103.9 percent in 2003 from 107.2 percent in 2002, with an increase in...
Report Says U.S. Insurance Industry Loses $13.7B Annually Due to Auto Premium Rating Error
May 7 2003 // Quality Planning Corporation (QPC), the Rating Integrity Solutions Company, released its annual Premium Rating Error report, detailing just how much often-overlooked premium rating errors diminish the overall profits of...
ACIC Urges Calif. Lawmakers to Nix Ban on Insurers’ Credit Use
May 7 2003 // Legislation that would reportedly prohibit homeowners’ insurers from using credit history for underwriting, rating or payment plans in California will be considered Wednesday by the Senate Insurance...
inreon Exits Reinsurance Market
May 7 2003 // inreon, the London-based electronic reinsurance trading platform, launched at the end of 2000 by Munich Re and Swiss Re, announced today that it was going out of business. “Since the launch of the platform, the...
RIMS Report: Property Market Softens, Will Casualty Follow’
May 5 2003 // A report released at the recent Risk & Insurance Management Society (RIMS) conference in Chicago found that after only two years of double-digit percentage premium increases, the property market has already begun to...
Giles Looks at MGAs As He Prepares to Step Down
May 5 2003 // Outgoing AAMGA president Rob Giles sat down with Insurance Journal recently to discuss the association, managing general agents and his term as president, among other things. Giles, president of Wisconsin-based Midwest...
Full Speed Ahead
May 5 2003 // A year ago, Lloyd’s course was “steady as she goes,” following the enormous losses of Sept. 11, but with the appointment of a new chairman last November, Lord Peter Levene of Portsoken, coupled with a...
Full Speed Ahead
May 5 2003 // A year ago, Lloyd’s course was “steady as she goes,” following the enormous losses of Sept. 11, but with the appointment of a new chairman last November, Lord Peter Levene of Portsoken, coupled with a...
