Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Balboni to Head P/C Practice at William Gallagher Associates
Nov 25 2009 // Boston-based insurance brokerage William Gallagher Associates (WGA) has named Jamie T. Balboni as the new head of its Property & Casualty Practice Balboni is a principal at the firm with over 25 years of experience in...
Best Affirms Ratings of Assurant and Its Subsidiaries; Several Upgraded
Nov 20 2009 // A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the P/C and life/health insurance subsidiaries of Assurant, Inc. Best also affirmed the ICR of “bbb” and debt...
Insurance Associations Concerned on Financial Stability Improvement Act
Nov 18 2009 // In an open letter addressed to Barney Frank, the Chairman of the House of Representatives Committee on Financial Services, the largest U.S. insurance trade associations expressed their concerns over the recently passed...
ACE Europe Appoints UK Corporate P/C Underwriting Managers
Nov 17 2009 // ACE Europeannounced the appointment of John Stanway as Corporate Property & Casualty Underwriting Manager for the UK North region and Graeme McGeachie as Corporate Property & Casualty Underwriting Manager for the...
Lacher to Head Allstate’s P/C Division
Nov 17 2009 // The Allstate Corp. has named Joseph P. Lacher, Jr., 40, as president of Allstate Protection, effective November 30, 2009. He will lead all of Allstate’s property and casualty offerings, “serving over 17 million...
People
Nov 15 2009 // Arthur Seifert has joined Southwest Insurance Partners Inc. (SWIP) as chief executive officer of Houston-based Bunker Hill Insurance Agency (BHIA), SWIP’s wholly owned underwriting agency subsidiary. Seifert has been...
Insurance Trades Cast Wary Eyes at Senate Financial Services Bill
Nov 11 2009 // Chairman Christopher Dodd (D-Conn.) of the Senate Banking Committee on Tuesday introduced a draft of the long-awaited financial services regulatory reform bill. While insurance industry representatives were quick to...
Insurance Journal Magazine Unveils iPhone Application
Nov 5 2009 // SAN DIEGO, CA (November 5, 2009) — Insurance Journal, the world’s leading news source for the property/casualty insurance industry, has launched a new iPhone application, that allows readers to quickly view...
A.M. Best Study: P/C Industry’s Risk-Adjusted Capital Fell in 2008
Nov 3 2009 // The U.S. property/casualty industry experienced a 17 percentage point decline in risk-adjusted capitalization in 2008, according to A.M. Best Co., which conducted a four-year study. However, the capital still exceeded...
Q3 Profit Rises at CNA; CEO Motamed Sees ‘Encouraging’ Rate Trends
Nov 2 2009 // CNA Financial Corp.’s third quarter 2009 results included net operating income of $331 million and net income of $263 million along with a combined ratio for property/ casualty operations of 101.0%. Net operating...
People
Nov 1 2009 // Eagan Insurance Agency, based in Metairie, La., has added six insurance professionals to its staff. Joining the family business are Andrew Eagan and David Strassel, both members of the fifth generation of the Eagan family...
Agents’ E&O Marked By Stability, Satisfaction
Nov 1 2009 // As Agency Revenues Fell, At Least E&O Previums Didn’t Rise Independent insurance agents have had plenty to fret about the past year, including falling revenues. Thus stability in the market and pricing for their...
XL Cuts Q3 Net Income Loss to $11.4 Million; $246 Million 9-Month Profit
Oct 29 2009 // XL Capital has profited from the old adage that “less is more,” as the Bermuda-based insurer rebounded from a disastrous year in 2008. Although it posted an $11.4 million loss for the third quarter of 2009,...
ACE Limited Posts $494 Million Q3 Net; Conference Call Today
Oct 28 2009 // The Swiss mountain air seems to agree with ACE Limited, as it reported net income for the third quarter of $494 million, or $1.46 per share, compared with $0.16 per share for the same quarter last year, an increase of 813...
Attack on Health Firms Is Assault on All Private Insurance, Warns P/C Chief
Oct 26 2009 // Attacks by President Obama and Congressional Democrats against private health insurers will have a “spillover effect” on other segments of the private insurance marketplace, a property/casualty insurance trade...
2010 Looks to Be Painful Year for P/C Insurers, Brokers: Advisen
Oct 22 2009 // Economists have declared the Great Recession over, but its lingering effects will continue to chip away at commercial property/ casualty premiums through 2010, according to insurance experts. A new Advisen Ltd. briefing...
AmTrust to Invest $42 Million in ACAC Acquisition of GMAC P/C Insurance
Oct 21 2009 // AmTrust Financial Services, Inc. is making an investment in American Capital Acquisition Corp. in connection with the acquisition by ACAC of GMAC’s U.S. consumer property/ casualty insurance business. AmTrust said it...
Q&A with Ironshore’s Kelley: Why He Left AIG and His Plans for Ironshore
Oct 19 2009 // In December, 2008, Kevin Kelley left Lexington Insurance Co., the largest excess and surplus lines insurance company, after more than 30 years during which he helped the company become one of parent American International...
Insurance Brokerage M&A Took a 3rd Quarter Vacation
Oct 19 2009 // Deal making wasn’t at the top of the list of summer activities this season, but deal vacation was. Third quarter merger and acquisition (M&A) activity continued declining to just 30 announced transactions between...
P/C Insurance Company Salaries Holding Steady
Oct 15 2009 // Despite tough economic times, salary budgets within the property/casualty insurance industry appear to be holding steady, according to a new study from an insurer trade group. According to the Property Casualty Insurers...
