Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Divorce, AIG Style
Mar 9 2009 // Like spouses granted a divorce, AIG’s property/casualty insurance executives are relieved and excited about their newfound freedom. AIG is letting them form their own independent company called AIU Holdings. No...
Spinning Off, Not Out of Control
Mar 9 2009 // The new AIU will start out with $45 billion in total revenues — enough to be a Fortune 54 company all by itself. State insurance regulators, like Texas Insurance Commissioner Mike Geeslin and Louisiana’s...
Finding a Niche
Mar 9 2009 // A Young Company With a Nontraditional Management Style, Heffernan Insurance Brokers Has Shown How an Agency Can Be Young and Successful at the Same Time Top 100 Agency Profile RANKING: No. 11 Agency Name: Heffernan...
A Look at the Transportation Insurance Industry
Mar 9 2009 // Industry Still Stalled in a Soft Market But Some Rate Increases on the Horizon Observers of the property and casualty insurance industry, who consider themselves gurus when it comes to predicting cyclical changes, find...
S&P Affirms State Farm Ratings, But Revises Outlook to Negative
Mar 4 2009 // Standard & Poor’s Ratings Services has affirmed its ‘AA’ counterparty credit and financial strength ratings on State Farm Mutual Automobile Insurance Co. and all of its core companies, including...
Best Downgrades Hartford’s Life and P/C Ratings; Outlooks Mostly Negative
Mar 3 2009 // A.M. Best Co. has downgraded the financial strength ratings (FSR) to ‘A’ (Excellent) from ‘A+’ (Superior) and the issuer credit ratings (ICR) to “a+” from “aa-” of the key...
U.S. Commits Another $30 Billion To Bolster AIG; P/C Business Spinoff Planned
Mar 1 2009 // The U.S. government threw a new $30 billion lifeline to American International Group Inc. Sunday as the embattled insurer prepared to report the biggest quarterly loss in corporate history. AIG’s board approved a new...
State Farm: $6.3B P/C Underwriting Loss, $2.1B Operating Loss in 2008
Feb 27 2009 // The net worth for the State Farm group decreased in 2008 by $10.4 billion to end the year at $53.3 billion, the company reported. The primary reason for the decrease was the $9.2 billion decline in the value of the...
People
Feb 22 2009 // Andrew Fotopulos has joined Starkweather & Shepley Insurance Brokerage Inc. in Providence, Rhode Island as senior vice president. Fotopulos will lead the brokerage’s financial institutional practice. He will...
People
Feb 22 2009 // Juan Andrade and Jonathan Bennett have been named as interim co-leads of the Property and Casualty Operations of The Hartford. Their appointment to those interim positions follows the departure of Neil Wolin, president and...
People
Feb 22 2009 // Juan Andrade and Jonathan Bennett have been named as interim co-leads of the Property and Casualty Operations of The Hartford. Their appointment to those interim positions follows the departure of Neil Wolin, president and...
People
Feb 22 2009 // American International Group (AIG) named Peter Eastwood president and CEO of Lexington Insurance Co., a unit of AIG Commercial Insurance. Eastwood assumes management responsibility for Lexington from Kevin H. Kelley, who...
The Relative Calm
Feb 22 2009 // At New York Forum, Industry Insiders Credit Risk Management for Minimizing Recession’s Impact To many, the insurance world seems to operate on its own theory of physics. And to the hundreds of high-powered industry...
Who’s Worth What?
Feb 22 2009 // Agency Salary Survey: Agencies Trim Payrolls and Raises Independent insurance agencies remain reliable employers even in these rocky economic times, but even they have to cut back occasionally. Whether due to efficiencies...
Execs Credit Risk Management for Minimizing Recession’s Impact
Feb 19 2009 // To many, the insurance world seems to operate on its own theory of physics. And to the hundreds of high-powered industry execs who gathered on the third floor of the Waldorf-Astoria in New York earlier this year, there is...
Max Capital Posts $94 Million Q4 Loss; $175 Million FY Loss
Feb 12 2009 // The Bermuda-based Max Capital Group reported a net loss for the three months ended December 31, 2008, of $94.1 million, or $1.67 per diluted share, compared to net income of $62.4 million, or $1.00 per diluted share, for...
Louisiana Returned $6M-plus to P/C Insurance Consumers in 2008
Feb 12 2009 // Louisiana Insurance Commissioner Jim Donelon announced that the Property and Casualty Consumer Affairs Division at the Department of Insurance aided Louisiana insurance consumers in receiving approximately $6,400,000 in...
Assurance Agency in Illinois Promotes Klaras to President
Feb 10 2009 // Assurance Agency, Ltd., based in Schaumburg, Illinois, has promoted Dan Klaras from executive vice president to president. Klaras takes over for Anthony Chimino, who previously held the titles of both president and CEO....
Higginbotham Adds 2 in Austin Office
Feb 10 2009 // Independent insurance and financial services firm Higginbotham & Associates added two brokers to its Austin, Texas, office. Higginbotham named Chris Camero an executive vice president for group benefits and Travis...
New Best Research Report: P/C Profitability Depends on Discipline
Feb 9 2009 // In a newly issued research report – “P/C Industry’s Profits Plunge; Insurers Poised for Turnaround ” – A.M. Best Co. states: “Declining underwriting results and weak investment markets...
