Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
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 // 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...
Who’s Worth What?
Feb 22 2009 // Independent insurance agencies remain reliable employers even in these rocky economic times, but even they have to cut back occasionally. Whether due to efficiencies from technology, the lingering soft market, the...
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...
People
Feb 8 2009 // Linda Timmons has been promoted to director of communications for the Independent Insurance Agents of Texas (IIAT). In this position, Timmons will manage the organization’s internal and external communications,...
Liberty Mutual Drops Direct Sales to Middle Market Businesses
Feb 8 2009 // Liberty Mutual Group is throwing in the towel on direct distribution of insurance to middle market businesses. Because it couldn’t beat independent agents and brokers — who dominate sales in this segment...
The Hartford Reports Loss for 2008, ‘Most Challenging’ Year in History
Feb 6 2009 // The Hartford Financial Services Group, Inc. reported a fourth quarter 2008 net loss of $806 million. For full year 2008, The Hartford reported a net loss of $2.7 billion, compared to net income of $2.9 billion in...
The Hanover Group Sees Profits Shrink
Feb 6 2009 // Fourth quarter profits at The Hanover Insurance Group fell 55 percent from $75.8 million a year ago to $34.1 million. Full-year net income dropped nearly 92 percent to $20.6 million, from the $253.1 million the Worcester,...
ACE Q4 Net Income Drops 96% to $20 Million; $1.2 Billion Full Year
Feb 4 2009 // ACE Limited reported net income for the fourth quarter ended December 31, 2008, of $20 million, a 96 percent decline from the $572 million the group posted in the same period of 2007. The company recorded net losses on...
Texas Announces December Insurance Industry Enforcement Actions
Feb 3 2009 // The Texas Department of Insurance announced enforcement actions taken by Commissioner Mike Geeslin that became final during December. The actions include five license revocations, three license denials and fines and...
Fitch Downgrades Allstate Corp. and its Subs; Outlook Remains Negative
Feb 3 2009 // In contrast to A.M. Best and Standard & Poor’s, Fitch Ratings has downgraded the senior debt rating of the Allstate Corporation to ‘BBB+’ from ‘A’, and the financial strength ratings of...
