Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Best Affirms FSR for Chubb
Mar 2 2006 // A.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior) of the property/casualty subsidiaries of The Chubb Corporation (Chubb) and has affirmed the issuer credit ratings (ICR) of “aa-”...
TDI Reports More Than $171K in Fines and Restitution in January
Mar 1 2006 // The Texas Department of Insurance announced enforcement actions taken by Commissioner Mike Geeslin that became final during January. The actions include three license revocations, two license denials and fines and...
CSC Surveys Report Cost Savings Opportunity with Electronic Payments
Mar 1 2006 // Computer Sciences Corporation made public the results of two U.S. surveys of property and casualty (P/C) insurance customers that reportedly show a large, untapped opportunity for cost control through electronic...
Swiss Re Names Strebel Head to Lead Latin American Unit
Mar 1 2006 // Swiss Re announced the appointment of Beat Strebel to head its Latin American unit. Strebel, who is based in Armonk, New York, is responsible for all of Swiss Re’s Property & Casualty and Life & Health...
NAMIC Focuses Federal Affairs Agenda on Regulatory and Asbestos Reform
Mar 1 2006 // The National Association of Mutual Insurance Companies (NAMIC) – which has more than 1,400 member companies that underwrite 43 percent ($196 billion) of the property/casualty insurance premium in the United States...
Hurricanes Drive 39% Decline in Net Income for Giant State Farm
Feb 26 2006 // Hurricane losses and loss adjustment expenses totaling $6.3 billion (after reinsurance) contributed to a reduction in State Farm’s 2005 net income. The company is reporting an after-tax net income from all sources of...
Hallmark, Texas General Agency
Feb 19 2006 // Hallmark, Texas General Agency Hallmark Financial Services Inc. completed its previously disclosed acquisition of Texas General Agency Inc. and certain affiliates. TGA is a managing general agency involved in the marketing...
Richard Robin
Feb 19 2006 // People Encino, Calif.-based NAS Insurance Services has appointed Richard Robin president. He will be responsible for overall operations, including underwriting, marketing and administration. Ed Robin will continue to serve...
Fitch Affirms Ratings for CNA
Feb 17 2006 // Fitch Ratings has affirmed the ‘BBB-‘ long-term issuer rating and ‘BBB-‘ senior debt ratings of CNA Financial Corporation (CNA) and the ‘A-‘ insurer financial strength (IFS) ratings of...
CNA Sees Q4 Net Loss of $217M
Feb 16 2006 // CNA Financial Corporation reported fourth quarter of 2005 results, which included the following items: * Net loss for the fourth quarter of 2005 of $217 million as compared with net income of $303 million for the same...
S&P Sees Growth in Spain
Feb 15 2006 // In a recent report- “Insurance Industry Risk Analysis: Spain (Kingdom of)” – Standard & Poor’s predicted further growth in the Spanish economy and indicated that the “current relatively...
Pinkes to Lead The Hartford’s P/C Run-Off Operations
Feb 14 2006 // The Hartford Financial Services Group Inc. reported that Andrew Pinkes has been named president of Heritage Holdings Inc., a unit which oversees the company’s property and casualty run-off operations. Pinkes, who is...
Aon’s Agency Specialty Product Network Forms LifeSource Alliance
Feb 14 2006 // Agency Specialty Product Network has joined with LifeSource – a BISYS Company to provide independent property and casualty agents and brokers a “virtual” life insurance department to enhance sales,...
A.M. Best: P/C Industry Reports Underwriting Loss
Feb 14 2006 // Driven by the largest natural catastrophe in U.S. history, Hurricane Katrina, the U.S. property/casualty industry’s underwriting loss was $2.8 billion for the first nine months of 2005, reversing the $3.4 billion...
Max Re Posts $11.4 Million Q4 Loss; $6.7 Million 2005 Profit
Feb 13 2006 // Bermuda-based reinsurer Max Re Capital Ltd. reported a net loss for the three months ended December 31, 2005 of $11.4 million, or 20 cents per diluted share, compared to net income of $87.1 million, or $1.82 per diluted...
Mission Insurance Estate Liquidated, Claimants To Receive $530 Million
Feb 9 2006 // California’s Conservation and Liquidation Office (CLO) will distribute $530 million to policyholders and claimants from the liquidated estate of the Mission Insurance Companies, California Insurance Commissioner John...
Best Report: What Price is Right? Who Will Blink First? Asks Industry
Feb 9 2006 // Those new to property and casualty insurance are reportedly first struck by the cyclical nature of the industry. Generally, extended periods of soft pricing are followed by much shorter periods of hard pricing. After three...
Crawford & Co. Reports Fourth Quarter 2005 Results; ‘Cautious’ About 2006
Feb 6 2006 // Atlanta-based Crawford & Company has announced its financial results for the fourth quarter ended December 31, 2005. Fourth quarter 2005 revenues before reimbursements totaled $216.9 million compared with $205.8...
Insurance company taxes, investments grow Golden State’s economy
Feb 6 2006 // Insurers are cultivating California’s economy. In fact, the insurance industry benefits “the economic security of California and its citizens through claims and benefits paid to policyholders; investments in...
Who is worth what?
Feb 6 2006 // Last year was not a big year for raises in independent insurance agencies as salaries in many agencies across the county stayed right where they were in 2004. Producer commission rates stayed the same also. More than 1,000...
