Latest Property Casualty Headlines

Conning: Despite Storms and Competition, P&C Outlook is Good

Nov 3 2005 // Property casualty insurance industry results should be relatively strong from 2005 through 2007, despite 2005’s hurricane activity and an increasingly competitive market, according to a new report by Conning Research...

Max Re Q3 Loss $41 Million; $18 Million 9 Month Profit

Oct 31 2005 // Bermuda-based Max Re Capital Ltd. Came off better than many of its peers in the third quarter. It still posted a net loss of $41 million, or 89 cents per diluted share, compared to a net loss of $9 million, or 20 cents per...

Sale of AmWINS Majority Share to Equity Firm Finalized

Oct 28 2005 // American Wholesale Insurance Group (AmWINS), the nation’s second largest insurance wholesaler, announced that Parthenon Capital, LLC, a Boston and San Francisco-based private equity firm, has completed the...

CNA Reports Q3 Results

Oct 27 2005 // CNA Financial Corporation today announced third quarter of 2005 results: — Net income for the third quarter of 2005 of $3 million as compared with a net loss of $27 million in the third quarter of 2004 — Net...

TDI Reports Sept. Enforcement Actions

Oct 27 2005 // The Texas Department of Insurance announced enforcement actions taken by Commissioner Mike Geeslin that became final during September. The actions include seven license revocations, two license denials and fines and...

Commercial P/C Market Gets Ready for Post-Katrina Price Increases

Oct 24 2005 // Commercial insurance brokers from across the country say so far, the impact of Hurricanes Katrina and Rita has been minimal, but they are bracing for higher prices, reduced capacity, increases in deductibles and tighter...

Fitch Downgrades Horace Mann’s Ratings; Removes Negative Watch

Oct 20 2005 // Fitch Ratings has downgraded the long-term issuer rating and unsecured senior debt obligations of Illinois-based Horace Mann Educators Corp. to ‘BBB’ from ‘BBB+.’ Additionally, Fitch has downgraded...

Fla. Insurance Industry Preps for Wilma

Oct 19 2005 // Hurricane Wilma, with a barometric pressure of 882 mb, is now the most intense hurricane on record in the Atlantic Basin. After rapid intensification Tuesday night, Wilma is now a potentially catastrophic Category 5...

Safeco Unveils Q3 Report; Hurricanes Play Major Role

Oct 18 2005 // Seattle-based Safeco reported solid third-quarter results, with net income of $101.1 million, or $0.80 per diluted share. This figure includes estimated after-tax net catastrophe losses of $115.8 million, or $0.91 per...

NAMIC Leader Lauds Links to State Insurance Trades

Oct 18 2005 // The president of a national property/casualty organization told a group of state insurance trade executives in Savannah, Georgia, on Monday that their work makes them invaluable partners in the achievement of industry...

Best Removes Allmerica from Under Review; Assigned Stable Outlook

Oct 18 2005 // A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of the publicly-traded holding...

A.M. Best: P/C Insurers Report Strong Gains for First Half of 2005

Oct 17 2005 // The U.S. property/casualty industry recorded an underwriting profit of $13.2 billion during the first six months of 2005, a substantial gain from the record results posted during the comparable period of 2004, according to...

Oct 17 2005 // Willis Group Holdings has appointed Vincent D. Liotta as executive vice president and production director of the Willis Re U.S. Specialty Practice. Earlier this year Willis Re merged its Global Marine, Aviation, Retro and...

Surplus Lines Industry Discusses Life After the Storm

Oct 17 2005 // NAPSLO 2005 ANNUAL CONVENTION: With more than 3,200 people in attendance, the National Association of Professional Surplus Lines Offices’ annual convention convened in San Francisco, Calif., last month to address the...

Chubb’s Contractors Equipment Express

Oct 17 2005 // The Chubb Group of Insurance Companies created an online system designed to make it easier for agents and brokers to quickly obtain a rate, quote or binder for contractors’ equipment risks with schedules up to $5...

S&P Raises If P&C Ratings to ‘A’

Oct 12 2005 // Standard & Poor’s Ratings Services announced that it has raised its long-term counterparty credit and insurer financial strength ratings on Sweden-based If P&C Insurance Ltd. (publ) and Finland-based If...

Record First-Half, Surplus Boost P/C Insurers’ Ability to Pay Hurricane Losses

Oct 5 2005 // The U.S. property/casualty insurance industry’s net income after taxes rose 29.1 percent to a record $30.9 billion in first-half 2005 from $23.9 billion in first-half 2004. Reflecting the industry’s income, its...

Wawanesa Insurance Garners Top Ranking in Financial Stability

Oct 4 2005 // The Wawanesa Mutual Insurance Company (Wawanesa), one of Canada’s largest property and casualty insurers, has been ranked first among property and casualty (P/C) insurance companies in Canada in terms of capital and...

People

Oct 3 2005 // Westfield Insurance has named Robert Testa executive, personal lines sales. In this capacity, he oversees employees in five states responsible for new personal lines business. Testa began his career at Westfield in 1991...

Fitch: Katrina Causes Unprecedented Challenges, Risks for P/C Insurers

Oct 3 2005 // The circumstances surrounding Hurricane Katrina are unprecedented in many ways, reports Fitch Ratings. So much so that the rating agency may need to reassess the core risk profile of the property/casualty insurance...