Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
AIG’s Plan to Divest Life & Retirement Business Could Prompt Ratings Downgrades
Nov 2 2020 // American International Group’s plan to downsize by divesting its Life & Retirement (L&R) business is drawing cautious and wary reactions from rating agencies that follow the property/casualty insurance...
Agency M&A Activity Continues Despite Pandemic: OPTIS Partners
Nov 2 2020 // There were 170 announced insurance agency mergers and acquisitions during the third quarter of 2020 compared to 173 for the same period in 2019, according to a report from consulting firm OPTIS Partners. The Chicago-based...
It Would Take P/C Insurers 150 Years to Pay COVID-19 Business Interruption Losses
Oct 30 2020 // The world’s property/casualty insurers would have to collect business interruption insurance premiums for 150 years in order to absorb the estimated US$4.5 trillion global output loss inflicted by COVID-19 and its...
Chubb Weathers $1 Billion in Catastrophes, Gains New Business in COVID Economy in 3Q
Oct 29 2020 // Chubb’s net income grew by 9 percent in the 2020 third quarter, which CEO Evan Greenberg credited to rate hikes and improving underwriting conditions despite a tough environment shaped by the COVID-19 pandemic. The...
How Much Insurance Groups Have Given to Trump, Biden and House, Senate Candidates
Oct 29 2020 // Democratic presidential candidate Joe Biden has received more funds from insurance industry political committees than President Donald Trump in this 2020 election cycle. Biden has received $5.5 million compared to...
Risk Strategies Acquires LaRocca & Associates of Florida
Oct 28 2020 // Risk Strategies, a privately held national insurance brokerage and risk management firm, has acquired LaRocca & Associates, Inc., a specialty brokerage with expertise in health and welfare benefits across several...
Ensurise Merges with Maryland’s American Heritage Insurance Agency
Oct 27 2020 // Independent insurance agency Ensurise LLC has merged with the property and casualty insurance brokerage operations of American Heritage Insurance Agency Inc. The merger was effective October 1, 2020. American Heritage...
Pandemic Having LittIe Effect on Insurance Agency M&A Activity: OPTIS Partners
Oct 27 2020 // There were 170 announced insurance agency mergers and acquisitions during the third quarter of 2020 compared to 173 for the same period in 2019, according to a report from consulting firm OPTIS Partners. The Chicago-based...
AIG Names Zaffino to Succeed Duperreault as CEO; Will Spin Off Life Insurance Business
Oct 26 2020 // American International Group has disclosed significant leadership changes as well as plans to separate its Life & Retirement business into an independent company. Peter Zaffino, currently AIG’s president and...
What P/C Insurance Industry Can Expect If Biden Wins or If Trump Is Re-Elected
Oct 19 2020 // If Republican President Donald Trump wins re-election, the property/casualty insurance industry is not likely to see much change from the status quo in Washington. If Democrat Joe Biden wins the presidency, however, the...
New York’s NFP Hires Pendergast to P&C Division as Senior Vice President
Oct 16 2020 // NFP, a New York, N.Y.-headquartered insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement and individual solutions, has hired Andrew Pendergast to its P&C...
What 3Q Catastrophe Losses Mean for U.S. P/C Results
Oct 16 2020 // Driven by an elevated frequency of events during the quarter, third quarter natural catastrophe losses for the U.S. property/casualty insurance industry will be the largest since the third quarter of 2017, according to...
NFP Acquires UK-Based P/C Broker Ernest R. Shaw Ltd.
Oct 12 2020 // NFP, a New York City-based insurance broker and consultant, announced the acquisition of Ernest R. Shaw Ltd. in a transaction that closed on Sept. 1, 2020. Financial details of the deal were not disclosed. ER Shaw, located...
Top 10 Reasons P/C Insurers Run Afoul of Regulators’ Market Conduct Exams
Oct 8 2020 // Claims errors continue to be the most frequent reason that property/casualty insurers are cited by regulators when responding to market conduct complaints or during routine examinations, according to a report by Wolters...
Cypress P&C of Florida Promotes Rine to President, Names Hillier as CFO, Treasurer
Oct 6 2020 // Cypress Property & Casualty Insurance Co. has promoted Jay Rine to president and new hire, Trevor Hillier will assume the role chief financial officer and treasurer. Rine joined Cypress in 2017, most recently serving...
SCOR Global P&C Restructures with Aim to Be More Responsive on Regional Basis
Oct 5 2020 // SCOR Global P&C is making a number of changes to its organizational structure to be more responsive on a regional basis, according to SCOR Global P&C CEO Jean-Paul Conoscente, who sent a message to clients on...
P/C Mutual Insurers Improved Underwriting in 2019: AM Best
Oct 5 2020 // Top 10 Hold 72% of Market: AM Best Despite a highly competitive property/casualty insurance industry and pressures on operating performance, U.S. mutual insurance companies reported continued improvement in underwriting...
Rourke Appointed as SVP, General Manager of The Church Insurance Companies
Sep 30 2020 // The Church Pension Group (CPG), a financial services organization that serves The Episcopal Church, has appointed Christopher R. Rourke as senior vice president and general manager of The Church Insurance Companies...
The State of Surplus Lines Insurance: Busy Solving Risk Puzzles in a Complex World
Sep 30 2020 // Insurance professionals in the surplus lines sector are busy. Busy adapting to a changing business world during COVID-19. Busy adapting to a changing property/casualty market where standard lines insurers are steadfastly...
Peak Re Appoints Pioneer’s Souter as Director of Markets for P/C Business
Sep 24 2020 // Hong Kong-based Peak Re announced the appointment of Andrew Souter as director of markets responsible for developing the company’s property/casualty reinsurance business. Souter brings with him 18 years of experience...
