Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Best Affirms FSR for United Fire & Casualty; Outlook Stable
May 19 2005 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of the property/casualty members of United Fire & Casualty Group (United Fire), which operate under a business pooling agreement. Additionally,...
S&P Analysis of Australia P/C Insurers
May 17 2005 // Standard & Poor’s has published an analysis of the current state of the Australian P/C industry. The rating agency noted: “The softening insurance cycle has entrenched itself in commercial lines in...
Hawaii: Legislature to Study NCOIL P/C Modernization Act
May 16 2005 // “Hawaii’s legislative decision to conduct a study of the NCOIL Property/Casualty Insurance Modernization Act suggests that the state legislature is committed to making strides toward rate modernization, which...
Hannover Re Q1 Net Increases by 11.1% to $137 Million
May 12 2005 // Germany’s Hannover Re posted strong growth in the first quarter of 2005, with operating profits (EBIT – i.e. excluding investment gains, interest and taxes) of 179.5 million euros ($229 million), a 16.2 percent...
Texas P/C Symposium Set for July 14
May 11 2005 // The 13th annual Mid-Year Property and Casualty Insurance Symposium will be held Thursday, July 14 at the Austin Marriott at the Capitol Hotel in Austin, Texas. The symposium is presented by the Insurance Council of Texas...
Conning Research: Look for P/C Underwriting Profit Again in 2005; Concerns for 2006
May 10 2005 // The property/casualty industry can look forward to another year of underwriting profits, assuming normal catastrophic losses of $13-14 billion, according to a new study by Conning Research and Consulting Inc. However, the...
Western Agencies Keep it All in the Family
May 9 2005 // Mom and pop” retail agencies have always been a vital component of the insurance world, and many of them still exist today. Sons, daughters, grandsons and granddaughters are able to continue family traditions as...
Best Affirms Ratings for American Modern; Assigns Issuer Credit Ratings
May 5 2005 // A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of Ohio-based American Modern Insurance Group (American Modern) and its property/casualty affiliates. A.M. Best has also affirmed the financial...
Best Affirms Ratings for Erie’s P/C Companies; Outlook Stable
May 3 2005 // A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of Pennsylvania-based Erie Insurance Group’s property and casualty companies (Erie), which are managed by its publicly-traded company, Erie...
Max Re Reports $6.2 Million Q1 Net Income Decrease
May 2 2005 // Bermuda-based Max Re Capital Ltd. reported net income for the three months ended March 31, 2005 of $36.8 million, or $0.74 per diluted share, compared to net income of $43.0 million, or $0.87 per diluted share, for the...
AEGON Completes Sale of Spanish P/C Sub
Apr 29 2005 // Dutch Financial service giant AEGON N.V. announced that it has completed the sale of AEGON Seguros Generales, its general insurance subsidiary in Spain, to the Italian mutual insurance company Reale Mutua Group. The two...
ACE Q1 Net Down 3% to $433 Million; Operating Profits Rise 7% to $441 Million
Apr 27 2005 // Bermuda’s ACE Limited reported net income for the first quarter ended March 31, 2005 of $433 million or $1.46 per common share after payment of preferred dividends, compared with net income of $447 million or $1.53...
American National Unveils Q1 Numbers
Apr 26 2005 // Texas-based American National Insurance Company reported first quarter 2005 net income of $90,863,000 ($3.43 per share) compared to $64,704,000 ($2.44 per share) for the same period in 2004, a 40.4% increase. After tax net...
Best: U.S. P/C Industry Notes First Underwriting Profit Since ’78
Apr 25 2005 // The U.S. property/casualty industry reported improved operating results in 2004 for the second straight year, but for the first time since 1978, underwriting results were profitable, with a combined ratio of 97.9,...
Powell, Ridge and Oxley to Address PCI Annual Meeting this October in Chicago
Apr 22 2005 // Former Secretary of State Colin Powell, former Secretary of Homeland Security Tom Ridge, and U.S. Representative Mike Oxley (R – Ohio), will be the featured speakers at the 2005 Property Casualty Insurers Association...
The Midland Co. Notes Record-Setting Q1
Apr 21 2005 // The Midland Company, a Cincinnati-based provider of specialty insurance products and services, announced record results for the first quarter ended March 31, 2005. Net income for the quarter was a record $21.5 million, or...
AIA: Reform of Mass. Residual Market Vital
Apr 20 2005 // Reforms of the Massachusetts high risk auto insurance pool will benefit the market and consumers, according to the American Insurance Association (AIA). Last Friday, AIA joined with the Massachusetts Insurance Federation...
Perata Promoted at Jenkins Athens
Apr 19 2005 // Curtis J. Perata has been promoted to CEO of the Jenkins Athens Group, headquartered in Concord, California. In addition to his duties as president of the firm’s property and casualty brokerage, Perata will also...
Safeco Sees Strong Q1 Numbers
Apr 19 2005 // Seattle-based Safeco on Tuesday reported strong first-quarter results for 2005. The company produced net income for the first quarter of $212.0 million, or $1.65 per diluted share. This compares with net income of $236.2...
Volatile Underwriting Cycle is Back with a Vengeance, Advises Economist
Apr 18 2005 // The property/casualty insurance industry’s frequently volatile underwriting cycle is back with a vengeance and will have no mercy this time around, advises a top industry economist. The property/casualty financial...
