Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Allianz 2004 Profits up 16.4% to $2.93 Billion
Mar 18 2005 // Germany’s Allianz reported net 2004 profits of 2.2 billion euros ($2.93 billion), despite last year’s spate of natural catastrophes and continued problems at its Dresdner Bank subsidiary. The group’s net...
M&T Bank Renames Insurance Agency
Mar 18 2005 // M&T Bank out of Buffalo, N.Y. has changed the name of its commercial property and casualty insurance agency from Matthews, Bartlett & Dedecker, Inc. to M&T Insurance Agency, Inc. The bank said the change has...
La. Commissioner: Flex Band Saves $38 Million
Mar 14 2005 // The Louisiana Department of Insurance reported that information provided by Commissioner of Insurance Robert Wooley to a joint meeting of the Louisiana Senate and House Insurance Committees shows the positive results of...
Insurer Trade Group Announces 2005 Legislative Agenda
Mar 11 2005 // The National Association of Mutual Insurance Companies (NAMIC) has announced its federal affairs agenda for 2005, and topping the list of items include further legal reform, improving state-based insurance regulation, an...
Key Items Still Need to be Resolved in NCOIL Claims History Info Use Model
Mar 8 2005 // Model legislation that would restrict how insurers could use claims history information when underwriting property-casualty insurance coverage moved several steps closer to a vote when the National Conference of Insurance...
IBC Reports 2004 Financials for Auto, Home and Business Insurance Companies
Mar 1 2005 // Insurance Bureau of Canada (IBC) recently announced estimated 2004 financial results for Canada’s home, auto and business insurance companies. Industry data indicate that in 2004, the industry’s 206 companies...
Weiss: Insurers Earn $28B in First Three Quarters of 2004
Feb 28 2005 // Despite a hurricane-ravaged third quarter, property/casualty insurers reported profits of $28.1 billion in the first nine months of 2004, representing a 22.4 percent increase over the $22.9 billion earned during the same...
AXA Doubles Adjusted Earnings to $3.85 Billion
Feb 25 2005 // France’s AXA Group reported strong earnings results for 2004. Underlying earnings rose 34 percent to 2.7 billion euros ($3.58 billion) and adjusted earnings were 2.9 billion euros ($3.85 billion). “2004 has...
OneBeacon Offers OnePac P&C Via InsuranceNoodle
Feb 22 2005 // Chicago, Ill.-based InsuranceNoodle has entered into an agreement with Boston, Mass.-based OneBeacon Insurance Group to offer the carrier’s OnePac P&C solution to the independent commercial agencies that use...
Is the Industry Repeating the Past – Yet Again’
Feb 21 2005 // In a collection of works titled The Life of Reason, the philosopher George Santayana wrote, “Those who cannot remember the past are condemned to repeat it.” Currently there’s a momentous shift underway in...
U.S. P/C INSURERS CONTINUE TO BOOST LOSS RESERVES FOR OLD BUSINESS:
Feb 21 2005 // For U.S. property/casualty insurers, periodic glimpses of rising profitability have been overshadowed by relentless price-cutting, natural and man-made catastrophes, and claims inflation. Following an unprecedented surge...
Best Affirms FSR for Unitrin’s P/C, Life Companies
Feb 18 2005 // A.M. Best Co. has affirmed the financial strength ratings of A (Excellent) of the Unitrin Property and Casualty Insurance Group (Unitrin) (Dallas). The rating outlook is negative. A.M. Best has also affirmed the financial...
PCI: New York’s Guaranty Funds Need Both Short and Long-Term Reform
Feb 16 2005 // Shifting funds from one New York guaranty fund to prop up the state’s floundering Workers’ Compensation Security Fund will reportedly only jeopardize the solvency of the Property/Casualty Security Fund and...
S&P: U.S. Property/Casualty Insurers Continue To Boost Loss Reserves For Old Business
Feb 8 2005 // For U.S. property/casualty insurers, periodic glimpses of rising profitability have been overshadowed by relentless price-cutting, natural and man-made catastrophes, and claims inflation. Following an unprecedented surge...
ACE Q4 Earnings Hit by $302 Million Reserve Charge; Full Year Net Down 20%
Feb 3 2005 // Bermuda’s ACE Limited confirmed earlier earnings announcements when it posted net income for the fourth quarter ended Dec. 31, 2004 of $282 million or 94 cents per common share after payment of preferred dividends,...
Palmer & Cay Dallas Office Promotes Three Associates
Feb 2 2005 // The Dallas office of Palmer & Cay Inc. reported it recently promoted three associates in its Property/Casualty practice. Campbell Letch was promoted to vice president, specializing in Property/Casualty and Health and...
Pagoumian Named President of Napco
Feb 1 2005 // Napco LLC, a New Jersey-based wholesale property and casualty broker, announced the appointment of David Pagoumian as president and chief operating officer. Pagoumian will be responsible for the operation and direction of...
Best Publishes P/C Special Report; 2005 Trends
Feb 1 2005 // A.M. Best Co.’s special report on the P/C industry features a tried-and-true warning: “Expect the best, plan for the worst, and prepare to be surprised,” which it points out is “sage advice for an...
The Hartford Sees 37% Gain in Q4 Net Income to $620M
Jan 28 2005 // The Hartford Financial Services Group Inc. reported a 37-percent increase in fourth quarter 2004 net income to $620 million, or $2.08 per diluted share, hitting an all-time quarterly record. Net income in the current...
Survey: Investigations into Industry Practices to Expand in 2005
Jan 24 2005 // Leaders of the property/casualty insurance industry expect the investigations into certain industry practices by state attorneys general and insurance departments will continue to expand in 2005, according to a survey...
