Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Are We Repeating the Past — Again’
Jan 24 2005 // I fear we are entering a period of cyclical amnesia. We are once again setting aside underwriting discipline. Recent market forecasts are projecting deteriorating terms and conditions. In a collection of works titled...
Are We Repeating the Past … Again’
Jan 24 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.” There’s now a momentous shift underway in the...
ACE European Group Completes Transfer of Belgian Sub; Best, S&P Comment
Jan 18 2005 // ACE European Group confirmed that as of Jan.1, 2005 its belgian subsidiary, ACE Insurance S.A. N.V., has successfully transferred its insurance and reinsurance portfolio into ACE European Group Limited (AEG). “ACE...
Study: P/C Execs Find It Difficult to Determine Priorities
Jan 18 2005 // Complex and challenging factors have been largely responsible for the high level of uncertainty faced by property and casualty insurers. According to a new survey, given this environment, P/C executives have found it...
Survey: Investigations into Industry Practices to Expand in 2005; Respondents Expect Consolidation to Continue
Jan 14 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...
2004 Will be Remembered as Beginning of Soft Market
Jan 14 2005 // MarketScout reported recently that calendar year 2004 will end with an average 2 percent increase in composite property and casualty premiums. The year began in January 2004 with increases averaging 11 percent, a major...
ACE to Take $298 Million Reserve Charge; Selling 3 Reinsurance Units
Jan 6 2005 // Bermuda-based ACE Limited announced that it will strengthen its asbestos, environmental and other run-off reserves and incur a related net, after-tax charge to earnings of $298 million ($1.05 per share) in the fourth...
Shakeup in ACE U.S.A. Management – Rivera Resigns; Dowd New CEO; Lupica, Crosby Named to Key Posts
Jan 6 2005 // ACE Limited announced from its Bermuda headquarters a $298 million reserve strengthening (See related article in “International” section) and some major management changes in its U.S. operations. Brian E. Dowd,...
Conning Says P/C Reserve Position Grows in 2003
Jan 4 2005 // Reserve deficiencies, which have plagued property/casualty insurers in recent years, improved dramatically in 2003, according to a new study by Conning Research & Consulting. The Conning Research study,...
Early Bird Survey Shows Slowing of 2005 P/C Premium Growth
Jan 3 2005 // Each year the Insurance Information Institute invites a panel of Wall Street stock analysts and industry professionals to review the prospects for the industry in the current and coming year. This year, III invited experts...
2005 P/C industry in a word: Resilience
Jan 2 2005 // The property/casualty insurance industry reported a statutory rate of return on average surplus of 9.5 percent through the first nine months of 2005, marginally below the 10.5 percent average return recorded during...
AEGON Sells Spanish P/C Unit to Reale Mutua
Dec 31 2004 // AEGON, the Dutch insurance and financial services provider, announced that it has entered into an agreement to sell AEGON Seguros Generales, its general insurance subsidiary in Spain, to Italian mutual insurance company...
Best Reports P/C Industry Maintains Underwriting Profit, Despite “Unprecedented Cat Events”
Dec 28 2004 // A.M. Best Co. has released a year-end report on the U.S. P/C industry, which indicates that, “despite the colossal hurricane losses posted during the third quarter of 2004,” it “reported very strong...
MetLife Names Rein to Chief Administrative Officer; Mullaney Succeeds Her at Metropolitan P&C
Dec 28 2004 // MetLife, Inc. has named Catherine A. Rein to the role of chief administrative officer, effective January 1, 2005. Reporting to MetLife, Inc. Chairman and Chief Executive Officer Robert H. Benmosche, Rein will oversee...
S&P Publishes U.S. P/C Industry ‘Report Card’
Dec 23 2004 // According to a study published today by Standard & Poor’s Ratings Services, the U.S. property/casualty insurance industry has experienced greater ratings stability in 2004, primarily due to improved...
Ark. Issues Reminder of Credit Scoring Reports
Dec 22 2004 // The Arkansas Insurance Department recently issued a reminder to property and casualty insurers operating in the state of the requirement to submit a report to the department concerning companies’ use of credit...
Dallas Industry Day Focuses on Profitability, Tort Reform, Ratings
Dec 20 2004 // Texans like to say everything is bigger in Texas, but economist Robert P. Hartwig came to Dallas to explain that big numbers alone aren’t worthy of celebration. The Texas insurance industry, for example, enjoys big...
New York Agents See Hard P/C Insurance Market Lingering
Dec 20 2004 // Independent agents and brokers in New York see premium rates continuing to increase and coverage choices failing to improve for most lines of property casualty insurance in the state despite industry and press reports to...
Industry Sees First 9-Month Net Gain on Underwriting in Nearly Two Decades
Dec 20 2004 // Benefiting from profits on underwriting, the U.S. property/casualty insurance industry’s net income after taxes rose 28.3 percent to $26.7 billion in the first nine months of 2004 from $20.8 billion in the first nine...
P/C INSURERS POSITIONED TO WEATHER HURRICANE LOSSES:
Dec 20 2004 // Even with the nearly $21 billion of hurricane-related losses expected to be reflected in the third and fourth quarter results, the nation’s property/casualty insurers are well-capitalized and safely positioned to...
