Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
P/C Reserves in for Tighter Scrutiny
Feb 19 2003 // The property/casualty industry’s reserves will be scrutinized more closely, Fitch Ratings has announced. Specifically, Fitch’s analyses will target reserves from U.S. casualty business written between 1997 and...
P/C Insurers Expected to Pay $5.8B for Insured Property-Loss Catastrophe Losses
Feb 14 2003 // U.S. property/casualty insurers are expected to pay an estimated $5.8 billion in insured property-loss claims from catastrophes last year, making 2002 the fourth-lowest year in losses in the last 10, according to...
Infinity P/C Earns ‘A’ Rating From A.M. Best
Feb 14 2003 // A.M. Best Co. has assigned a financial strength rating of A (Excellent) to Infinity Property and Casualty Group, the core auto subsidiaries of Infinity Property and Casualty Corp. (IPCC), based in Birmingham, Ala. IPCC was...
S&P Lowers CNA Surety Ratings, Sees Growth for P/C Companies
Feb 13 2003 // The Standard & Poor’s ratings of CNA Surety Corp. subsidiaries Western Surety Co. and Universal Surety of America have been lowered from ‘A’ to ‘A-.’ In addition, Standard &...
Fitch Affirms SAFECO’s Ratings
Feb 12 2003 // Fitch Ratings has affirmed the ‘AA-‘ insurer financial strength ratings of SAFECO Life Insurance Company and the SAFECO Property/Casualty Group. Fitch has also affirmed its ‘A-‘ long-term and senior...
S&P Lowers AXA Group Ratings to ‘AA-‘
Feb 12 2003 // Standard & Poor’s Ratings Services announced that it has lowered all insurer financial strength and counterparty credit ratings on the core operating companies of France’s AXA group to ‘AA-‘...
Horace Mann Improves, But Ends Down for the Year
Feb 10 2003 // Horace Mann Educators Corp., based in Springfield, Ill., today reported net income of $13.5 million, or 33 cents per share, for the fourth quarter, up from $4.8 million, or 12 cents per share, for the year-earlier quarter....
P/C Pricing Growth Fastest Since 1986, New York Analysts Told
Feb 10 2003 // The property and casualty industry is well into a rebound from the terrorist attacks of Sept. 11, 2001, with premiums increasing aggressively for more than a year, a trend that will certainly continue throughout 2003 and...
Midland’s Fourth-Quarter P/C Premiums Up 8.9%
Feb 7 2003 // The Midland Co., a provider of specialty insurance products and services, reported fourth-quarter 2002 net income before capital gains/losses of $7.7 million, or 43 cents per share, compared with $9.3 million, or 51 cents...
AXA 2002 Gross Revenues Top $80 Billion
Feb 6 2003 // France’s AXA Group released earnings results showing that its total gross revenues in 2002 reached 74.728 billion Euros ($80.7 billion), approximately the same figure it reported for 2001. The company said, however,...
ACE Limited Reports $77 Million Net Income for 2002; Posts $168 Million Q4 Loss
Feb 6 2003 // Bermuda’s ACE Limited reported net income, including realized losses, for 2002 of $77 million, compared with a net loss of $146 million for 2001. The insurer’s net operating income for the full year was $511...
Cincinnati Financial Ups Dividend, Names New Directors and Officers
Feb 4 2003 // Property-casualty insurer Cincinnati Financial Corp. increased its quartly cash divided 12.4 percent to 25 cents per share and its subsidiaries named new directors, officers and counsel at the company’s Feb. 1...
A.M. Best Affirms Ratings for AIG’s Domestic Commercial P/C Companies
Feb 4 2003 // A.M. Best Co. has affirmed the financial strength ratings of A++ (Superior) relating to the American International Group (AIG) (New York), which comprises the domestic commercial property/casualty companies. The rating...
A.M. Best Places Rating of Prudential P/C Group, Subsidiary Under Review
Jan 29 2003 // A.M. Best Co. has placed the financial strength rating of A- (Excellent) of the Prudential Property and Casualty Group (Indianapolis) and its separately rated subsidiary, THI Holdings Group (Cleveland), under review with...
P/C Pricing Growth Fastest Since 1986
Jan 28 2003 // The insurance industry is well into a rebound from the terrorist attacks of Sept. 11, 2001, with premiums increasing aggressively for more than a year, according to the Chicago-based Raymond James Financial. Greg Peters,...
P/C INSURERS’ DEFICIENCY DOUBLES
Jan 27 2003 // Despite the property and casualty industry’s best efforts to have rates keep pace with losses, results are deteriorating, according to new study by Conning Research & Consulting Inc. In fact, Conning estimates...
ROUGH ROAD FOR COMMERCIAL LINES
Jan 27 2003 // Fitch Ratings reports that the commercial line and reinsurance sectors of the domestic property and casualty industry faces greater uncertainty than personal lines, according to a new report published by the ratings...
GAINS DOWN FOR P/C INSURERS
Jan 27 2003 // Property and casualty insurers suffered a staggering $6.6 billion decline in investment gains during the first six months of 2002, to $18.1 billion from $24.7 billion during the same period in 2001, according to Weiss...
Travelers P/C Notes 4thQ Net Loss of $793.4M as a Result of Prior Asbestos Reserve Charge of $1.3B
Jan 24 2003 // Travelers Property Casualty Corp. reported a net loss for the fourth quarter of $793.4 million or $0.79 per share, basic and diluted, compared to net income of $303.3 million or $0.39 per share in the prior year quarter....
Fort Worth Bank Forms Agencies
Jan 24 2003 // Fort Worth, Texas-based Summit Bank formed two insurance agencies to provide property, casualty, life and employee benefits insurance services. According to the company, Summit Property & Casualty will operate in...
