Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Gerling Global – Going, Going, Gone
Nov 25 2002 // Asbestos, the weak equity markets and Sept. 11 have indirectly claimed another victim. Gerling-Konzern Globale Ruckversicherungs—AG (GKG), the reinsurance arm of Germany’s Gerling Group, announced at the end of...
Qualified P/C Leads Now Available from Homeownersleadsdirect.com
Nov 19 2002 // A new online lead system for helping personal lines property/casualty agents increase production through qualified sales leads is now available at www.homeownersleadsdirect.com. Introduced by California-based iLeads.com,...
Allianz Posts $2.52 Billion Q3 Net Loss, $933 Million 1st Nine Months
Nov 15 2002 // Germany’s Allianz announced that it would report a net loss for the third quarter of 2.5 billion Euros ($2.525 billion) and a net loss of 924 million Euros ($933 million) for the first nine months of 2002 due to a...
Axis Specialty to Buy Aon’s P/C Underwriting Unit
Nov 15 2002 // Aon has agreed to sell its Sheffield Insurance Corporation, a specialty property and casualty insurance subsidiary, to Bermuda’s Axis Specialty Limited for an undisclosed price, subject to regulatory approval. Aon...
AscendantOne Launches Solution Suite 2.0
Nov 12 2002 // AscendantOne Inc. of Nashua, N.H. announced the launch of Version 2.0 of its Solution Suite property/casualty technology platform. New features include fully automated out-of-sequence endorsement processing, as well as a...
Chubb P/C Ratings Affirmed
Nov 11 2002 // The Chubb Corporation’s property/casualty subsidiaries’ financial strength ratings of “A++” have been affirmed by A.M. Best Co. Additionally, A.M. Best affirmed the “aa” senior debt...
Demotech’s Financial Stability Ratings® – What Are They All About’
Nov 11 2002 // For the past several months, Insurance Journal readers have viewed articles discussing Demotech’s Financial Stability Ratings®. This article presents additional information on the origin of those ratings. Prior to...
Allmerica Downgraded
Nov 11 2002 // A.M. Best Co. downgraded Worcester, Mass.-based Allmerica Financial Corporation’s (AFC) property/casualty operations from “A-” to “B++.” The company’s life and annuity operations were...
Chubb P/C Ratings Affirmed
Nov 11 2002 // The Chubb Corporation’s property/casualty subsidiaries’ financial strength ratings of “A++” have been affirmed by A.M. Best Co. The outlook for the ratings is stable. Chubb’s superior...
R&SA Announces Restructuring of U.S. Operations
Nov 7 2002 // The U.K.’s Royal & SunAlliance Group announced its nine month results today (see companion article in “International” section) and revealed plans to significantly restructure it U.S. operations. The...
S&P Lowers Ratings on Canada’s CGIC to ‘BBB-‘
Nov 6 2002 // Standard & Poor’s Ratings Services announced that it has lowered its long-term counterparty credit and financial strength ratings, on Canadian property and casualty insurer Co-operators General Insurance Co....
Marshall Issues Statement on Oklahoma P/C Rate Board
Nov 4 2002 // The Oklahoma Department of Insurance released the following statement on the work of the DOI’s Property and Casualty Rate Board by John H. Marshall, a member of that board: “Respecting actual insurance premium...
S&P Affirms Groupama ‘A’ Ratings
Nov 1 2002 // Standard & Poor’s Ratings Services announced that it has affirmed its single-‘A’ long-term insurer financial strength and counterparty credit ratings on the French mutual insurance group Caisse...
Moody’s Expecting Modest Losses for P/C Insurers’ Investment Portfolios
Nov 1 2002 // Moody’s reports that further decline is likely for many U.S. P/C insurers’ investment portfolios because of credit losses resulting from exposure to troubled companies. However, in the newly released report,...
Fitch Places Chubb Corp. on Rating Watch Negative
Oct 29 2002 // Fitch Ratings has placed all ratings of The Chubb Corporation (Chubb) on Rating Watch-Negative. The ratings include the ‘AA+’ insurer financial strength (IFS) rating of Chubb’s property/casualty insurance...
SAFECO Reports Continued Earnings With 3rdQ Net Income Increase
Oct 29 2002 // SAFECO reported continued earnings growth as third-quarter net income increased to $75.2 million, or $0.59 per diluted share. Income before charges and realized gains increased to $86.4 million, or $0.68 per diluted...
A.M. BEST E&S REVIEW REPORTS 35 PERCENT INCREASE IN DIRECT PREMIUM VOLUME
Oct 28 2002 // The U.S. excess and surplus lines market reported a 35 percent increase in direct premium volume in 2001, according to the “Annual Review of the Excess & Surplus Lines Industry-September 2002,” released by...
DESPITE BETTER PRICING, A.M. BEST REPORTS P/C RATING DOWNGRADES OUTPACE UPGRADES
Oct 28 2002 // The property/casualty industry saw a gain in the number of rating downgrades issued by A.M. Best Co. for the second consecutive year, according to the special report, “Rating Downgrades Outpace Upgrades Despite...
Demotech’s Financial Stability Ratings – What Are They All About’
Oct 28 2002 // For the past several months, Insurance Journal readers have viewed articles discussing Demotech’s Financial Stability Ratings®. This article presents additional information on the origin of those ratings. Prior to...
ACIC Ratifies Affiliation Agreement with NAII
Oct 25 2002 // The membership of the Association of California Insurance Companies (ACIC) agreed to formally affiliate with the National Association of Independent Insurers (NAII). Under the affiliation agreement NAII assumes...
