Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
S&P Affirms Munich Re’s ‘AA-‘ Ratings, Reflecting Sufficient Capital for COVID-19 Crisis
May 29 2020 // S&P Global Ratings has affirmed its “AA-” long-term issuer credit and financial strength ratings for Munich Re and its subsidiaries, with a stable outlook. The stable outlook reflects S&P’s view...
Wells Media Names Huebner as Web Team Lead
May 27 2020 // Wells Media Group has named Nathan Huebner to the position of Web Team Lead. In this position, Huebner heads the Wells development team and is responsible for overseeing the technology infrastructure, including server and...
PartnerRe Taps Meyenhofer as CEO Specialty Lines, Haft as CEO Global Cat
May 27 2020 // PartnerRe announced that the company will change responsibilities in its executive leadership for Specialty Lines and will create the new role of CEO Global Cat. Effective June 1, Philippe Meyenhofer will be appointed CEO...
Join the Big Coronavirus Survey for the Entire Property/Casualty Insurance Industry
May 27 2020 // How is the coronavirus pandemic affecting you, your life, your work and your industry? Now and going forward? No matter where you work in the P/C insurance industry, your experience is important. Learn how your experience...
P/C Insurance Underwriting Profits Up 21% for Q1: AM Best Analysis
May 27 2020 // Even though unrealized capital losses pushed surplus down 9 percent from year-end 2019 for the U.S. property/casualty insurance industry, aggregate underwriting profits for first-quarter 2020 were more than 21 percent...
Maryland P/C Insurance Consumers to Receive More Than $250M in Premium Relief
May 22 2020 // Maryland property and casualty insurance consumers will receive more than $250 million in premium relief during the COVID-19 State of Emergency, according to a Maryland Insurance Administration (MIA) press release. As of...
Update: Generali 1st Quarter Net Profit Plunges 84.8% on COVID-19 Investment Hit
May 21 2020 // Generali’s first quarter net profit plunged 84.8% to €113 million (US$124 million) from €744 million (US$815.5 million) reported in Q1 2019, as a result of the impact of the COVID-19 pandemic on financial...
P/C Insurers Back a Federal Pandemic Loss Fund But Not a Backstop Like TRIA
May 19 2020 // Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the...
AM Best’s Stress Testing Indicates Most Insurers Can Withstand Pandemic Hit
May 18 2020 // Analysts at the AM Best ratings firm say their initial stress tests of insurance companies globally to gauge the preliminary impact from the COVID-19 pandemic on their financial strength found good news: “most...
States Will Not Win in Mandating Coronavirus Business Interruption Coverage: S&P
May 18 2020 // Standard & Poor’s said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses. The reason: An expectations of...
Zurich Insurance Estimates Coronavirus Pandemic Claims to Hit $750 Million for 2020
May 14 2020 // Zurich Insurance estimates that the overall property and casualty (P&C) claims from the COVID-19 pandemic will be in the region of $750 million for 2020. To put that into context, Zurich’s CFO George Quinn said...
Fitch Sees Little Stress on Insurer Ratings From Pandemic. Thus Far.
May 14 2020 // Having reviewed 70% of all of the North American insurers it rates for the effects of the coronavirus and economic downturn, Fitch Ratings has affirmed the ratings of 72% of the carriers with stable outlooks. Only 4% have...
CNA Records Q1 Loss Tied to Market Volatility from Coronavirus
May 5 2020 // CNA Financial Corp. recorded a first quarter 2020 net loss of $61 million, and core income of $108 million. The insurer said results for the quarter reflected financial market volatility amid the events of COVID-19. The...
Berkshire Discloses Q1 Insurance Results; Buffett Talks Coronavirus Impact
May 4 2020 // Berkshire Hathaway’s property/casualty insurance and reinsurance businesses reported a first quarter underwriting profit of $747 million before taxes, nearly double the pretax underwriting profit of $377 million...
S&P Expects States to Lose Bids to Mandate Coronavirus Business Interruption Coverage
May 4 2020 // Standard & Poor’s said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses. The reason: An expectations of...
Lockton Re in London Taps Aon Re’s Mallon, Neon’s Foxall for North America, Int’l Teams
Apr 30 2020 // Lockton Re, the global reinsurance business of the world’s largest privately held independent insurance broker, announced two new appointments in its London office. Phillip Mallon will be joining the North American...
XPT Specialty Acquires Texas MGA, LP Risk
Apr 24 2020 // XPT Partners LLC has acquired Texas-based LP Risk Inc., a full service managing general agency (MGA) and surplus lines broker with a wide range of commercial property/casualty coverages distributed to retail agents through...
Patriot Growth Adds Florida Southern Insurance to Platform
Apr 24 2020 // Patriot Growth Insurance Services, LLC has added Florida Southern Insurance, LLC (FSI) to the its platform. The partnership with FSI will enhance Patriot’s existing property and casualty insurance capabilities and...
SCOR Global P&C Sees Price Increases of 6.6% During April Renewals
Apr 23 2020 // During the April reinsurance renewals, SCOR Global P&C said it grew gross premiums by 5.7% to €504 million, while benefiting from broadly improving market conditions as shown by a 6.6% overall increase in...
Chubb Reports Q1 Net Income Drop; Sees ‘Meaningful’ Coronavirus Impact Ahead
Apr 22 2020 // Chubb said that the coronavirus pandemic’s effects on its bottom line were relatively benign in the 2020 first quarter. But all bets are off for the months ahead. The global property/casualty insurer reported net...
