Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Erie Indemnity Increases Dividend
Dec 14 2000 // At its Dec. 12, 2000 regular meeting of the board of directors of the Erie Indemnity Company, the board approved an increase in shareholders’ dividends. The board of directors increased the regular quarterly dividend...
ACE Sues CIGNA Over P/C Acqusition
Dec 14 2000 // Bermuda based ACE Ltd. is unhappy about several aspects of its acquisition of CIGNA’s property/casualty business , and has filed suit in Federal Court in New York to recover a total of $218 million in damages. At...
A.M. Best Assesses Excess Capital in U.S. Property/Casualty Industry
Dec 6 2000 // Over the past decade, the U.S. property/casualty insurance industry’s excess capital position has grown dramatically due to slower premium growth, better risk management techniques and significant surplus gains. This...
Mass. P/C Insurers Ignore Tax Relief Options
Nov 30 2000 // Eight Massachusetts insurance companies have opted out of a state program that promises permanent tax cuts in exchange for five years of voluntary community investment, according to a report by the Massachusetts...
Equipment Breakdown Coverage: Not Your Father’s Boiler & Machinery Insurance
Nov 27 2000 // Equipment breakdown coverage: it’s the modern-day descendant of what has been traditionally referred to as boiler and machinery insurance. And today’s businesses need it just as much as they did in the old...
COMM. P/C RATES HARDEN
Nov 27 2000 // Property/casualty rates for small, medium and large commercial lines continued to rise between July 1 and Sept. 30, according to the Council of Insurance Agents and Brokers’ (CIAB) Commercial Insurance Market Index...
Traveler’s P/C Pool Upgraded
Nov 27 2000 // The FSR of the core insurance subsidiaries of Citigroup Inc. were raised from “A+” to “A++” by A.M. Best. The rating is applicable to the 20-member Traveler’s property/casualty pool, led by...
Amtrust Financial To Buy Struggling Credit General
Nov 27 2000 // According to Michael Camilleri, president and CEO of Amtrust Insurance Operations, Amtrust Financial Group signed a definitive agreement on Nov. 20 to purchase the insolvent Credit General Insurance Company. Credit...
Fremont Cuts P/C Staff, Focuses on Thrift & Loan Profits
Nov 27 2000 // As part of a cost-cutting initiative, Santa Monica, Calif.-based Fremont General Corp. has reduced the production and claim service offices of Fremont Compensation Insurance Group from 41 to 24. Of these remaining offices...
Commercial P/C Rates Continue to Harden
Nov 20 2000 // Property/casualty rates for small, medium and large commercial lines continued to rise between July 1 and Sept. 30, according to The Council of Insurance Agents and Brokers’ Commercial Insurance Market Index for the...
Calif. Workers’ Comp Puts Damper on American Financial Group 3Q Results
Nov 14 2000 // American Financial Group Inc. (AFG) announced a $10.8-million loss ($.18 per share) for third quarter 2000. The loss includes $22.8 million, after-tax ($.39 per share), for strengthening the loss reserves of its California...
Fremont General Cuts WC Losses, Continues to Reduce P/C Workforce
Nov 14 2000 // Fremont General Corp.reported net income of $10,936,000 for the third quarter of 2000, comprised of net income from continuing operations of $6,272,000 and an after tax gain on the extinguishment of debt of $4,664,000. The...
The Evolving Excess & Surplus Lines Market
Nov 13 2000 // The excess and surplus lines, or non-admitted, market is comprised of property & casualty companies that provide insurance that is unavailable to businesses in the standard, or admitted, market due to the unique...
Safeco Launches Initiatives, Reports Improved 3Q
Nov 13 2000 // After taking a small step backward last quarter with disappointing results, Seattle-based Safeco reported better-than-expected earnings for the third quarter of 2000. According to Boh Dickey, president and chief operating...
eStellarNet Attracts $30 Million Investment
Nov 6 2000 // eStellarNet, a leading automated transaction processor for the property and casualty industry, has raised $30 million in financing led by Capital Z Financial Services Fund II, a global private equity fund focused on the...
On the Road Again
Nov 6 2000 // Insurance Dot-Coms Shift Increasingly Toward the Agent In the fast-paced environment of Internet insurance, any attempt to define trends and categorize business models on the information highway can be an exercise in...
Japanese P/C Insurers In Merger Talks
Nov 3 2000 // Another round of consolidation is shaping up in the Japanese insurance industry with the announcement that Yasuda Fire & Marine Ins. Co., Nissan Fire & Marine Ins. Co. and Taisei Fire & Marine Ins. Co. are...
IIAA Unveils New Agency Universe Study; Finds Growth, Stable Consolidation for Agents
Nov 1 2000 // The last four years have been a period of financial growth and agent consolidation, according to the 2000 Agency Universe Study, a study of the independent agency system conducted by Future One, a cooperative effort of the...
The Hartford Sees Q3 Core EPS Jump 30 Percent
Nov 1 2000 // The Hartford Financial Services Group has announced a 30 percent increase in core earnings per diluted share for the third quarter 2000. The increase is reportedly driven by asset growth in the company’s life...
CGNU Seeks Buyer For New Zealand P/C Unit
Oct 27 2000 // Following a review of its New Zealand p/c business, CGNU, the U.K.’s largest insurer, announced plans to sell its affiliate State Insurance and concentrate its efforts on New Zealand Insurance (NZI), its life...
