Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Tough Times for Commercial Auto Insurance: Fitch
May 23 2016 // While the property/casualty industry has reported three consecutive years of significant underwriting profits, the commercial auto market as a whole reported an underwriting loss for the fifth consecutive year in 2015. In...
Fitch Expecting P/C Commercial Insurance Business to Deteriorate
May 19 2016 // Underwriting performance for the commercial lines sector of the U.S. property/casualty (P/C) insurance industry is likely to deteriorate in 2016, according to a new report from Fitch Ratings. The expected decline would...
P/C Insurers Caught Between Slowing Premium Growth and Rising Loss Ratios
May 18 2016 // For U.S. property/casualty insurers, net written premium still grew in 2015, but the rate of expansion is slowing, and the industry’s collective combined ratio worsened slightly, according to a new report from ISO...
ITS Adds Daniels as VP, Business Development – Midwest
May 17 2016 // ITS, a Dallas-based insurance technology consulting and services firm, has added Marti Daniels as vice president of business development for the Midwest. Daniels brings significant industry experience to ITS, with more...
AIG Chairman Defends Keeping Both Life and P/C Insurance Units
May 12 2016 // American International Group Inc., which is shrinking under pressure from activist investors, is committed to retaining operations in both life insurance and property/casualty coverage, Chairman Doug Steenland...
Great American Insurance Establishes Specialty P&C Division in Mexico
May 12 2016 // Great American Insurance Group announced today that the Mexican Insurance Commission has granted formal approval to extend the license of its local company, El Águila Compañía de Seguros, S.A. de C.V., to establish a...
W.R. Berkley Forms Berkley Insurance Asia, Naming Gangadharan CEO, Yip as COO
May 12 2016 // W.R. Berkley Corp. announced the formation of Berkley Insurance Asia. Shasi Gangadharan has been named chief executive officer and Aaron Yip has been appointed chief operating officer. The appointments are effective...
Agency Mergers Set Record with ‘Unstoppable Momentum’ in Q1: Optis
May 11 2016 // Insurance agency mergers and acquisitions hit an all-time high for the first quarter of a year, with 109 reported transactions in the first three months of 2016. The pace slightly outstripped 107 deals reported in the...
Costly Alberta Wildfires to Hit Q2 Results; Insurers Are Resilient: Ratings Reports
May 9 2016 // While the wildfires raging through northern Alberta and the city of Fort McMurray could bring one of the largest catastrophe losses in Canadian history, property insurers are resilient, according to A.M. Best and...
How P/C Insurers Fared in 2015
May 9 2016 // The U.S. property/casualty (P/C) industry marked a third consecutive year of underwriting profitability, with $6.2 billion in underwriting income in 2015. However, the lower level of underwriting income and an 11.2 percent...
New Chubb ‘Off to Good Start,’ Says Greenberg While Assessing Merger, Competition, Agents
May 6 2016 // The new Chubb reported its first quarter results since the Ace Ltd. deal to acquire Chubb closed in January and, according to the man who spearheaded the giant merger, the combined firm is “off to a good start”...
AXA’s Q1 Revenue Rises 1% on Higher P&C Premiums
May 4 2016 // AXA SA, France’s largest insurer, said first-quarter revenue gained 1 percent, helped by higher prices and volumes from property & casualty operations especially in Germany, the U.K. and faster-developing nations...
Q1 Saw Rate Decreases Continue in Commercial P/C: The Council
May 4 2016 // Commercial property/casualty rates decreased across all size accounts in the first quarter of 2016, continuing a trend that has been evident since the first quarter of 2015. This year, first quarter rates decreased by an...
CNA Reports Mixed Bag in Q1 Results; Profit Falls But Combined Ratios Improve
May 4 2016 // CNA Financial Corp.’s first three months of 2016 produced a mixed bag of results. Fallout from a 2010 agreement to cede asbestos and environmental pollution liabilities to National Indemnity Co. also caused some...
Ratings of Financial American Property and Casualty Insurance Downgraded
May 3 2016 // A.M. Besthas downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and the issuer credit rating (ICR) to “bbb+” from “a-” of Financial American Property and Casualty...
Commercial Auto Insurance Remains a Loser on the Whole: Fitch
May 3 2016 // While the property/casualty industry has reported three consecutive years of significant underwriting profits, the commercial auto market as a whole reported an underwriting loss for the fifth consecutive year in 2015. In...
MS Amlin Now Operating at Lloyd’s Under One Brand: MS Amlin Underwriting
May 3 2016 // MS Amlin announced it is now operating as one brand in the Lloyd’s market, as a single managing agency, MS Amlin Underwriting Ltd. Operating from 22 locations across three continents, the MS Amlin business will...
AIG Selling $1.2 Billion Worth of Shares in China’s PICC P&C: Report
May 2 2016 // American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co. Ltd. (PICC P&C) in a block deal, IFR said on Saturday, citing a term sheet of the...
Florida Picks Deputy Altmaier to Be Next Insurance Commissioner
Apr 29 2016 // The Florida Cabinet has selected David Altmaier to be the state’s new insurance commissioner. Altmaier, 34, is currently a deputy commissioner within the Florida Office of Insurance Regulation. He will replace Kevin...
Swiss Re Q1 Net Income Down 15% to $1.23B; New Head of Reinsurance Named
Apr 29 2016 // Swiss Re AG, the world’s biggest reinsurer, reported lower first-quarter profit as the company bulked up its reserves and pricing in the industry remained under pressure. Net income dropped to $1.23 billion from...
