Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
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...
Kingstone Hires AIG Exec Delaney as Senior VP in New York
Apr 27 2016 // Kingstone Companies Inc., a multi-line regional property/casualty insurance holding company based in New York, announced that David Delaney has joined the senior management team at its subsidiary Kingstone Insurance...
2 Ohio Property/Casualty Insurers Approved to Operate in Arkansas
Apr 27 2016 // Arkansas Insurance Commissioner Allen Kerr has approved Ohio-based All America Insurance Co. (AAIC) and Central Mutual Insurance Co. (CMIC) to do business in the state. The companies now have the authority to offer...
UPC Insurance Receives Approval to Acquire Interboro in New York
Apr 22 2016 // United Insurance Holdings Corp. (UPC Insurance), a property/casualty insurance holding company based in St. Petersburg, Florida, announced that it received formal approval from the New York State Department of Financial...
SCOR Increases P&C GWP Levels by 4.7% During April Renewals; Profits on Target
Apr 22 2016 // SCOR Global P&C increased gross written premiums by 4.7 percent at the recent April renewals, based on constant exchange rates, with total premiums rising from €420 million ($474.7 million) to €440 million ($497.3...
AmTrust Seeks to Boost Lloyd’s Presence with Purchase of Specialty Insurer ANV
Apr 20 2016 // AmTrust Financial Services said it has agreed to buy specialty insurance company ANV Holdings B.V. and its Lloyd’s affiliates for $218.7 million in cash. The seller is the Ontario Teachers’ Pension Plan. As...
AXA & Chaucer Form Strategic Partnership to Provide African Specialty Insurance
Apr 19 2016 // AXA is targeting the rapidly expanding market for African specialty insurance by partnering with Chaucer, a Lloyd’s specialty insurance group. The new venture, called “AXA Africa Specialty Risks,” will be...
Swiss Re’s Revamped U.S. P/C Leadership Team Headed by Wolfe, Ruff, Michaelson
Apr 18 2016 // Swiss Re Americas announced a new structure and leaders for the company’s U.S. property/casualty markets. The changes follow Bill Donnell’s departure as president of Swiss Re Americas’ U.S....
P/C Direct Premium Written Up 2.5 Percent in 2015
Apr 18 2016 // Direct premium written (DPW) for property/casualty (P/C) insurance companies continues to increase, albeit gradually. At year-end 2014, more than $570 billion of DPW was reported. For 2015, total DPW for all P/C insurers...
