Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
District of Columbia, Maine, Pennsylvania Nix Price Optimization
Sep 7 2015 // The District of Columbia, Maine and Pennsylvania have recently joined a growing number of states and jurisdictions that issued directives prohibiting the use of price optimization. In Washington, D.C., the Department of...
Surplus Lines Posts Record-Breaking Year for 2014
Sep 4 2015 // The surplus lines industry broke records in 2014, growing direct premium written (DPW) in 2014 to $40.2 billion — the highest point in history, reports A.M. Best’s “2014 Special Report U.S. Surplus Lines –...
Kingstone OK’d to Write P/C Insurance in Texas
Sep 2 2015 // Kingstone Companies Inc., a multi-line regional property/casualty insurance holding company based in New York, announced that its subsidiary, Kingstone Insurance Co., has received approval from the Texas Department of...
NFP Acquires Insurance Management Associates in New Jersey
Sep 1 2015 // NFP, a New York City-based provider of employee benefits, property/casualty insurance, retirement and wealth management services, announced today that it has acquired Insurance Management Associates (IMA) in Voorhees, New...
P/C Insurance Industry’s Low Unemployment Rate Likely to Go Lower
Sep 1 2015 // The insurance sector has been hiring all year and appears on track to continue to add personnel. The Bureau of Labor Statistics reported that the unemployment rate for the finance and insurance industry was at 2.1 percent...
Maine Issues Bulletin Prohibiting Use of Price Optimization
Aug 26 2015 // Maine Insurance Superintendent Eric A. Cioppa stated in a bulletin published Monday that in Maine, personal lines property/casualty insurers that use price optimization should submit revised rate filings removing such...
State Auto Realigns Units, Announces Leadership Hires, Changes
Aug 25 2015 // State Auto Financial Corp. today announced changes to the company’s leadership and a redefining of the company’s key business units. The changes were announced by Mike LaRocco, who took over as president and...
Pennsylvania Says Insurers Are Prohibited From Using Price Optimization
Aug 24 2015 // Pennsylvania Insurance Commissioner Teresa Miller has issued an official notice warning the state’s insurers that they are prohibited from using the price optimization techniques in property/casualty insurance...
UPDATE: Tianjin Blast Claims Could Top Estimates, Strain Chinese Insurers
Aug 18 2015 // Insurance claims from the devastating explosions at the Chinese port of Tianjin last week could exceed initial estimates and strain the finances of regional insurers, credit ratings agency Fitch said on Tuesday. Credit...
Florida’s Heritage Approved to Write P/C Insurance in North Carolina
Aug 14 2015 // Heritage Insurance Holdings Inc., a property/casualty insurance holding company in Clearwater, Florida, announced that its subsidiary Heritage Property & Casualty Company (Heritage P&C) was approved to write...
Florida Approves Removal of Up to 280,857 Policies From Citizens
Aug 12 2015 // The Florida Office of Insurance Regulation announced today that it has approved the removal of up to 279,357 personal residential policies and 1,500 commercial residential polices from Citizens Property Insurance...
Berkshire Insurance Units Slump in Q2
Aug 10 2015 // Warren Buffett’s Berkshire Hathaway Inc. posted second-quarter profit that missed analysts’ estimates because of higher claims costs at insurance units including Geico. Net income dropped 37 percent to $4.01...
Auto Losses Seen Cutting P/C Insurance Profits Until 2016
Aug 10 2015 // The property/casualty insurance industry has made money on its personal lines underwriting since 2013 but that is likely to change in 2015. At the same time, commercial auto insurance should still make an underwriting...
J.M. Wilson Promotes Shepherd to P/C Underwriter in Indiana
Aug 7 2015 // J.M. Wilson has promoted Robyn Shepherd to property/casualty underwriter in the wholesale insurance broker’s Carmel, Ind., office. In her new role, Shepherd will quote new and renewal property/casualty risks, and...
Michigan’s J.M. Wilson Adds White, Nichols as Underwriters
Aug 5 2015 // Portage, Mich.-based insurance wholesaler, J.M. Wilson, has added two new property/casualty underwriters: Blayne White and Robbin Nichols. Both White and Nichols will quote new and renewal commercial property/casualty...
Hannover Re Q2 Profit Rises 19% on P&C Earnings
Aug 5 2015 // Hannover Re, the world’s third-largest reinsurer, said second-quarter profit rose 19 percent, as lower catastrophe claims helped a surge in earnings from property and casualty. Net income increased to 252.2 million...
AIG Insurance Results Down in Q2; CEO Sees Opportunity in ACE-Chubb
Aug 4 2015 // American International Group Inc. (AIG) today reported net income of $1.8 billion for the quarter ended June 30, 2015, compared to $3.1 billion, for the second quarter of 2014. Second quarter net income declined primarily...
Insurers Face Risks of Declining Customer Loyalty, Tech-Savvy Firms: Accenture
Aug 4 2015 // Insurers are not keeping up with rising customer expectations and will need to offer more innovative products and ally with some nontraditional partners to catch up and to keep more digital-savvy firms from stealing their...
Florida-Based Gulfstream P&C Names Block as CFO, Treasurer
Aug 4 2015 // David Block Gulfstream Property and Casualty Insurance Co., a regional property carrier providing homeowners, condominium, renters, dwelling fire and flood coverage with operations in five states, has announced the...
NFP Acquires BWD Group in New York
Aug 3 2015 // NFP, a New York City-based provider of employee benefits, property/casualty insurance, retirement and wealth management services, announced today its acquisition of BWD Group LLC in Plainview, New York. Terms of the...
