Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Use of Predictive Models Widespread in P/C Insurance: Survey
Nov 18 2013 // A survey of North American insurance professionals reveals widespread use of predictive analytics in the property/casualty insurance industry, with as many as 82 percent responding that they use predictive modeling in one...
Allianz Looks to Boost U.S. Presence, Improve Fireman’s Fund: Bhojwani
Nov 15 2013 // Allianz SE, Europe’s largest insurer, said it is committed to bolstering operations in the U.S. after international rivals scaled back in the country. “It is a monster market,” Gary Bhojwani, the...
Fitch Ratings: Florida’s PIP Reform Law a ‘Credit Positive’ for P/C Insurers
Nov 15 2013 // New laws designed to reduce loss cost volatility and claims fraud in the Florida no-fault auto insurance system, commonly referred to as PIP, would be a credit positive for property/casualty insurers, according to Fitch...
MarshBerry Survey Reveals an Optimistic Marketplace: Part 1
Nov 13 2013 // In June of this year, MarshBerry launched its 28th Annual Market & Financial Outlook Survey in conjunction with Insurance Journal. The survey compiled anonymous general independent agency information along with...
Liberty Mutual to Enter Mexico with Acquisition of Surety Company
Nov 13 2013 // Liberty Mutual Insurance said it will acquire Mexican surety company Primero Fianzas from Grupo Valores Operativos Monterrey, a private investor group. The company said the acquisition will enable Liberty Mutual Surety, a...
New Deputy Insurance Commissioners Appointed in Louisiana
Nov 8 2013 // Louisiana Commissioner of Insurance Jim Donelon announced that Executive Counsel Warren Byrd has been appointed to the position of deputy commissioner of the Office of Property and Casualty in the Louisiana Department of...
Use of Predictive Models Widespread in P/C Insurance: Survey
Nov 7 2013 // A survey of North American insurance professionals reveals widespread use of predictive analytics in the property/casualty insurance industry, with as many as 82 percent responding that they use predictive modeling in one...
Horace Mann Announces Property/Casualty Leadership Changes
Nov 7 2013 // Springfield, Ill.-based Horace Mann Educators Corp. has named Stephen P. Cardinal to lead its property/casualty business as executive vice president, effective immediately. Cardinal succeeds Thomas C. Wilkinson, who will...
Insurers’ Annual Incurred A&E Losses Rose 12% in 2012: A.M. Best
Nov 6 2013 // While generally not a material drag on the U.S. property/casualty industry’s earnings, industry losses from asbestos and environmental (A&E) claims resumed an upward climb in 2012, according to a new A.M. Best...
Talent War Continues: XL Hires AIG’s Miller to Oversee Global P/C Claims
Nov 4 2013 // XL Group Plc, the insurer led by Chief Executive Officer Mike McGavick, hired David Miller as senior vice president and head of claims for international property/casualty coverage. Miller joins from American International...
Confie Head on McKinsey: M&As Indy Agents’ Salvation
Nov 4 2013 // It may not be quite as dire as a “merge or die” mindset, but the message from the head of Confie Seguros is that independent agents should take a hard look at the McKinsey report that claims local independent...
P/C Insurers’ CFOs Point to Hardening Markets: Towers Watson
Nov 4 2013 // Chief financial officers with leading North American property/casualty insurers believe both property and casualty insurance markets are in the midst of hardening, according to a new North American Property & Casualty...
AIG’s Q3 Profit Advances 17% to $2.17B; Property/Casualty Sales Decline
Nov 1 2013 // American International Group Inc., the insurer that repaid a U.S. rescue last year, said third- quarter profit climbed 17 percent as underwriting margins improved at the property-casualty business. Net income rose to $2.17...
XL Group Posts $135.6 Million Q3 Net Income
Oct 31 2013 // The XL Group announced net income and operating net income of $135.6 million and $154.6 million, respectively, compared to net income and operating net income of $171.9 million and $188.0 million, respectively, in Q3...
Best Revises XL’s Issuer P&C Credit Rating Outlook to Positive; Affirms Ratings
Oct 30 2013 // A.M. Best Co. has revised the outlook for the issuer credit rating (ICR) to positive from stable as well as affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and ICRs of “a” of the...
Hartford Profit Up As Focus Shifts to P/C Insurance
Oct 29 2013 // Hartford Financial Services Group Inc.’s profit surged as the insurer focused on property/casualty coverage after divesting life and annuity units. The company gained in extended trading. Third-quarter net income...
Why McKinsey’s Prediction of Demise of Independent Agents Is ‘Dead Wrong’
Oct 28 2013 // A recent report from McKinsey & Co. had some bad news for local property/casualty insurance agents— many of them will be out of business within the next five to 10 years. McKinsey contends that “the economics...
AIG Hires XL Group’s Maag as CEO of Europe, Middle East
Oct 25 2013 // American International Group Inc. hired Seraina Maag from XL Group Plc to run the Europe, Middle East and Africa region as Chief Executive Officer Robert Benmosche reshapes the insurer’s leadership. Maag, 45, will be...
Missouri Insurance Department Adds Lederer as Property/Casualty Actuary
Oct 24 2013 // The Missouri Department of Insurance announced that Julie Lederer has joined the department as the appointed Missouri property/casualty actuary. Lederer will support the Divisions of Insurance Company Regulation and...
ACE Posts Record Q3 Operating Income of $857 Million; $916 Million Net
Oct 24 2013 // ACE Limited reported net income for the quarter ended September 30, 2013, of $916 million, $2.66 per share, compared with $640 million, $1.86 per share, for the same quarter last year. Operating income was $857 million,...
