Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Paulson Steps Up Pressure, Urges Hartford to Spin Off P/C Biz
Mar 5 2012 // Hedge fund manager John Paulson — who holds an 8.4 percent stake in The Hartford and is the biggest stakeholder in the company — wants to split up the 202-year-old insurer, and he’s intensifying his effort. On...
Report: Arizona P/C Insurers See Premiums Written Fall and Losses Rise
Mar 1 2012 // A report on Arizona’s property/casualty insurers issued on Thursday shows a drop in written premiums to $7.4 billion, and a large increase in losses incurred to $6.4 billion for 2010. The report, from the Arizona...
State Farm Profit Took Hit in Stormy 2011
Mar 1 2012 // State Farm lost $4.5 billion on its property/casualty underwriting in 2011 – which is $1.3 billion more than it lost in 2010. The Bloomington, Illinois-based mutual insurer cited catastrophe claims as the main reason for...
Companion P&C Names Rhodes Chief Operating Officer
Mar 1 2012 // Companion Property & Casualty Insurance Group of Columbia, S.C., has named Robert C. Rhodes vice president and chief operating officer. Rhodes will be responsible for claims operations, third-party administrative...
Low-Cost Online Commercial Lines Quoting Tool for P/C Agents Launched
Feb 29 2012 // The launch of a real-time commercial lines rater that gives agents access to a handful of large carriers was announced today by a division of Networked Insurance Agents. MyNTrack, a division of Grass Valley, Calif.-based...
Insurance Highlights from Buffett’s 2011 Letter to Berkshire Shareholders
Feb 27 2012 // Warren E. Buffett thinks that among large insurance operations, those owned by his Berkshire Hathaway are the “best in the world.” Buffett is chairman of the board of Berkshire Hathaway, which owns Berkshire...
Allianz Posts $3.73 Bn Net Income; Hit by Cat Claims, Sovereign Debt, Banks
Feb 24 2012 // Catastrophe claims and write downs on investments in sovereign bonds and banks were behind the profit fall revealed by Allianz, Europe’s biggest insurance group. On Thursday it reported net income of €2.804 billion...
Ironshore Opens P/C Production Center in Boston for Wholesale Market
Feb 24 2012 // Ironshore Inc. has opened a property/casualty production center in Boston dedicated to the insurance wholesale market, the company said. The new center will focus on serving the East Coast, including New England, New York,...
P/C Insurers Face Obstacles on Road to Hard Market
Feb 24 2012 // With interest rates low and looking like they will stay low for some time to come, property/casualty insurance companies will have to focus on making their profit on underwriting rather than on investments. However, P/C...
Swiss Re Reports $2.6 Billion 2011 Net Income Despite Nat Cats
Feb 23 2012 // Swiss Re reported net income of $2.6 billion for the full-year 2011, despite what it described as “an exceptional natural catastrophe burden” – a strong performance compared to the $863 million reported for...
Atypical P/C Executive: Chartis CEO Hancock on Fear, Regulation, Science and More
Feb 22 2012 // The keynote speaker told the professional liability insurance underwriters that regulation is not the enemy of business growth, the plaintiffs’ bar is their ally, deleveraging of financial institutions is a good...
Hartford’s Biggest Stakeholder Wants to Split Up the Firm
Feb 20 2012 // The Hartford Financial Services Group’s biggest stakeholder is not happy with its stock price and wants The Hartford CEO Liam McGee to do “something drastic,” including splitting up the company’s...
Q4 Reports: Earnings Continue to Disappoint
Feb 20 2012 // The Hartford Q4 Profit Down 79% Hartford Financial Services Group reported $127 million for its 2011 fourth-quarter net income, down 79 percent from one year ago. Results were dragged down by higher net capital losses and...
Southeast Business Moves
Feb 20 2012 // BB&T Corp, Crump North Carolina-based BB&T Corp. is buying the property/casualty and life insurance units of Roseland, N.J.- based insurance wholesaler Crump Group. BB&T said it will pay $570 million in cash...
People
Feb 20 2012 // Woodland Hills, Calif.-based Poms & Associates Insurance Brokers Inc. has named Robert Mahl senior vice president of its property/casualty group in the firm’s Woodland Hills office. Mahl was previously vice...
Penn.-based Keystone Insurers Group Announces Promotion
Feb 17 2012 // Keystone Insurers Group, a franchisor of insurance agencies headquartered in Northumberland, Penn., promoted industry veteran Barbara Kressler to vice president of its risk solutions division. Barbara Kressler In her new...
P/C Industry Disputes Consumer Group’s Claims It’s Avoiding Risk
Feb 17 2012 // Traditionally risk-takers, property/casualty insurance companies have become more like risk-avoiders when it comes to weather-related claims, leaving consumers and taxpayers to pay much higher costs, according to a new...
Paulson Steps Up Pressure, Urges Hartford Board to Spin Off P/C Biz
Feb 15 2012 // Hedge fund manager John Paulson — who currently holds a 8.4 percent stake in The Hartford — filed a letter yesterday to the board of The Hartford with the Securities and Exchange Commission. In the letter, the...
Reagan Survey: Organic Growth and Profitability Continues to Improve for Privately-held Insurance Agencies and Brokerages
Feb 14 2012 // Atlanta, GA, 02/12/12 – Reagan Consulting released its 2011 year-end Organic Growth and Profitability Survey (OGP Survey) results today. The OGP Survey, now in its fourth year, is a real-time indicator of quarterly...
The Hartford’s Biggest Stakeholder Wants to Split Up the Firm
Feb 13 2012 // The Hartford Financial Services Group’s biggest stakeholder is not happy with its stock price and wants The Hartford CEO Liam McGee to do “something drastic,” including splitting up the company’s...
