Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
S&P: Outlook Negative on 9 Japanese P/C Insurers; Ratings Affirmed
Mar 25 2011 // Standard & Poor’s Ratings Services has conducted a detailed analysis of 15 Japanese P/C insurers, and has made several adjustments in its ratings following the earthquake and tsunami, which hit the country on...
U.S. P/C Insurers’ Results for 2010 Get ‘Mixed Review’ from A.M. Best
Mar 24 2011 // The U.S. property/casualty insurance industry’s financial results for 2010 represented a mixed bag, with some good results and some that are of concern, according to a leading rating organization. A.M. Best Co....
People
Mar 21 2011 // Baldwin & Lyons Inc., headquartered in Indianapolis, promoted Mark Bonini to executive vice president of sales, marketing and underwriting; Jim Isham to senior vice president of administration; and Craig Morfas to...
XL Insurance Promotes Bruce-Smythe to CUO – Int’l. P/C
Mar 17 2011 // XL Insurance, the global insurance operations of the XL Group, has promoted Gavin Bruce-Smythe to Chief Underwriting Officer (CUO) for its International Property & Casualty business. He previously served as Chief...
Analysts Describe Quake/Tsunami Impact on Japan’s P/C Insurers as ‘Limited’
Mar 14 2011 // A decline in shares of Japanese non-life insurers including MS&AD Insurance Group [Mitsui Sumitomo] is expected to be temporary as the impact on their earnings of the earthquake and tsunami in northeast Japan should be...
RCM&D Buys TRION’s Commercial P&C Division
Mar 10 2011 // Baltimore-based Insurance broker RCM&D acquired the commercial property and casualty insurance division of Philadelphia-based TRION Inc. and has opened a Philadelphia regional office to serve clients throughout...
Heritage Insurance Is First Keystone Agency in Tennessee
Mar 9 2011 // Heritage Insurance Group of Johnson City has become Keystone Insurers Group’s first agency partner in Tennessee. Heritage sells property/casualty, life and health insurance. It has 18 employees in its home office and...
Best Affirms CNA and Subs Ratings
Mar 3 2011 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of CNA Insurance Companies and its P/C members, as well as the ICR of...
State Farm Posts $1.8 Billion Net Income for 2010 Despite Underwriting Losses
Mar 3 2011 // State Farm reported $1.8 billion in after-tax net income in 2010, compared with $800 million in 2009. The improvement “was driven by the P-C companies’ improved results,” said the bulletin, which also...
Best Comments on Impact of Christchurch Earthquake on New Zealand P/C Insurers
Mar 3 2011 // A.M. Best’s London office announced that it “has begun to assess the financial impact of the Feb. 22, 2011 Christchurch earthquake on New Zealand’s non-life insurance industry, and it expects capital...
Tokio Millennium Re Receives Authorization for Australia
Mar 3 2011 // Bermuda-based Tokio Millennium Re Ltd. (TMR), a subsidiary of Japan’s Tokio Marine & Nichido Fire Insurance Co., Ltd., announced that the Australian Prudential Regulation Authority (APRA) has authorized...
Crump Reaches Standstill Agreement with Former Employee, R-T Specialty
Feb 28 2011 // Dallas-based Crump’s Property & Casualty Insurance Services Division (Crump P&C), which is part of insurance wholesaler Crump Group Inc., announced that it has reached a standstill agreement with a former...
Chartis 4Q Loss Tied to Reserve Strengthening
Feb 25 2011 // American International Group Inc. reported net income of $11.2 billion for the quarter ended Dec. 31, 2010, and $7.8 billion for the full year 2010. Included in the 2010 fourth quarter results is a previously announced...
Capitol Insurance Companies Promote Three
Feb 24 2011 // Middleton, Wis.-based Capitol Insurance Companies has announced three promotions. Kevin A. Klestinski has been named vice president of property and casualty underwriting, Richard F. Boettner has been promoted to director...
Wisconsin’s Capitol Insurance Promotes 3
Feb 24 2011 // Capitol Insurance Cos. of Middleton, Wis., announced that Kevin A. Klestinski has been named vice president of Property & Casualty Underwriting, Richard F. Boettner has been promoted to director of Underwriting –...
Main Street America Group Reports Strong 2010 Results, Eyes Expansion
Feb 23 2011 // Jacksonville, Fla.-based The Main Street America Group reported that its 2010 financial results included 99.2 combined ratio, 9.1 percent net premium growth, a 16.8 percent return on equity and surplus growth of $78...
MJ Insurance Adds Hanson and Shields
Feb 15 2011 // Indianapolis, Ind.-based MJ Insurance, one of the largest privately-held insurance agencies in the U.S., has added Sarah Hanson as claims coordinator and Aaron Shields as a property and casualty producer. Hanson will join...
Louisiana Insurance Department Recovers More than $9.6M in 2010
Feb 14 2011 // Louisiana Insurance Commissioner Jim Donelon announced that the Louisiana Department of Insurance (LDI) aided Louisiana insurance consumers in receiving more than $9.6 million in insurance payments from consumer complaints...
Best Issues Ratings Announcements on Fairfax Subsidiaries
Feb 11 2011 // A.M. Best has issued a series of ratings announcements relating to Canada’s Fairfax Financial Holdings and its subsidiaries. The bulletins are as follows: A.M. Best Co. has removed from under review with negative...
People
Feb 10 2011 // Cincinnati, Ohio-based Great American Insurance Group’s Property and Inland Marine Division has promoted two insurance executives: Grace Thomas and Cecil Wilson. Thomas was promoted to divisional senior vice...
