Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Insurance Agency M&As Jumped 30% in 2021: OPTIS
Feb 7 2022 // There were 1,034 announced insurance agency mergers and acquisitions in 2021, up 30% from 795 reported in 2020, according to agency consultancy OPTIS Partners. Also, the 384 deals during the fourth quarter of 2021 marked a...
Loss Costs Outpace Increase in Premiums for U.S. P/C Industry Through Q3
Feb 7 2022 // Direct-premium production for the U.S. P/C industry through the third quarter 2021 improved as insurers increased rates, but adverse trends in loss costs for many lines of business continue to dampen profitability. Through...
Kemper Eyes Rate Hikes, Agency Cancellations to Regain Footing After Q4 Fall
Feb 3 2022 // Kemper Corp. said it is taking rating and other actions, including canceling some agents, as it seeks to recover from inflation-riddled fourth quarter financial results. Kemper Corp. reported a net loss of $105.8 million...
People Moves: Catalina Appoints ERS’ Parker as CEO; WTW Hires Aon’s Grimwade for D&F Team; BMS Names Former Aon Exec Matheson as Canada Chairman
Feb 3 2022 // This edition of International People Moves details appointments at legacy acquisition specialist Catalina Holdings (Bermuda), Willis Towers Watson (WTW) and BMS Canada. A summary of these new hires follows here. Legacy...
AM Best Assigns Michigan’s Universal & Fire Casualty Excellent Rating
Feb 2 2022 // AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Universal Fire & Casualty Insurance Company, headquartered in Waterford,...
People Moves: Great American P&C Names Thompson President; Philadelphia Insurance Promotes Ricca, Rosencrans, Flowers
Feb 2 2022 // Great American Insurance Group announced that David L. Thompson Jr. has been named president and chief operating officer of Great American’s Property & Casualty Group. Thompson will become the 18th president in...
Chubb Net Income Drops in Q4, More Than Doubles for Year
Feb 2 2022 // Chubb reported fourth quarter 2021 net income of $2.1 billion, a decrease of 11.5% compared to the same period the prior year. Nevertheless, the insurer had what CEO Evan G. Greenberg called “one of the best years in...
Florida Farm Bureau Action Plan Says it Will Stop Writing New HO Policies
Feb 1 2022 // Another Florida property insurer is taking major steps to cut its losses, including suspending the writing of new homeowner policies starting this week – the latest warning sign about the state’s distressed...
Generali to Raise Stake in Indian P/C Insurance Joint Venture to 74%
Jan 27 2022 // Generali has agreed to become the majority shareholder in both its property/casualty and life joint ventures in India. For the P/C business, Generali has agreed to acquire 25% of the shares of Future Generali India...
Weston Companies Merge to Form Cat-Focused P&C Insurer
Jan 26 2022 // Weston companies are one. Company officials recently announced that Florida-based Weston Insurance Co. and Weston Specialty Insurance Co. have merged to form Weston Property & Casualty Insurance Co. The new firm has...
People Moves: Peak Re Appoints Echo Re’s Nowakowski to Lead P/C Underwriting; Gallagher Re Hires EMEA Dir. for Public-Private Initiatives; Pool Re’s Enoizi to Work With Cambridge Centre for Risk Studies
Jan 25 2022 // This edition of International People Moves details appointments at Peak Re, Gallagher Re and the Cambridge Centre for Risk Studies. A summary of these new hires follows here. Peak Re Appoints Echo Re’s Nowakowski as...
Loss Costs Outpace Increase in Premiums for U.S. P/C Industry Through Q3
Jan 25 2022 // Direct-premium production for the U.S. P/C industry through the third quarter 2021 improved as insurers increased rates, but adverse trends in loss costs for many lines of business continue to dampen profitability. Through...
Federal Judge Says RICO Lawsuit vs. United P&C Must be Revised
Jan 24 2022 // A federal judge in Tampa has ordered a roofing contractor to revise its lawsuit complaint, which alleges racketeering law violations against United Property & Casualty Co., after the original complaint failed to meet...
Florida Lawsuit Charges United P&C With RICO Violations in Widespread Claims Denials
Jan 24 2022 // In the war between restoration companies and insurers in Florida, contractors suing carriers in assignment-of-benefits claims is nothing new. And insurers have long argued that some construction firms are colluding with...
Florida Lawsuit Charges United P&C With RICO Violations in Widespread Claims Denials
Jan 14 2022 // In the ongoing war between restoration companies and insurers in Florida, contractors suing carriers in assignment-of-benefits claims is nothing new. And insurers have long argued that some construction firms are colluding...
Despite Slow Going, P/C Insurers Still Love Advanced Analytics. Except Maybe Telematics.
Dec 28 2021 // Although property/casualty insurance carrier executives and technical professionals remain bullish on the prospect that advanced analytics can enhance growth and bottom-line performance, implementation progress has been...
People Moves: Chubb Changes Commercial P/C Leadership; BHSI Promotes Meyer in Life Sciences; AIG Adds Hunter to ESG; J.D. Power Hires Ellingsworth
Dec 20 2021 // Chubb Bolsters Leadership in its North America Commercial P/C Businesses Chubb has changed the leadership in its North America commercial property and casualty businesses with two new appointments, strengthening its...
Heading Into 2022, P/C Insurers Face ‘Massive’ Political Risks, Economic Uncertainty
Dec 20 2021 // Property/casualty insurers head into 2022 facing “massive” political risks, an expert with the Insurance Information Institute said on Dec. 2. Economic uncertainty will also continue despite recovery...
The View for 2022: P/C Insurance Predictions and Trends
Dec 20 2021 // It’s tough to make predictions, especially about the future. — Yogi Berra, Major League Baseball player and humorist Even before 2021’s final results were in the books, the forecasters were looking ahead...
Other Services Beat P/C Insurers in Providing Digital Customer Experience: J.D. Power
Dec 10 2021 // The property/casualty insurance industry is falling behind financial services and utilities providers when it comes to the digital customer experience. Throughout 2021, just 40 percent of claimants interacted with an...
