Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
People
Feb 22 2009 // American International Group (AIG) named Peter Eastwood president and CEO of Lexington Insurance Co., a unit of AIG Commercial Insurance. Eastwood assumes management responsibility for Lexington from Kevin H. Kelley, who...
The Relative Calm
Feb 22 2009 // At New York Forum, Industry Insiders Credit Risk Management for Minimizing Recession’s Impact To many, the insurance world seems to operate on its own theory of physics. And to the hundreds of high-powered industry...
Who’s Worth What?
Feb 22 2009 // Agency Salary Survey: Agencies Trim Payrolls and Raises Independent insurance agencies remain reliable employers even in these rocky economic times, but even they have to cut back occasionally. Whether due to efficiencies...
Execs Credit Risk Management for Minimizing Recession’s Impact
Feb 19 2009 // To many, the insurance world seems to operate on its own theory of physics. And to the hundreds of high-powered industry execs who gathered on the third floor of the Waldorf-Astoria in New York earlier this year, there is...
Max Capital Posts $94 Million Q4 Loss; $175 Million FY Loss
Feb 12 2009 // The Bermuda-based Max Capital Group reported a net loss for the three months ended December 31, 2008, of $94.1 million, or $1.67 per diluted share, compared to net income of $62.4 million, or $1.00 per diluted share, for...
Louisiana Returned $6M-plus to P/C Insurance Consumers in 2008
Feb 12 2009 // Louisiana Insurance Commissioner Jim Donelon announced that the Property and Casualty Consumer Affairs Division at the Department of Insurance aided Louisiana insurance consumers in receiving approximately $6,400,000 in...
Assurance Agency in Illinois Promotes Klaras to President
Feb 10 2009 // Assurance Agency, Ltd., based in Schaumburg, Illinois, has promoted Dan Klaras from executive vice president to president. Klaras takes over for Anthony Chimino, who previously held the titles of both president and CEO....
Higginbotham Adds 2 in Austin Office
Feb 10 2009 // Independent insurance and financial services firm Higginbotham & Associates added two brokers to its Austin, Texas, office. Higginbotham named Chris Camero an executive vice president for group benefits and Travis...
New Best Research Report: P/C Profitability Depends on Discipline
Feb 9 2009 // In a newly issued research report – “P/C Industry’s Profits Plunge; Insurers Poised for Turnaround ” – A.M. Best Co. states: “Declining underwriting results and weak investment markets...
People
Feb 8 2009 // Linda Timmons has been promoted to director of communications for the Independent Insurance Agents of Texas (IIAT). In this position, Timmons will manage the organization’s internal and external communications,...
Liberty Mutual Drops Direct Sales to Middle Market Businesses
Feb 8 2009 // Puts Faith in Independent Agents Liberty Mutual Group is throwing in the towel on direct distribution of insurance to middle market businesses. Because it couldn’t beat independent agents and brokers — who...
The Hartford Reports Loss for 2008, ‘Most Challenging’ Year in History
Feb 6 2009 // The Hartford Financial Services Group, Inc. reported a fourth quarter 2008 net loss of $806 million. For full year 2008, The Hartford reported a net loss of $2.7 billion, compared to net income of $2.9 billion in...
The Hanover Group Sees Profits Shrink
Feb 6 2009 // Fourth quarter profits at The Hanover Insurance Group fell 55 percent from $75.8 million a year ago to $34.1 million. Full-year net income dropped nearly 92 percent to $20.6 million, from the $253.1 million the Worcester,...
ACE Q4 Net Income Drops 96% to $20 Million; $1.2 Billion Full Year
Feb 4 2009 // ACE Limited reported net income for the fourth quarter ended December 31, 2008, of $20 million, a 96 percent decline from the $572 million the group posted in the same period of 2007. The company recorded net losses on...
Texas Announces December Insurance Industry Enforcement Actions
Feb 3 2009 // The Texas Department of Insurance announced enforcement actions taken by Commissioner Mike Geeslin that became final during December. The actions include five license revocations, three license denials and fines and...
Fitch Downgrades Allstate Corp. and its Subs; Outlook Remains Negative
Feb 3 2009 // In contrast to A.M. Best and Standard & Poor’s, Fitch Ratings has downgraded the senior debt rating of the Allstate Corporation to ‘BBB+’ from ‘A’, and the financial strength ratings of...
Best Affirms Nationwide Group ‘A+’ Ratings, Changes Outlook to Negative
Jan 29 2009 // A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Nationwide Group and its...
Obama Taps The Hartford’s Wolin for Key Economic Policy Post
Jan 28 2009 // The Hartford Financial Services Group, Inc. today announced that Neal Wolin, president and chief operating officer of the company’s Property and Casualty Operations, has accepted a position in the White House as...
People
Jan 25 2009 // American International Group Inc. (AIG) named Russell Johnston president and CEO of AIG Environmental, a unit of AIG Commercial Insurance. Johnston joined AIG in 1990 serving in senior management positions within...
Liberty Mutual Drops Direct Sales to Middle Market Businesses; Puts Faith in Independent Agents
Jan 22 2009 // Liberty Mutual Group is throwing in the towel on direct distribution of insurance to middle market businesses. Since it couldn’t beat independent agents and brokers — who dominate sales in this segment —...
