Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
S&P Advises Floods Could Lead to Ratings Actions on Midwest-Focused Insurers
Aug 21 2008 // An aerial photo shows a flooded area of downtown looking North over Cedar Rapids, Iowa, June 13, 2008. Interstate I-380 can be seen on the left while Mays Island, with Cedar Rapids City Hall, is seen on the right with its...
U.S. Insurers’ Exposure to Fannie Mae/Freddie Mac Manageable
Aug 18 2008 // The U.S. insurance industry’s exposure to securities issued by Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs) that aid liquidity in the mortgage market, is substantial for a handful of...
S&P: U.S. Commercial Lines Outlook Revised To Negative From Stable
Aug 14 2008 // Standard & Poor’s Ratings Services revised its outlook on the U.S. commercial lines property/casualty insurance sector to negative from stable. Standard & Poor’s credit analyst John Iten explained...
Max Capital Q2 Net Income Drops 20% to $74 Million
Aug 6 2008 // The Bermuda-based Max Capital Group Ltd. reported net income for the three months ended June 30, 2008, of $74.2 million, or $1.26 per fully diluted share, compared to net income of $94.1 million, or $1.45 per fully diluted...
Meadowbrook Insurance, ProCentury Corporation Close Merger
Aug 5 2008 // Meadowbrook Insurance Group, Inc., a specialty property and casualty insurance holding company based in Southfield, Michigan, announced today that the merger of ProCentury Corporation, a Columbus, Ohio-based specialty...
People
Aug 4 2008 // Narragansett Bay Insurance Co. of Pawtucket, Rhode Island has named Mark Talerico chief risk officer. Talerico will oversee Narragansett’s distribution of risk in homeowners insurance, and guide the insurers exposure...
A Philosophy – and Practice – of Sharing
Aug 4 2008 // Shows How Sharing Success With Producers Keeps the Agency and Its Clients Happy Top 100 Agency Profile Ranking: No. 8 Insurance Office of America Headquarters: Longwood, Fla. Year Founded: 1988 Additional Locations: 22...
U.S. P/C Insurers’ Catastrophe Losses for Q2 Double to $6 Billion
Aug 4 2008 // Total of 16 Cats Generate More Than 1.2 Million Claims; Average Claim Nearly $5,000 U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6.025 billion for second quarter property...
Millbrook, Valen Become P/C Insurance Data, Predictive Analytics Partners
Aug 1 2008 // Millbrook Inc., a provider of property/casualty insurance business intelligence and data services, and Valen, predictive analytics experts, have partnered to provide predictive analytics for the property/casualty insurance...
Hanover Insurance Reports Q2 Net Loss with Sale of Life Business
Aug 1 2008 // The Hanover Insurance Group, Inc. in Worcester, Mass. reported a net loss for the second quarter of 2008 of $10.2 million, compared to an income of $59.8 million in the second quarter of the prior year. Net income for the...
ACE Q2 Op. Net up 11% to $738 Million
Jul 30 2008 // ACE Limited reported after tax operating net income for the second quarter ended June 30, 2008, of $738 million, an 11 percent gain. Net income per common share was $2.20 after payment of preferred dividends, compared with...
Premiums, Net Income Decline for Safeco in Q2
Jul 29 2008 // Seattle, Wash.-based Safeco’s net income dropped nearly $37 million in the second-quarter 2008 over the same time period in 2007, the company reported today. For the second-quarter 2008, Safeco posted net income of...
Chubb Q2 Premiums Flat; Cat Losses Adversely Impact Financial Results
Jul 25 2008 // Catastrophe losses in the second quarter adversely impacted financial results for The Chubb Corp., which reported net income in the second quarter of 2008 fell $213 million over the same time period in 2007, or $469...
Lloyd’s to Establish Amlin Illinois Inc. in Chicago
Jul 24 2008 // Amlin, a leading Lloyd’s insurer, plans to open an office in Chicago. Amlin Illinois Inc, will work within the existing Lloyd’s infrastructure, utilizing the Lloyd’s licence in Illinois to write admitted...
Tokio Marine to Acquire Philadelphia Insurance for $4.7 Billion
Jul 23 2008 // Japan’s Tokio Marine Holdings, Inc. reported that it has agreed to acquire all outstanding shares of Philadelphia Consolidated, a U.S. property/casualty insurance company offering specialty commercial property and...
U.S. P/C Insurers’ Catastrophe Losses for Q2 Double to $6 Billion; Average Claim $5K
Jul 21 2008 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6.025 billion for second quarter property losses resulting from a total of 16 catastrophes in 27 states, which is nearly double...
Reynolds Honored with Raymond Mauk Award at Texas P/C Symposium
Jul 18 2008 // Richard “Dick” Reynolds, former chairman and executive director of the Texas Workers’ Compensation Commission, was presented the Raymond Mauk Leadership Award at the Insurance Council of Texas’ 16th...
Shareholders Approve Merger of Meadowbrook Group, ProCentury Corp.
Jul 15 2008 // Meadowbrook Insurance Group, Inc., a specialty property and casualty insurance holding company based in Southfield, Mich., and ProCentury Corporation, a Columbus, Ohio-based specialty property and casualty insurance...
EPIC Opens Los Angeles Office
Jul 14 2008 // In an expansion of its Southern California operations, Edgewood Partners Insurance Center (EPIC), a retail property and casualty and employee benefits insurance brokerage firm, opened a new office in Los Angeles. Chris...
Conning Research: Insurers’ Financials Strong Despite Price Deterioration
Jul 14 2008 // The financial condition of the property/casualty industry is strong; and, it should be able to withstand the current price deterioration, according to a new Property-Casualty Industry Forecast by Conning Research and...
