Latest Property Casualty Headlines

AmTrust Agrees to Acquire Unitrin’s Business Insurance Unit

Dec 10 2007 // Unitrin, Inc. reports it has worked out an agreement to sell its Unitrin Business Insurance unit to AmTrust Financial Services, Inc. in a cash transaction. Terms were not disclosed. Unitrin had previously announced in...

BMS Group Acquires Property/Casualty Team in Minn.

Dec 6 2007 // Global reinsurer BMS announced today that it has acquired a P/C brokerage team based in Minneapolis. The nine member team is led by senior brokers Jim Brost and Mike Joyce. “The acquisition of this team boosts our...

Banks in Insurance Advance Despite Soft Market, Study Reports

Dec 4 2007 // Despite a soft property and casualty (P/C) insurance market, the top 100 banks in insurance made substantial gains in the past year, says a new report distributed by the Bank Insurance & Securities Association The...

Fla. Insurance Regulator Names New Property And Casualty Director

Dec 4 2007 // Florida Insurance Commissioner Kevin McCarty promoted Robin Westcott to director of property and casualty financial oversight with the Office of Insurance Regulation effective Nov. 28. Westcott will report to Deputy...

Watson Wyatt: Property/Casualty Insurance Market to Remain Soft in 2008

Dec 2 2007 // The market for property and casualty insurance will stay soft in 2008, as premiums are expected to either decline or remain flat, according to actuarial and risk management experts at global consulting firm, Watson Wyatt...

Guaranty Fund System Continues to Deliver

Dec 2 2007 // Funds fulfill statutory promise to protect policyholders At the heart of every property and casualty insurance contract lies a promise to soften the blow of misfortune. But what happens when an insurance company becomes...

Legislators Adopt Model Law to Strengthen State Guaranty Funds

Nov 21 2007 // A new model law adopted by the National Conference of Insurance Legislators (NCOIL) will create a stronger safety net for property/casualty guaranty funds nationwide. According to legislators, the Post-Assessment Property...

Nov 18 2007 // People Lockton Companies LLC appointed Frank Scardino as president of the company’s Dallas property and casualty operation. In his new position, Scardino is responsible for setting the vision and long-term strategies...

New Players Enter the E&O Market … But Some Agents May Not See Rates Decline

Nov 18 2007 // Despite a rosier outlook in the agents’ errors and omissions (E&O) insurance market compared with years past, many insurance agents still faced rate increases in their E&O coverage in 2007 and anticipate...

Locked Into the Customer

Nov 18 2007 // The force behind Lockton’s phenomenal organic growth Insurance Journal is pleased to launch a new series of profiles of privately-held property/casualty independent insurance agencies that qualify for the annual...

Watson Wyatt: P/C Market to Remain Soft in 2008

Nov 16 2007 // The market for property and casualty insurance will stay soft in 2008, as premiums are expected to either decline or remain flat, according to actuarial and risk management experts at global consulting firm, Watson Wyatt...

Agency Ideas Newsletter Introduces New Sales Web Site for Agents

Nov 12 2007 // Cary, N.C.-based Agency Ideas, the publisher of Agency Ideas Newsletter, an independent subscription-only sales and marketing newsletter for property/casualty agents, has introduced ProducerIdeas.com, a membership-only Web...

Max Capital Group Q3 Net up 250% to $66.8 Million

Nov 7 2007 // The Bermuda-based Max Capital Group Ltd. reported net income for the three months ended September 30, 2007, of $66.8 million, or $1.05 per diluted share, compared to net income of $26.5 million, or $0.42 per diluted share,...

CNA Gives Restructuring Details

Nov 7 2007 // CNA Financial Corporation has given further details to its recently announced restructuring program for its Property & Casualty Operations. The Chicago-based insurer said it aims to create a “more streamlined,...

Swiss Re Q3 Net Off 5% to $1.28 Billion in ‘Turbulent Quarter’

Nov 6 2007 // Swiss Re’s third quarter earnings report revealed a five percent drop in net income to CHF 1.469 billion ($1.28 billion) compared to CHF 1.55 billion ($1.35 billion) in the third quarter of 2006. The results actually...

Commercial insurers stock prices, M&A activity flat in third-quarter 2007

Nov 4 2007 // Stock Prices: Commercial property/casualty insurer stocks have been relatively flat through the third quarter of 2007. Chubb Corp. (NYSE:CB) had the largest gains for the year, up a modest 3 percent. M&A Activity: The...

Scardino to Head Lockton Dallas

Nov 1 2007 // Lockton Companies LLC has named Frank Scardino as president of the company’s Dallas property and casualty operation. In his new position, Scardino is responsible for setting the vision and long-term strategies for...

Texas Sept. Enforcements Result in Nearly $376K in Fines, Restitution

Oct 30 2007 // Enforcement actions taken by Texas Insurance Commissioner Mike Geeslin that became final during September 2007 include 12 license revocations, three license denials and fines and restitution totaling $375,983, the Texas...

Trans Cal Promotes Two in Commercial Transportation and P/C Divisions

Oct 29 2007 // Managing general agent and surplus line boker Trans Cal Associates announced the expansion of it underwriting staff. Sarah Lemons was promoted to commercial lines underwriter in Trans Cal’s Commercial Transportation...

People

Oct 27 2007 // Kyle Stevens was elected the new president and chief executive officer of Western Security Surplus Insurance Brokers, a wholesale broker and managing general agency with offices in California and Texas. Stevens has served...