Latest Property Casualty Headlines

CNA Sees Q4 Net Loss of $217M

Feb 16 2006 // CNA Financial Corporation reported fourth quarter of 2005 results, which included the following items: * Net loss for the fourth quarter of 2005 of $217 million as compared with net income of $303 million for the same...

S&P Sees Growth in Spain

Feb 15 2006 // In a recent report- “Insurance Industry Risk Analysis: Spain (Kingdom of)” – Standard & Poor’s predicted further growth in the Spanish economy and indicated that the “current relatively...

Pinkes to Lead The Hartford’s P/C Run-Off Operations

Feb 14 2006 // The Hartford Financial Services Group Inc. reported that Andrew Pinkes has been named president of Heritage Holdings Inc., a unit which oversees the company’s property and casualty run-off operations. Pinkes, who is...

Aon’s Agency Specialty Product Network Forms LifeSource Alliance

Feb 14 2006 // Agency Specialty Product Network has joined with LifeSource – a BISYS Company to provide independent property and casualty agents and brokers a “virtual” life insurance department to enhance sales,...

A.M. Best: P/C Industry Reports Underwriting Loss

Feb 14 2006 // Driven by the largest natural catastrophe in U.S. history, Hurricane Katrina, the U.S. property/casualty industry’s underwriting loss was $2.8 billion for the first nine months of 2005, reversing the $3.4 billion...

Max Re Posts $11.4 Million Q4 Loss; $6.7 Million 2005 Profit

Feb 13 2006 // Bermuda-based reinsurer Max Re Capital Ltd. reported a net loss for the three months ended December 31, 2005 of $11.4 million, or 20 cents per diluted share, compared to net income of $87.1 million, or $1.82 per diluted...

Mission Insurance Estate Liquidated, Claimants To Receive $530 Million

Feb 9 2006 // California’s Conservation and Liquidation Office (CLO) will distribute $530 million to policyholders and claimants from the liquidated estate of the Mission Insurance Companies, California Insurance Commissioner John...

Best Report: What Price is Right? Who Will Blink First? Asks Industry

Feb 9 2006 // Those new to property and casualty insurance are reportedly first struck by the cyclical nature of the industry. Generally, extended periods of soft pricing are followed by much shorter periods of hard pricing. After three...

Crawford & Co. Reports Fourth Quarter 2005 Results; ‘Cautious’ About 2006

Feb 6 2006 // Atlanta-based Crawford & Company has announced its financial results for the fourth quarter ended December 31, 2005. Fourth quarter 2005 revenues before reimbursements totaled $216.9 million compared with $205.8...

Insurance company taxes, investments grow Golden State’s economy

Feb 6 2006 // Insurers are cultivating California’s economy. In fact, the insurance industry benefits “the economic security of California and its citizens through claims and benefits paid to policyholders; investments in...

Who is worth what?

Feb 6 2006 // Last year was not a big year for raises in independent insurance agencies as salaries in many agencies across the county stayed right where they were in 2004. Producer commission rates stayed the same also. More than 1,000...

Feb 5 2006 // People United America Indemnity Ltd.’s board of directors has selected Joseph F. Morris as its president. The company will also consolidate its two U.S. insurance subsidiaries, United National Group and Penn-America...

California Insurance Industry

Feb 5 2006 // I nsurers are cultivating California’s economy. In fact, the insurance industry benefits “the economic security of California and its citizens through claims and benefits paid to policyholders; investments in...

2005 delivers mixed bag for property/casualty brokers

Feb 5 2006 // Stock Prices: In terms of stock prices for property and casualty brokers, the year was mixed. With its stock up 54 percent, Aon experienced a remarkable year. However, Marsh and McLennan’s woes continued as its stock...

Compensation overall

Feb 5 2006 // Last year was not a big year for raises in independent insurance agencies as salaries in many agencies across the county stayed right where they were in 2004. Producer commission rates stayed the same also. More than 1,000...

Tillinghast Notes New Appointments

Feb 1 2006 // The Tillinghast business of Towers Perrin has appointed Duncan Briggs as region manager for the Americas and Jeanne Hollister as property/casualty insurance practice leader for North America. Both Briggs and Hollister have...

Generali in Joint P/C Venture with China National Petroleum

Feb 1 2006 // Italy’s Assicurazioni Generali announced that it has received the go-ahead from the China Insurance Regulatory Commission (CIRC), to set up a joint venture to operate in the non-life sector with its partner, China...

Higginbotham & Associates Adds P/C Broker in Dallas Office

Jan 31 2006 // Fort Worth-based Higginbotham & Associates named recent college graduate Drew Robinson an account executive in its Dallas office. Robinson is a December 2005 graduate of Ouachita Baptist University, Arkadelphia, Ark.,...

Nevada Commissioner Appoints King Captive Manager

Jan 27 2006 // Nevada Commissioner of Insurance Alice A. Molasky-Arman has appointed Cliff King as Nevada’s chief administrator of captive programs. “Cliff is a natural match for this position, because he has been...

The Hartford Sees Q4 2005 Net Income of $474 Million

Jan 26 2006 // The Hartford Financial Services Group Inc. reported fourth quarter 2005 net income of $474 million, or $1.53 per diluted share. The company’s net income reached $2.3 billion for the year, a new record for the...