Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Analysts Warn of Effects of Hurricane Laura Losses on P/C Insurers
Aug 27 2020 // Ratings analysts A.M. Best and Moody’s are expecting property/casualty insurers and reinsurers to suffer meaningful losses from Hurricane Laura. A.M. Best expects losses from Hurricane Laura to place added stress on...
P/C Insurance First-Half Underwriting, Net Income Drops Tied to COVID
Aug 27 2020 // U.S. property/casualty insurance underwriting income dropped 5.5 percent in the first half of 2020 versus the same period last year. Higher underwriting expenses and policyholder dividends largely connected to COVID-19...
Natural Catastrophe Claims Cost Insurers More Than Coronavirus in First Half: Fitch
Aug 26 2020 // COVID-19-related claims were not the biggest driver of the North American property/casualty insurance industry’s overall combined ratio during the first six months of 2020. Natural catastrophes cost insurers more,...
Universal Property Insurance Expands into Tennessee
Aug 25 2020 // The wholly-owned subsidiary of Universal Insurance Holdings, Inc.’s Universal Property & Casualty Insurance Co. (Universal Property), has received a certificate of authority in Tennessee, approving Universal...
Marco Capital Targets Europe’s P/C Insurance Run-Off Market
Aug 24 2020 // Newly-launched Marco Capital Holdings Limited plans to pursue property/casualty insurance run-off opportunities in Continental Europe, the UK and Lloyd’s of London. Marco enters the European run-off arena with...
Credit Rating of Southern Pioneer Property and Casualty Insurance Upgraded
Aug 19 2020 // The Long-Term Issuer Credit Rating (Long-Term ICR) of Southern Pioneer Property and Casualty Insurance Co.(Southern Pioneer) in Jonesboro, Arkansas, has been upgraded by AM Best to “bbb+” from...
Swiss Re Builds Risk Scoring System, Aiming to Reward Safe Cars with Lower Premiums
Aug 14 2020 // A car owner should be able to pay lower insurance premiums for driving a car with safety features, such as automated braking that stops the car when the driver is distracted or lane keep assist systems that help prevent a...
Not Every Insurtech Is a Startup: How Swiss Re Delivers Tech Solutions
Aug 14 2020 // It’s not just insurtech startups that have an edge on innovation. Some established reinsurers have developed their own analytics and technology divisions that offer a variety of insurtech-type solutions for...
P/C Insurance Software Firm Duck Creek Hikes IPO Price Range
Aug 13 2020 // Duck Creek Technologies Inc., a software company that serves the property and casualty insurance market, on Wednesday raised the price range for its initial public offering (IPO) and expects to raise about $375...
Texas to Add New Fee to Insurance Form Filings Starting in September
Aug 11 2020 // There will be an additional $20.50 fee on insurance form filings beginning Sept. 1 in Texas, the state insurance department has reported. The Texas Department of Insurance said fee will support a technology project that...
Chubb Names Lupica President, North America; Krump Vice Chair, Global Underwriting, Claims
Aug 10 2020 // Global insurer Chubb announced appointments to two new executive positions. Chubb has named John Lupica as president of North America Insurance, the company’s largest division. Lupica is currently vice chairman,...
Berkshire Insurance Units Hold Their Own While Pandemic Slams Other Buffett Firms
Aug 10 2020 // Berkshire Hathaway Inc. had a tough second quarter with the pandemic taking a toll on most of its operating businesses including Precision Castparts aircraft parts, the BNSF railroad, Occidental Petroleum Corp., Kraft...
Insurance Agents Think They Offer Value. But Some Customers Have a Different View.
Aug 7 2020 // Business owners and consumers are rethinking their finances and insurance needs due to the current economic uncertainty. However, new research suggests insurance customers and their agents are not always on the same page;...
CNA Reports Q2 Profit Despite COVID-19, Weather, Civil Unrest Losses
Aug 6 2020 // CNA Financial Corp. saw its 2020 second quarter net income sliced almost by half compared to the previous year due to “considerable catastrophe losses” from COVID-19, civil unrest and weather-related...
AIG’s Zaffino Sees COVID-19 Creating Beneficial ‘Flight to Quality’
Aug 6 2020 // AIG President and Chief Operating Officer Peter Zaffino said that the insurer has seen accelerated rate improvements and other gains as clients react to the ongoing COVID-19 pandemic. “We believe that COVID has...
Sampo Group and S. African Investor to Acquire UK Insurer Hastings for $2.2B in Cash
Aug 5 2020 // UK insurer Hasting Group Holdings has agreed to a £1.66 billion (US$2.2 billion) cash acquisition by Finnish insurer Sampo and Rand Merchant Investment Holdings Ltd., a South African financial services investment...
NFP Acquires New York’s Rose & Kiernan
Aug 3 2020 // NFP, an insurance broker and consultant that provides property and casualty, corporate benefits, retirement and individual solutions, has acquired Rose & Kiernan Inc. in a transaction that closed effective August 1,...
COVID-19 Costs Push Chubb to $331M Loss in Q2
Jul 29 2020 // The coronavirus pandemic has forced global insurer Chubb’s net income to plunge, and in the second quarter, fall to a sizable loss. Chubb lost $331 million compared to net income of more than $1.1 billion during the...
Oregon Extends Emergency Orders for Most Common Lines of Insurance
Jul 23 2020 // The Oregon Department of Consumer and Business Services’ Division of Financial Regulation extended its emergency orders for property/casualty, long-term care and life and disability insurance. The department made a...
Swiss Re Appoints Pasricha as Global Head P&C Solutions, Succeeding Schuh
Jul 23 2020 // Swiss Re announced that Pranav Pasricha, currently CEO of Intellect SEEC, has been appointed global head P&C Solutions of Swiss Re’s global Reinsurance Business Unit, effective Aug. 3, 2020. Pasricha succeeds...
