Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Liberty Mutual to Open China Office
Nov 24 2003 // Liberty Mutual will open an office in the southwestern city of Chonquing in December, marking the company’s entry into the Chinese P/C market. Liberty had received the go ahead from the China Insurance Regulatory...
ACORD Details 2004 Awards Program
Nov 21 2003 // The ACORD Awards will be given out at the ACORD LOMA Insurance Systems Forum, May 23-25, 2004 in Las Vegas, and the Awards will reportedly focus on outstanding achievements for implementations that highlight business...
IDP Unveils New Web Site
Nov 21 2003 // Pennsylvania-based IDP has redesigned its Web site (www.idpnet.com) for easier navigation and quicker access to more information on its line of P/C insurance technology products and services. The site has an expanded front...
U.S. P/C Industry’s Profitability Continues Downward Slide Despite Recent Premium Growth
Nov 19 2003 // Despite reported significant premium growth since 1998, the U.S. property/casualty industry’s profitability continues its long downward trend, an industry leader said Tuesday. Speaking at the annual meeting of the...
P/C Reserving Issues
Nov 17 2003 // Loss and loss adjustment expense reserves are one of the more important factors utilized to scrutinize property and casualty insurance financial statements. A review of the June 30, 2003 quarterly statements of 2,569...
Fitch Reports P/C Insurers’ Credit Exposure from Reinsurance Increases; Disputes Grow but Stay Small Relative to Surplus
Nov 14 2003 // U.S.-based insurers’ reinsurance credit exposures have increased significantly during a period in which the credit quality of the reinsurance industry has deteriorated, according to a new research report published by...
BISYS Acquires Fla.-Based USA Group
Nov 11 2003 // BISYS, a provider of business process outsourcing solutions for the financial services sector, announced its acquisition of Florida-based USA Insurance Group, a managing general agency (MGA) serving the commercial property...
The Hartford Reports Q3 Net Income of $343 Million
Nov 6 2003 // The Hartford Financial Services Group, Inc. reported net income per diluted share of $1.20 for the third quarter of 2003, up from $1.06 per diluted share in the third quarter of 2002. Net income increased 29 percent to...
EMC Posts Record 3Q Growth
Nov 6 2003 // Des Moines, Iowa-based carrier EMC Insurance Group Inc. reported operating income of 49 cents per share for the third quarter ended Sept. 30, 2003, compared to 46 cents per share for the third quarter of 2002. Operating...
Zurich to Sell Philippine P/C and Life Business
Nov 4 2003 // Zurich Financial Services Group announced that it has signed an agreement for the sale of its wholly owned Non-life subsidiary in the Philippines, Zurich General Insurance Philippines, Inc., to Standard Insurance Company,...
Max Re Reports $38.8 Million Q3 Net
Nov 4 2003 // Bermuda’s Max Re Capital Ltd. reported net income for the three months ended September 30, 2003 of $38.8 million, or $0.89 per diluted share, compared to a net loss of $14.3 million, or $0.37 per diluted share, for...
Corporate Governance, Asbestos Included Topics at 15th Annual P/C Executive Conference
Nov 3 2003 // Corporate governance, the future of asbestos legislation, and building capital strength will be among the topics discussed this month at the 2003 annual Property/Casualty Executive Conference, as announced by conference...
AscendantOne, RebusIS to Deliver Comprehensive Processing Solution
Nov 3 2003 // The AscendantOne® unit of Insurance Services Office, Inc. (ISO) and RebusIS announced an alliance to integrate AscendantOne’s rate-management system with Genius, RebusIS’s web-based property/casualty policy...
AFG’s 3Q Earnings Down 14% From Year Earlier
Nov 3 2003 // Cincinnati-based insurer American Financial Group (AFG) reported net earnings for the 2003 third quarter of $41.6 million, or 59 cents per share. These results include an after-tax charge of $23.1 million, or 33 cents per...
MarketScout Chairman Sees Softening of the Market
Nov 3 2003 // Is the cyclical hard market taking a turn for the soft? According to one expert, that is just what appears to be happening. “The property and casualty insurance market is softening,” Richard Kerr, chairman and...
Best Downgrades Hannover Re, HDI
Oct 31 2003 // A.M. Best Co. announced that it has downgraded the financial strength rating of Hannover Rueckversicherung AG (Hannover Re) and its core subsidiaries to A (excellent) from A+ (superior). It also downgraded the financial...
CSC Licenses Its Exceed P/C Software to The Hartford
Oct 29 2003 // Computer Sciences Corporation announced that The Hartford Financial Services Group has signed a multi-year license for CSC’s Exceed, a comprehensive software system for the property and casualty industry. Under the...
Zenith Announces Third Quarter Results
Oct 29 2003 // Woodland Hills, Calif.-based Zenith National Insurance Corp. reported net income of $16.1 million, or $0.85 per share, for the third quarter of 2003 compared to net income of $8.7 million, or $0.46 per share, for the third...
ACE Reports Strong Q3 Gains; Net Operating Income$304 Million
Oct 29 2003 // Bermuda’s ACE Limited reported a very good third quarter, with net operating income, which excludes gains/losses on investments, rising 105 percent to a record $304 million, or $1.04 per share, compared with $148...
Chubb Reports Q3 Net Income of $259.8 Million; Premiums Jump 23%, Combined Ratio is 96.6%
Oct 28 2003 // The Chubb Corporation reported that net income in the third quarter of 2003 was $259.8 million or $1.37 per share, compared to a net loss of $242.1 million ($1.42 per share) in the third quarter of 2002. Operating income,...
