Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
WEISS RATINGS REPORTS P&C LOSSES
Jul 22 2002 // The nation’s property and casualty insurers reported a $9 billion loss in 2001, compared to a $27 billion profit in 2000, according to research by Weiss Ratings Inc. By year-end, claims surged to a record $381...
SAFECO Ratings Affirmed
Jul 19 2002 // Standard & Poor’s has assigned its preliminary triple-‘B’-plus senior debt, triple-‘B’ subordinated debt, and triple-‘B’-minus preferred stock ratings to Seattle- based SAFECO...
FINEOS Releases New Claims Management System for P/C Sector
Jul 19 2002 // FINEOS Corporation of Dublin, Ireland, has released FINEOS Claims Management for the property/casualty insurance sector. The system provides insurance companies with a central application for effectively managing personal...
Combined Specialty Group Makes Appointments to P&C Staff
Jul 16 2002 // Aon Corporation made several appointments to the Property and Casualty Group of Combined Specialty Group, Inc. John Intondi, 50, has been appointed senior vice president, Claims and will be responsible for all claims...
Groupama to Purchase Aviva’s Spanish P/C Unit for
Jul 12 2002 // France’s Groupama will acquire Plus Ultra Generales, Aviva’s ( ex-CGNU’s) Spanish p/c operation for €246 million ($240 million). The acquisition gives the French mutual insurer a 1.4 percent share of...
Fitch Updates GE Global Holding Corp.
Jul 12 2002 // Fitch Ratings has downgraded and removed from Rating Watch Negative the long-term issuer and senior debt rating of GE Global Insurance Holding Corporation (GE Global) to ‘A+’ from ‘AA’. Fitch has...
Travelers P&C Launches Advanced Technology Program
Jul 11 2002 // Travelers Property Casualty has launched its Advanced Technology Program, comprised of insurance coverages specifically designed to address the increasing demand by high-tech manufacturing, communications, software and...
Farm Bureau Mutual to Merge with Kan., Neb. Farm Bureau Affiliated P&C Insurers
Jul 9 2002 // Farm Bureau Mutual Insurance Company announced that the Farm Bureau property-casualty affiliates in Kansas (Farm Bureau Mutual Insurance Company, Inc.) and Nebraska (Farm Bureau Insurance Company of Nebraska) will merge...
After the Mold Rush: Montemayor Looks at Future of Texas Markets
Jul 8 2002 // Considering Texas has one of the most difficult insurance markets in the country right now, Insurance Commissioner Jose Montemayor comes across not at all as one might expect—an embattled public official scrambling to...
Fla. Commissioner Appoints Board of Governors for Citizens P&C Corporation
Jul 2 2002 // Florida Treasurer and Insurance Commissioner Tom Gallagher announced the appointment of seven individuals who will serve as the Board of Governors for Citizens Property Insurance Corporation (Citizens). Citizens will serve...
Yasuda/Nissan Merger Creates Japan’s 2nd Largest P/C Insurer
Jul 1 2002 // Yasuda Fire & Marine Insurance Co. and Nissan Fire & Marine Insurance Co. have completed their merger, creating Sompo Japan Insurance Inc.the country’s second largest p/c insurer after Millea Holdings Inc.,...
Kemper Ins. Co. Names John Mahoney President of KEMPES
Jun 28 2002 // Scottsdale, Ariz.-based Kemper Insurance Company made several recent appointments. John Mahoney was named president of KEMPES, a unit that underwrites specialty program business. Mahoney joined KEMPES in 1999 to lead the...
P/C Industry’s 1stQ Net Income Falls 7.3 Percent
Jun 27 2002 // The U.S. property/casualty industry’s net income after taxes dropped 7.3 percent to $5.1 billion in first-quarter 2002 from $5.5 billion in first-quarter 2001, according to just released information from Insurance...
Five P&C Insurers License CSC Systems
Jun 26 2002 // California-based Computer Sciences Corporation has put together five new licensing agreements with property and casualty insurers seeking to increase efficiency through packaged application software. The insurers include...
Debt Ratings Assigned for American Financial Group
Jun 25 2002 // A.M. Best Co. assigned initial debt ratings to the existing debt of Cincinnati-Ohio-based American Financial Group Inc. Included is the assignment of a “bbb” to American Financial Group Inc.’s senior...
China Opening Doors to Insurance Contacts
Jun 24 2002 // Some recent events indicate that the Chinese insurance market is becoming more open to foreign insurers. U.S. and Chinese regulators recently concluded an agreement to begin sharing information; AIG opened an office in the...
RiskFocus
Jun 24 2002 // AscendantOne Inc. of Nashua, N.H., unveiled RiskFocus, an underwriting/rules engine facilitating automated underwriting and real time risk decision support across all personal and commercial lines of property &...
China Opening Doors to Insurance Contacts
Jun 24 2002 // Some recent events indicate that the Chinese insurance market is becoming more open to foreign insurers. U.S. and Chinese regulators recently concluded an agreement to begin sharing information; AIG opened an office in the...
Debt Ratings Assigned for American Financial Group
Jun 21 2002 // A.M. Best Co. assigned initial debt ratings to the existing debt of Cincinnati-Ohio-based American Financial Group Inc. Included is the assignment of a “bbb” to American Financial Group Inc.’s senior...
A.M. Best Reports P/C Insolvencies Trends Continued in 2001
Jun 20 2002 // Thirty property/casualty insurers were declared insolvent in 2001, according to the special report, “P/C Industry—2001 Insolvencies,” just issued by A.M. Best Co. The same number of companies became...
