Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
First-Half 2019 Records Drop in P/C Insurers’ Underwriting Income; Downgrades Outpace Upgrades: A.M. Best
Sep 2 2019 // The U.S. property/casualty industry’s net underwriting income declined by 9.6% to $4.8 billion in the first half of 2019, compared with $5.3 billion in the same prior-year period, A.M. Best reports. Also, ongoing...
Florida-Based FedNat Holding Company Makes Changes to Board of Directors
Aug 27 2019 // The Board of Directors of FedNat Holding Company, an insurance holding company, has selected David Michelson and David Patterson as candidates to serve on the board as new, independent directors. As soon as their...
P/C Insurers’ First-Half Underwriting Income Drops; Downgrades Outpace Upgrades: A.M. Best
Aug 26 2019 // The U.S. property/casualty industry’s net underwriting income declined by 9.6% to $4.8 billion in the first half of 2019, compared with $5.3 billion in the same prior-year period, A.M. Best reports. Also, ongoing...
Allianz to Buy SulAmérica’s Auto, Other P/C Insurance Operations
Aug 23 2019 // Allianz has agreed to acquire automobile and other property/casualty insurance operations from Brazil’s SulAmérica for BRL 3 billion (667 million euros). Allianz said the acquisition will strengthen its competitive...
Insurance Driving Up Total Cost of Risk for Businesses
Aug 19 2019 // Businesses and organizations paid nearly two percent more in 2018 than they did in 2017 to cover the total cost of risk. Reversing the trend of falling average TCOR per $1,000 of revenue seen from 2013 to 2017, average...
Near National P/C Carriers Identified for 2019
Aug 19 2019 // This year marks the 13th year of the Demotech Company Classification System, which was established in the Feb. 12, 2007, issue of Insurance Journal. The system categorizes insurers into one of 11 categories based on an...
AIG’s P/C Business Delivers on CEO’s Underwriting Promise
Aug 8 2019 // American International Group (AIG) President and CEO Brian Duperreault has insisted that the insurer’s General Insurance unit will produce an underwriting profit for all of 2019, after a decade of losses. His promise...
Chubb appoints Kwan as Division Head of Property & Casualty for Singapore
Aug 6 2019 // Chubb announced the appointment of Eric Kwan as division head of Property & Casualty for Singapore, effective Aug.5, 2019. He reports to Scott Simpson, Chubb’s country president for Singapore. In Kwan’s new...
People
Aug 5 2019 // National Linda Dodson The Vertafore technology users network, NetVU, has named Linda Dodson as executive director. Dodson’s career has included work in an insurance agency and with agency carriers. She began her...
Chubb Promotes Ortega to President, Overseas, as Andrade Moves to Top Everest Role
Aug 1 2019 // Chubb Ltd. has appointed Juan Luis Ortega as executive vice president, Chubb Group, and president, Overseas General Insurance. He succeeds Juan Andrade, who is leaving Chubb to take the role of president and chief...
Chubb Q2 Saw Net Income Dip, Premium Growth
Jul 25 2019 // Global insurer Chubb’s saw its net income dip slightly and its P/C combined ratio nudge higher during the 2019 second quarter, but price increases led to solid premium gains. “This quarter was about growth and...
Insurance Agency Mergers Hit Near-Record in First Half 2019
Jul 24 2019 // There were 328 announced U.S. and Canadian insurance agency mergers and acquisitions during the first half of 2019, the second-highest six-month total, trailing only the first half of 2017 when 333 transactions were...
By Taming Big Data with AI, Cytora Aims to Transform Commercial Underwriting
Jul 17 2019 // It is an insurtech startup operating an artificial intelligence-powered platform that aims to transform commercial insurance underwriting. While the goal may seem ambitious, Cytora is making significant inroads toward...
Harris Promoted to P/C Underwriter at J.M. Wilson in Michigan
Jul 17 2019 // J.M. Wilson has promoted Lacey Harris to property/casualty underwriter in its Portage, Michigan, office. Lacey is responsible for quoting new and renewal commercial property and casualty risks and serving independent...
Petri Honored with ICT’s Raymond Mauk Leadership Award
Jul 15 2019 // The Insurance Council of Texas has presented the Raymond Mauk Leadership Award to Verle Petri, a long time insurance executive and expert on Texas insurance regulation and policy. ICT honored Petri with the award during...
People
Jul 15 2019 // National PartnerRe announced that Jonathan Colello has joined the company effective July 1, 2019, as CEO for P&C Americas and president of Partner Reinsurance Co. of the U.S. In his new role, Colello will have...
U.S. P/C Insurers’ Net Income Increased 69% in 2018 Over 2017: A.M. Best
Jul 15 2019 // The U.S. property/casualty industry showed a year-over-year 69% increase in net income to $59.2 billion in 2018, owing to lower losses from catastrophic events, favorable development of prior years’ loss reserves and...
New York-Based Broker NFP Buys Toronto’s McLean Hallmark Insurance Group
Jul 12 2019 // New York City-based insurance broker and consultant NFP announced it has acquired Canadian broker McLean Hallmark Insurance Group Ltd. Financial details of the transaction, which closed on July 2, were not disclosed. Based...
Nationwide Offers Independent Agents a Commercial Insurance Digital Storefront
Jul 9 2019 // Giant insurer Nationwide is partnering with an insurtech in an effort to speed up its product underwriting for commercial lines property/casualty agents. The technology Nationwide is deploying was developed by Ohio-based...
Consultant Sees Larger, Fewer P/C Insurance Agencies Going Forward
Jul 9 2019 // There will be fewer insurance agencies operating in the property/casualty insurance industry in the future and those that remain will be larger and more tech-savvy, says an insurance-focused executive at the consulting...
