Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
Massachusetts Court Changes Slip-and-Fall Liability
Jul 28 2010 // In a decision that changes nearly a century’s worth of case law, Massachusetts highest court has ruled that property owners can be held liable for snow-related injuries — regardless of whether plows cleared the...
Texas Court Gives New Life to Contractual Liability Exclusion
Jul 27 2010 // Where contractors are involved, one of the most intractable problems for a carrier in negotiating and settling claims are the contract liability issues. How does a carrier identify if a contractual claim is covered? A...
Best Assigns ‘A’ Ratings to China Re Group; Outlook Stable
Jul 27 2010 // A.M. Best Co. has assigned a financial strength rating of ‘A’ (Excellent) and issuer credit ratings of “a” to China Reinsurance (Group) Corporation (China Re or the Group) and its subsidiaries,...
Robertson Picked to Head Louisiana Citizens Property Insurance Corp.
Jul 26 2010 // Louisiana Insurance Commissioner Jim Donelon announced July 23 that he has appointed Richard Robertson, of Northville, Mich., as the new president of Louisiana Citizens Property Insurance Corp. Robertson has a broad-based...
Distressed and Vacant Properties Fill a Void for Insurers
Jul 22 2010 // The vacant and distressed property segment, which was barely thought of two years ago, has been a beacon of light for insurers. This class has boomed over the last couple years as the economy has forced the closure of many...
Florida Insurers Need Rate Increases, Says Rating Expert
Jul 21 2010 // Florida’s property/casualty insurers appear to have adequate reinsurance and capital in place to withstand at least two major storms this season but their overall fate could hinge on whether they are allowed to raise...
Bancroft Joins Southwest Risk as Senior VP, Property Manager
Jul 20 2010 // Simon Bancroft has joined Southwest Risk as senior vice president and property manager. Southwest Risk is a member company of Southwest Insurance Partners and operates offices in Dallas and Houston. As property manager,...
UK’s Miller Expands Property Reinsurance Business
Jul 19 2010 // UK-based Broker Miller Insurance Services Limited, which specializes in both insurance and reinsurance, announced a number of senior appointments to its reinsurance business unit. Former Guy Carpenter Managing Director...
Contractual Liability Is Just That
Jul 19 2010 // Texas Court: Exclusion Precludes Coverage for Breach of Contract Where contractors are involved, one of the most intractable problems for a carrier in negotiating and settling claims are the contract liability issues. How...
As the Wholesale World Turns
Jul 19 2010 // E&S Brokerage Mergers, Expansions and Start Ups, Oh My! As goes the circle of life, so goes the wholesale insurance broker world. Not even the sixth year of a soft market cycle has deterred industry veterans from...
Zurich Ups UK, Ireland Loan Loss Provisions by $330 Million
Jul 16 2010 // Zurich Financial Services Group reported a $330 million increase in the loan loss provisions in its commercial property loan books in the UK and Ireland to be taken in the second quarter 2010. Zurich noted that during 2009...
Munich Re Provides $96 Million Cat Bond to Mass. Property Association
Jul 12 2010 // Munich Re has provided the Massachusetts Property Insurance Underwriting Association (MPIUA) with a $ 96 million catastrophe bond issuance that “transfers hurricane risk in Massachusetts to the capital...
Actuarially Sound Property Rates Remain Elusive Along Texas Coast
Jul 7 2010 // Insurance company interests have long complained that the state-backed Texas Windstorm Insurance Association charges rates that are not actuarially sound for the risks it insures, making it impossible for private insurers...
Wortman Retiring as CEO of Louisiana Citizens Property Insurance Corp.
Jul 6 2010 // John Wortman, CEO of Louisiana Citizens Property Insurance Corp. (Citizens), the state’s property insurance of last resort, has announced plans to retire. “John Wortman has been a tremendous asset to Louisiana...
People
Jul 5 2010 // Donald D. Larson has been named president and chief operating officer of the Great American Property and Casualty Group and Great American Insurance Co. Larson is the 16th president in Great American’s history. He...
Florida Court Says Fishermen Can Sue Polluter; Is BP Next?
Jul 5 2010 // With BP’s offshore oil gusher in the Gulf of Mexico as a backdrop, the Florida Supreme Court recently ruled that commercial fishermen may sue a company that discharged pollutants into Tampa Bay for lost income and...
People
Jul 5 2010 // Donald D. Larson has been named president and chief operating officer of the Great American Property and Casualty Group and Great American Insurance Co. Larson is the 16th president in Great American’s history. He...
Actuarially Sound Rates Remain Elusive Along Texas Gulf Coast
Jul 5 2010 // Insurance company interests have long held that the Texas Windstorm Insurance Association charges rates that are not actuarially sound for the risks it insures, making it impossible for private insurers to compete for...
People
Jul 5 2010 // The Independent Insurance Agents of Texas (IIAT) elected David Wood, vice president and partner at Bogan, Dunlap & Wood Insurance in Odessa, to serve as the association’s president for 2010-2011. Other newly...
Construction Claims: Understanding Colorado’s Statutory Notice of Claim Process
Jul 5 2010 // In the construction industry, it is almost inevitable that at some time contractors and design professionals will receive a notice of claim (NOC) letter. This is the first step in the claims process that may lead to an...
