Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
People
May 5 2008 // Patrick G. Ryan, founder and executive chairman Aon Corp., said he intends to retire Aug. 1, 2008. Ryan said the firm’s transition to a new management team under CEO Greg Case is complete. Ryan founded Aon, which has...
Earthquakes Raise Questions of Future Shocks, Public Readiness
May 5 2008 // Just weeks after earthquakes rattled Nevada, the Midwest and the coast of Oregon, and on the heels of the 102nd anniversary of San Francisco’s 1906 earthquake, the public, government officials and insurance industry...
Risk Retention Groups Could Add Property Coverage Under Bill in Congress
May 5 2008 // Legislation designed to modernize the federal Liability Risk Retention Act (LRRA) of 1986 was introduced into Congress on April 15. HR 5792, or the “Increasing Insurance Coverage Options for Consumers Act of...
S&P Reports on the ‘Evolving World of Property/Casualty Securitizations’
May 2 2008 // A report from Standard & Poor’s Ratings Services analyzes the catastrophe bond and reinsurance sidecar markets, which, S&P concludes, have “experienced sharp surges of activity after 2005.”...
North Carolina to Start Enforcing Sandbag Ban
May 2 2008 // North Carolina officials began inspecting sandbag structures used to protect beach property from coastal erosion, searching for the roughly 150 that must be removed. As part of the process, regulators will inspect all the...
Coast Strongly Influences Louisiana, Texas Property Markets
May 1 2008 // Louisiana and Texas share a lot. Besides sharing a common border, they share the Gulf of Mexico — both its bounty and its battering, in the form of tropical storms and hurricanes. The latter greatly influences the rates...
First Estimate on Virginia Tornado Property Damage: $18 Million
Apr 30 2008 // Virginia Gov. Tim Kaine visited the city of Suffolk to comfort storm victims and to survey the damage caused by severe weather that hit central and southeastern Virginia. The governor walked through neighborhoods where...
9 Catastrophes to Cost P/C Insurers $3 Billion in 1st Quarter
Apr 29 2008 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.35 billion for first-quarter property losses resulting from nine catastrophes. The nine events identified as catastrophes by the...
Liberty Mutual Unearths ‘Green’ Commercial Property Coverages
Apr 23 2008 // With green building construction starts expected to increase 400 percent in the next two years according to construction experts, Liberty Mutual Property, part of Liberty Mutual Group, has introduced a collection of...
Liberty Mutual to Acquire Safeco Insurance in $6.2B Deal
Apr 23 2008 // Liberty Mutual Group has agreed to acquire all outstanding shares of common stock of Safeco Corp. for $68.25 per share in cash in a deal that will make Liberty Mutual the fifth largest U.S. property/casualty insurer and...
Insurers to Build Research Center for Natural Disaster Property Losses
Apr 22 2008 // A new state-of-the-art applied research facility will use science and technology to expand capabilities to create more durable homes and businesses and reduce the human, financial and societal costs of natural...
Coast Has Big Influence on Louisiana and Texas Property Markets
Apr 21 2008 // After two mild catastrophe years, states hope to share better coverage options Louisiana and Texas share a lot. Besides sharing a common border, they share the Gulf of Mexico — both its bounty and its battering, in the...
La. Supreme Court: Flood Exclusion in Insurance Policy is Not Ambiguous
Apr 21 2008 // Finding the flood exclusion in an insurance policy sold by Lafayette Insurance Company to a New Orleans policyholder is unambiguous, the Louisiana Supreme Court reversed, in part, a previous ruling by a state appeals court...
Case Watch
Apr 21 2008 // Additional Insured Evanston Insurance Co. v. Atofina Petrochemicals Inc., Texas Feb. 15, 2008. Contract provision requiring that refinery “shall be named as additional insured” sufficient to trigger additional...
AIG Rebrands Domestic Insurance Operations as P/C Group; Shuffles Executives
Apr 21 2008 // American International Group, Inc. has renamed its Domestic General Insurance operations the AIG Property Casualty Group, a move the company said reflects AIG’s corporate brand and an intention to provide a clearer...
White Papers and Blueprints: Agents Chart Their Own Regulatory Future
Apr 21 2008 // Independent agents hold onto market share, prepare for post-November election politics Insurance Journal‘s Editor-in-Chief Andrea Wells interviewed Robert Rusbuldt, CEO and president of the Independent Insurance...
Top 100 Property Casualty Independent Agencies
Apr 21 2008 // About This Report: The soft market had its effect on this year’s Top 100. But despite challenging soft market conditions, 15 of the privately-owned agencies and brokerages on Insurance Journal‘s Top 100...
Aon Re Forecasts ‘Favorable Pricing’ for Mid-year Property Re Renewals
Apr 16 2008 // Pricing is projected to be favorable for traditional property catastrophe reinsurance programs when insurers seek mid-year renewals, according to an analysis conducted by Aon Re Global, a unit of the Aon...
Jury Denies Property Insurance Claim
Apr 16 2008 // After deliberating for three hours, a jury in California has denied an insurance claim because the property damaged was exaggerated, according to the law firm MacGregor & Berthel. Reddy v. Allstate Insurance Co....
Legislation to Expand Liability Risk Retention Act Introduced into Congress
Apr 16 2008 // Legislation designed to modernize the federal Liability Risk Retention Act (LRRA) of 1986 was introduced into Congress yesterday. H.R. 5792, or the “Increasing Insurance Coverage Options for Consumers Act of...
