Latest Property Headlines

Max Re Posts $11.4 Million Q4 Loss; $6.7 Million 2005 Profit

Feb 13 2006 // Bermuda-based reinsurer Max Re Capital Ltd. reported a net loss for the three months ended December 31, 2005 of $11.4 million, or 20 cents per diluted share, compared to net income of $87.1 million, or $1.82 per diluted...

PIA of Fla.: Lawmakers ‘Mulling Over’ Filings; Bill to Require ‘Loyalty Clause’

Feb 13 2006 // A “loyalty clause” prohibiting insurers from canceling a policy for homeowners who have been with a carrier for three or more years is part of a bill filed in the Florida Legislature by Sen. Ron Klein, D-Boca...

Time to reflect on hurricane lessons learned

Feb 6 2006 // There is no doubt that 2005’s unprecedented hurricane season stretched the human resources of the entire claims industry. Qualified, experienced adjusters were in high demand and short supply. While there are still...

Harvesting value: revaluation revolution comes to farms lines

Feb 6 2006 // Is the valuation revolution coming to farm insurance? For several years now, residential and commercial property insurance specialists have been employing new automated systems to refine their calculations of the value of...

News Currents

Feb 5 2006 // Florida Attorney General Charlie Crist (R), “Citizen’s Property Insurance Corp. needs an overhaul.” U.S. Rep. Jim Davis (D-Tampa), “Florida taxpayers are being ‘fleeced.'” Florida CFO...

While the industry can almost certainly handle a single storm such as Katrina, should we realistically expect it to hand

Feb 5 2006 // There is no doubt that 2005’s unprecedented hurricane season stretched the human resources of the entire claims industry. Qualified, experienced adjusters were in high demand and short supply. While there are still...

Feb 5 2006 // People Bob Amado, president of Colemont’s Northern California offices, has retired, effective Jan. 1, 2006. Doris Barnett has been named his successor. Amado joined Colemont in 1997 and was instrumental in growing...

Time to reflect on hurricane lessons learned

Feb 5 2006 // There is no doubt that 2005’s unprecedented hurricane season stretched the human resources of the entire claims industry. Qualified, experienced adjusters were in high demand and short supply. While there are still...

Spotlight: Farm & Ranch

Feb 5 2006 // Harvesting value: revaluation revolution comes to farm lines Bringing changes to valuations has been complicated because farm are such unique collections of structures Is the valuation revolution coming to farm...

2005 delivers mixed bag for property/casualty brokers

Feb 5 2006 // Stock Prices: In terms of stock prices for property and casualty brokers, the year was mixed. With its stock up 54 percent, Aon experienced a remarkable year. However, Marsh and McLennan’s woes continued as its stock...

Guy Carpenter Unveils Report on Jan. 1 Property Reinsurance Renewals

Jan 31 2006 // Guy Carpenter & Company Inc. reported the publication of Property Specialty Update – 1 January 2006 Renewal Season Overview, an in-depth report on the Jan. 1, 2006 property renewal season. The study, which...

Miss. Extends Coverage for Property Damage Claims

Jan 31 2006 // Commissioner of Insurance George Dale has extended his previous bulletin on an extension of coverage for property damaged by Hurricane Katrina to include commercial property insurance policies. Bulletin #2005-13 was issued...

Survey Confirms 4th Quarter Spike in Property Insurance Rates Due to Hurricanes

Jan 30 2006 // Property insurance rates increased sharply in the fourth quarter of 2005, according to the RIMS Benchmark Survey by the Risk and Inurance Management Society Inc. Reversing a two-year trend of steadily falling property...

Audit Details Problems at Citizens Property Insurance

Jan 27 2006 // State-created Citizens Property Insurance has worked to come up with rules that will help its employees avoid conflicts of interest, but still needs to do more in that area, including developing a policy for picking...

The Hartford Sees Q4 2005 Net Income of $474 Million

Jan 26 2006 // The Hartford Financial Services Group Inc. reported fourth quarter 2005 net income of $474 million, or $1.53 per diluted share. The company’s net income reached $2.3 billion for the year, a new record for the...

Countrywide Insurance Services Expands So. Cal Presence

Jan 25 2006 // Countrywide Insurance Services is expanding the company’s Southern California presence with the addition of four new commercial insurance producers and with 7,000 square feet of space in Glendale, Calif. to support...

Fla. Property Insurance Reforms Described by CFO Gallagher

Jan 24 2006 // Solutions to strengthen Florida’s property insurance market were described by CFO Tom Gallagher during an address to the Windermere Rotary Club in Orlando, Fla. Last year, in the wake of two unprecedented hurricane...

CIAB Survey Shows Wind, Flood Coverage Issues for Coastal Property

Jan 24 2006 // Although the overall commercial property/casualty marketplace has seen little impact from the severe 2005 hurricane season, coastal property is experiencing a sharp increase in prices for wind and flood coverage, according...

Analysts predict faster P/C premium growth, underwriting profit

Jan 23 2006 // Each year the Insurance Information Institute invites a panel of Wall Street stock analysts and industry professionals to review the prospects for the industry in the year ahead. This year’s survey results indicate...

Personal lines looking fine, thanks to fewer accidents and price changes

Jan 23 2006 // The year 2005 is looking like it was a relatively good one with solid financial news for property casualty insurers overall, despite record catastrophe losses, and 2006 could bring even better news, according to analysts...