Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
Emerging Exposures Lead To New Coverage Issues
Jun 9 2003 // Coverage for technology torts—”techno-torts” or “cybertorts”—is limited under the standard general liability policy. “Coverage A” of the standard CGL form requires bodily injury or...
CNA Takes $49 Million Charge On 1995 Property Loss
Jun 2 2003 // Chicago-based CNA Financial Corp. announced that its specialty lines segment expects to record an after-tax charge of approximately $49 million in the second quarter of 2003 in connection with a recent adverse arbitration...
Baldwinsville, N.Y. Man Arrested for Making Fraudulent Property Claims
Jun 2 2003 // It was a busy week for the New York Insurance Department’s Fraud Squad. In addition to arresting three men charged in a motorcycle scam ring in the Bronx (see previous article), Superintendent Gregory V. Serio also...
Best Upgrades Rating of Montpelier Re to ‘A’
May 29 2003 // A.M. Best Co. announced that it has upgraded the financial strength rating to A (Excellent) from A- (Excellent) of Bermuda-based Montpelier Reinsurance Ltd. with a stable outlook. White Mountains Insurance Group and...
AscendantOne Delivers ISO-Validated Rating for Four Major Commercial Lines of Business
May 23 2003 // Analytical pricing and underwriting information for four major commercial lines of insurance from ISO is now available through AscendantOne®, Inc.’s new policy-management and rating solution, according to company...
Landmark Personal Lines Reg. Mod. Bill Introduced in S.C.
May 13 2003 // According to the Alliance of American Insurers, a bill introduced in the South Carolina Senate will put the state’s regulation of insurance light years ahead of any other and benefit homeowners by introducing more...
Fitch Sees P/C Insurers’ Underwriting Results Improving in ’03
May 12 2003 // Fitch Ratings’ current estimate is that the domestic property/casualty insurance industry will experience an improvement in the combined ratio to 103.9 percent in 2003 from 107.2 percent in 2002, with an increase in...
Travelers Property Casualty, DORIS Insurance Systems Note New Real-Time E-Service Solutions
May 9 2003 // Travelers Property Casualty (www.travelers.com) and DORIS Insurance Systems LLC, an agency management system provider, announced new real-time e-service capabilities for loss runs, electronic policy view, and billing...
RIMS Report: Property Market Softens, Will Casualty Follow’
May 5 2003 // A report released at the recent Risk & Insurance Management Society (RIMS) conference in Chicago found that after only two years of double-digit percentage premium increases, the property market has already begun to...
Horace Mann Notes 1stQ Results
May 2 2003 // Illinois-based Horace Mann Educators Corporation reported net income of $8.1 million, or 19 cents per share, for the first quarter ended March 31, 2003. Net income for the first quarter of 2002 was $15.6 million, or 38...
Vesta Reports Improvements in 1st Qtr. Results
Apr 30 2003 // Birmingham, Ala.-based Vesta Insurance Group Inc. reported that for the first quarter 2003, its non-standard auto unit generated $4.9 million in net income and its standard auto division brought down its combine ratio to...
Premiums for Commercial P/C Moderate; Signs Market May Be Stabilizing
Apr 22 2003 // Nineteen months after the World Trade Center attacks sent the market into turmoil, premium increases for commercial property/casualty insurance are moderating, and there are signs the marketplace is beginning to stabilize,...
Central Miss. Storms More Expensive Than Expected
Apr 17 2003 // Mississippi Insurance Commissioner George Dale announced that the recent storms that hit central Mississippi are turning out to be much more expensive than previously thought. Dale said preliminary numbers on the cost of...
N.Y. Ind. Agents Push for Swift Leg. Action to Avert Looming Crisis in State’s Property Market
Apr 14 2003 // Time is quickly running out for the New York State Legislature to reportedly avert a disruption in the state’s property insurance market. At the same time, according to the Independent Insurance Agents Association of...
Merrill Lynch Gives Infinity Property ‘Buy’ Rating
Apr 14 2003 // Merrill Lynch on said it began coverage of auto insurer Infinity Property and Casualty Corp. with a “buy” rating, citing prospects for accelerated growth. Shares of Infinity Property closed at $18.50 on the...
U.S. Property Insurance Premiums Beginning to Fall, AON Report Finds
Apr 8 2003 // Rates for U.S. property insurance have begun to drop as insurers compromise to meet their target levels of premium growth. This was one of the main findings from a report published by Aon at this year’s RIMS (Risk...
Hard Market Hits California Homeowners
Apr 7 2003 // Credit scoring, CLUE reports become targets of Commissioner Garamendi’s Ire The hard market has hit California homeowners hard. State Farm, which had nearly 23 percent market share in the state in 2001 according to...
Property/Casualty Insurance: An Industry in Recovery’
Apr 7 2003 // Following the property/casualty industry’s net loss after taxes in 2001, many analysts predicted 2002 would be the year of recovery. In fact, strong premium growth and sharply lower catastrophe losses did lead to...
Property/Casualty Insurance: An Industry in Recovery’
Apr 7 2003 // Following the property/casualty industry’s net loss after taxes in 2001, many analysts predicted 2002 would be the year of recovery. In fact, strong premium growth and sharply lower catastrophe losses did lead to...
Let it Hail, Let it Hail, Let it Hail!
Apr 7 2003 // The March 2000 thunderstorm blew in without much warning during the Fort Worth, Texas early evening rush hour. When softball-size hail smashed through the roof of a downtown restaurant, customer Mario Valverde headed for...
