Latest Property Headlines

Bright Spots and Challenges Go Hand in Hand in Louisiana

Nov 2 2008 // Despite the challenges faced by the state of Louisiana since Hurricanes Katrina and Rita wrought their havoc in 2005, there are bright spots in the state’s property casualty insurance industry, says Louisiana...

Three’s a Crowd

Nov 2 2008 // Recent Insurance Decisions of the Texas Supreme Court On Aug. 29, 2008, the Texas Supreme Court continued its recent foray into insurance law by issuing three important insurance coverage decisions. Each of these decisions...

Nov 2 2008 // Pete Garvey, current president of Integro Ltd., assumed the additional responsibility of CEO for the insurance broker, succeeding Roger Egan, who has left the company. Garvey has served as president of Integro since 2005....

Risk Managers Report Price Softening; Insurers Battle Surplus Decline

Nov 2 2008 // Property Premiums Fall Sharply; P/C Insurers Post Q3 Losses; Some Sell Stock to Raise Cash for Surplus Woes Risk managers report that commercial policy renewal prices are continuing to drop even as insurers are battling a...

Commercial P/C Insurers’ Stocks Down 14%; M&A Activity at Historic Highs

Nov 2 2008 // Stock Prices: The turbulent stock market is not sparing commercial property/casualty insurers. Through the first nine months of the year stocks are down 14 percent in the sector. M&A Activity: Despite the current...

Property/Casualty Insurers on Government Rescue Funds: No Thanks

Nov 2 2008 // Following reports that the U.S Treasury is considering adding life, bond and mortgage insurance companies to its list of beneficiaries for some of the $700 billion federal bailout package, property/ casualty insurers are...

The Hartford’s Q3 Loss Reported at $2.6 Billion

Oct 30 2008 // Hartford Financial Services Group Inc. joined other insurers in reporting a loss in the third quarter due to large investment losses and catastrophe claims. The Hartford reported a third quarter 2008 net loss of $2.6...

Ironshore’s President, Chief Underwriter Resigns

Oct 30 2008 // Les Rock, president and chief underwriting officer of Ironshore Insurance Ltd., has resigned effective Oct. 31, 2008 for personal reasons. Howard Barnes, Peter Coleman and Rod Todd will continue to underwrite property...

Business Income And Dependent Property Coverage Rescues More Than Just Dairy Farmers

Oct 28 2008 // Eighty-eight dairy farmers in western Vermont and New York have taken a major economic hit from a Sept. 29 fire at the Saputo Cheese USA plant in Hinesburg, Vt. (about 12 miles southeast of Burlington). Ten to 12 percent...

16 Chartered Property Casualty Underwriters Conferred in Los Angeles

Oct 28 2008 // Chartered Property Casualty Underwriters Society (CPCU) chapters in the greater Los Angeles area — Los Angeles, El Camino and San Gabriel Valley — recently celebrated 63 years of professional excellence at the...

Travelers, Chubb Protest U.S. Aid for Insurers; Life Insurers Welcome Help

Oct 28 2008 // Property/casualty insurers Travelers Cos. Inc. and Chubb Corp. said they do not need federal financial assistance and chided other insurers pushing to be included in the $700 billion bailout. “Most companies in the...

Insurers to Pay $11.5 Billion in Q3 Catastrophe Claims

Oct 27 2008 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $11.5 billion for third-quarter property losses resulting from a total of 11 catastrophes in 22 states — the fourth-largest...

Property/Casualty Insurers on Government Rescue Funds: No Thanks

Oct 27 2008 // Following reports that the U.S Treasury is considering adding life, bond and mortgage insurance companies to its list of beneficiaries for some of the $700 billion federal bailout package, property/casualty insurers are...

Venture Launches Coastal Property Coverage Under New Facility

Oct 24 2008 // West Chester, Pa.-based Venture Insurance Programs, a national program administrator, will offer coastal property coverage under a new CATalyst Property Insurance brokerage facility. CATalyst will support each of...

Allstate Posts $923M Net Loss for Q3

Oct 23 2008 // Catastrophe losses and the global financial crisis contributed to a $923 million net loss for the third quarter of 2008, which reflects an operating loss of $190 million and net realized capital losses of $728 million, The...

Insurers’ Study Warns on North Carolina Beach Plan Deficit

Oct 21 2008 // The Property Casualty Insurers Association of America unveiled results of an independent report which found that the North Carolina Insurance Underwriting Association, a.k.a. the Beach Plan, is not financially prepared to...

Wisconsin Insurance Commissioner Sean Dilweg

Oct 20 2008 // From tornadoes, hail and flooding to the impact of the AIG bailout and the federal versus state regulation debate, Sean Dilweg has a lot on his plate as Wisconsin’s insurance commissioner. Appointed by Wisconsin...

Carriers’ Marketing to Latinos is Good but Could be Better, Say Agents

Oct 20 2008 // A majority of independent agents and brokers in a good position to know say insurance carriers do an acceptable job marketing to the Latino community, although as many as 40 percent also rate carriers’ efforts as...

Shrinking Citizens Signals Progress in Florida Property Market

Oct 20 2008 // Florida remains focused on recovery of its property insurance market. But new rules for reinsurers, a national catastrophe plan and the use of occupational rating in insurance are also on the radar of Florida Insurance...

AIG Commercial Insurance Battles Back

Oct 20 2008 // Execs Say Balance Sheet, Underwriting Appetite Remain Strong as Ever Exclusive Insurance Journal Interview with AIG Commercial Insurance CEO John Doyle and CFO Rob Schimek The very strengths in its balance sheet, surplus,...