Latest Underwriting Headlines
All the headlines from our Underwriting Topic Page, ordered by recency.
Montpelier Re Appoints Peter Woolf VP, Underwriting Review Manager
May 30 2003 // Bermuda-based Montpelier Re Holdings Ltd. announced the appointment of Peter Woolf as Senior Vice President and Underwriting Review Manager, a new position within the company. Woolf will be responsible for overseeing the...
Allied World Opens London Underwriting Branch
May 22 2003 // Bermuda-based Allied World Assurance Holdings, Ltd announced the opening in London of the first underwriting branch of its Irish insurance subsidiary, Allied World Assurance Company (Europe) Limited (AWAC-E), under the...
A.M. Best Downgrades The Underwriter Insurance Company Rating
May 21 2003 // A.M. Best Co. announced that it has downgraded the financial strength rating to B+ (Very Good) from B++ (Very Good) of U.K.-based The Underwriter Insurance Company Limited (TU), and maintained its negative outlook on the...
Best Releases D&O Market: A Crisis in Remediation Report
May 20 2003 // Writers of directors and officers insurance are facing a lengthy catch-up period, given the increased frequency and substantially greater severity of claims since the mid-1990s, according to the special report, “The...
Panelists Say Greater Risk Control Measures, Tort Reform Will Improve Hospital Professional Liability Market
May 19 2003 // Dramatically higher premium increases and risk retention requirements have reportedly added financial pressures to an industry segment that is already strained. Facilities are going bare, self-insuring or reducing limits...
Platinum Reports $30.6 Million Net Q1 Earnings; Gregory Morrison to Replace Jerome Fadden as CEO
May 14 2003 // Platinum Underwriters Holdings, Ltd.’s first full quarter of independent operation since its initial public offering last October got off to a good start. The company reported net income of $30.6 million, or $0.71...
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...
CRC Insurance Services to Acquire Southern Cross Underwriters
May 12 2003 // CRC Insurance Services Inc. of Winston-Salem, N.C., the wholesale insurance subsidiary of Branch Banking and Trust Company, today said it plans to buy Jackson, Miss.-based insurance wholesaler Southern Cross Underwriters...
American Wholesale Insurance Group Acquires Seaboard Underwriters Inc.
May 2 2003 // American Wholesale Insurance Group (www.amwins.com) has completed the acquisition of Seaboard Underwriters, Inc., a provider of insurance solutions for the transportation industry. Seaboard operates as a managing general...
U.S. Risk Insurance Group Adds Keane as Executive VP for U.S. Risk Underwriters
May 1 2003 // U.S. Risk Insurance Group appointed John Keane as executive vice president of U.S. Risk Underwriters, Inc. Keane will be involved in many strategic and operational aspects of the company, including day to day underwriting...
Safeco Posts First Underwriting Profit in Four Years
Apr 28 2003 // Safeco reported first-quarter net income of $90.0 million, or $0.65 per diluted share in a release today. The numbers mark a significant improvement over the same period in 2002, when Safeco generated net income of $63.6...
Institute President Reacts to Full Year 2002 Results
Apr 18 2003 // The property/casualty industry reported a statutory rate of return of 1.0 percent in 2002, up from the worst-ever negative 2.4 percent recorded in 2001. The results were released by the Insurance Services Office, Inc....
P/C Industry’s Surplus Falls Despite Improvement in Net Income After Taxes
Apr 17 2003 // The property/casualty insurance industry’s statutory surplus dropped $4.4 billion to $285.2 billion at year-end 2002 from $289.6 billion at year-end 2001. Surplus declined despite improvement in the industry’s...
A.M. Best Downgrades Ratings of Allianz Insurance, Allianz Underwriters
Apr 17 2003 // A.M. Best Co. has downgraded the financial strength ratings to A (Excellent) from A+ (Superior) of Allianz Insurance Company (AIC) and its direct subsidiary, Allianz Underwriters Insurance Company, both of Burbank, Calif....
Taking a look at 2002 Results
Apr 17 2003 // The property/casualty insurance industry reported a statutory rate of return of 1.0 percent in 2002, up from the worst-ever negative 2.4 percent recorded in 2001. The results were released by the Insurance Services Office,...
Trenwick to Cease Reinsurance Underwriting in U.S.
Apr 15 2003 // Trenwick Group Ltd. will cease underwriting reinsurance business under its previously announced underwriting facility with Chubb Re, Inc., a subsidiary of The Chubb Corporation. The underwriting facility, which began in...
W.R. Berkley Corp. Notes Formation of New Excess Casualty Underwriting Division
Apr 11 2003 // W. R. Berkley Corporation announced the formation by its subsidiary, Admiral Insurance Company, of a new underwriting division. The new division, Admiral Excess Underwriters, will specialize in the underwriting of casualty...
Best Lowers Underwriter Insurance Company Rating to B++ (Very Good)
Apr 9 2003 // A.M. Best Co. announced that it has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) of the U.K.’s Underwriter Insurance Company Limited, removed the rating from under review with...
ACIC Responds to CDI Notice on Insurers’ Use of Loss History Info. for Underwriting
Apr 7 2003 // The California Insurance Department’s draft advisory notice regarding insurance companies use of claims databases and loss history in underwriting and rating has far-reaching implications, oversteps its boundaries...
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...
