Latest Underwriting Headlines
All the headlines from our Underwriting Topic Page, ordered by recency.
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...
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...
Are Cost, Availability of Calif. Homeowners Insurance at Crisis Proportions’
Apr 7 2003 // Today, the California personal lines industry is at the peak of a down cycle that has adversely affected the homeowners’ insurance marketplace. The downturn began in 2000, and worsened after the Sept. 11 attack on...
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...
Platinum Underwriters Names Justin Cressall Treasurer
Apr 1 2003 // Platinum Underwriters Holdings, Ltd. announced that Justin Cressall has been appointed as Treasurer. He was formerly with KPMG LLP, where he held various positions serving the firm’s insurance, reinsurance and...
PIACT Opposes Bill Prohibiting the Use of Credit History in Insurance Underwriting
Mar 27 2003 // The Professional Insurance Agents of Connecticut Inc. has issued a statement urging the Connecticut General Assembly’s Insurance & Real Estate Committee to oppose Committee Bill No. 5490. The PIACT described the...
Infinity P&C Happy with 4th Quarter, Year 2002 Results
Mar 20 2003 // Infinity Property and Casualty Corporation of Birmingham, Ala. today reported earnings of its operations for the 2002 fourth quarter and full year as well as pro forma earnings as though Infinity had been a public company...
NAII Notes Positive Modifications in VA 2003 Insurance Legislation
Mar 17 2003 // “Virginia’s 2003 legislative session ended with the softening of many bills that could have made it much more difficult for insurance companies to conduct business in the state,” said an announcement from...
Lloyd’s Awards U.S. Brokers; Accredits New Asian, 2 London Brokers
Mar 13 2003 // Lloyd’s of London announced that Constance Curnow of Guy Carpenter and Gerald J. Sullivan of The Sullivan Group are the first brokers to win the Lloyd’s U.S. Broker Awards. The awards for U.S. Reinsurance...
Argonaut Posts Losses, Agrees to Sell Stock to HCC
Mar 13 2003 // Despite gains in three of its four business segments, San Antonio-based Argonaut Group said it posted a $105.3 million net loss for the fourth quarter 2002 and an $87.0 million net loss for the year. The 2002 net loss was...
