For the first time in four years, the U.S. property/casualty industry will finish a year with an underwriting profit. AM Best today in a “First Look” at US P/C financial results said the industry left 2024 with a $22.9 billion …
The U.S. property/casualty industry took another underwriting loss in 2024, but results improved thanks to rate increases and changes in risk selection, most notably in the personal lines sector. A report from industry rating agency AM Best late last month …
The Federal Emergency Management Agency said in February that it needs to borrow $2 billion from the U.S. Treasury to cover claims from National Flood Insurance Program policyholders. FEMA, administrator of NFIP, said it expects to pay out more than …
Insurance brokerage Arthur J. Gallagher & Co. has signed a definitive agreement to acquire Woodruff Sawyer for $1.2 billion. Andy Barrengos, chairman and CEO of San Francisco-based Woodruff Sawyer, will operate under the direction of Peter Doyle, head of Gallagher’s …
Safeco Insurance will stop being a brand name in 2026, and Liberty Mutual Insurance will sell all of its personal lines products under the Liberty Mutual name. Safeco has been Liberty Mutual’s brand for the independent agent channel to sell …
Root Inc. followed up its first ever quarterly net profit in the third quarter with another in the last quarter of 2024, and finished with the first profitable year in the company’s history. The Columbus, Ohio-based parent company of Root …
Insurtech Lemonade reported a fourth quarter 2024 net loss of about $30 million and a loss for the year of about $202.2 million. Results were in comparison to a net loss of $42.4 million for the fourth quarter 2023 and …
Selective Insurance Group reported a 24% drop in fourth-quarter 2024 net income as its chief executive admitted the year did “not meet expectations.” Fourth-quarter net income was $93.2 million compared to $122.5 million a year ago. Net income for the …
Chubb posted record property/casualty underwriting income of about $1.6 billion, up 3.8% during the last quarter of 2024. Fourth-quarter net income was down 22% to about $2.6 billion compared to the same period a year ago, but the Whitehouse Station, …
The Travelers Cos. said fourth-quarter 2024 and full-year net income increased 28% and 67%, respectively, on strong underlying underwriting results. Travelers posted fourth-quarter net income of about $2.1 billion compared to about $1.6 billion during the last quarter of 2023. …
