property casualty News

AIG CEO Frees Up Capital With Swiss Re Risk-Share Deal

American International Group Inc., the insurer stung by losses on higher-than-expected claims costs, said Swiss Re AG has agreed to take on some of the company’s risks tied to casualty policies. The two-year reinsurance deal will help AIG be more …

Study Finds Speciality P/C Carriers Outperform Generalists

Recognizing that specialists trump generalists, the property/casualty insurance market has moved to a greater degree of specialization, according to a new study by Conning, Inc. “We identified over 1,500 individual companies that have fully embraced specialty strategies as a primary …

Getting Claim Costs Under Control: Improve Your Loss Ratio Using These Proven Fundamentals

The property/casualty industry is undergoing significant challenges with increased claim severity in liability and physical damage claims. These increases are outpacing inflation and rate adequacy. According to the Insurance Information Institute, in 2009 the average private passenger auto bodily injury …

Fitch: D&O Liability Insurance Rate Declines, Marks Soft U.S. P/C Market

The insurance market underwriting cycle is turning unfavorable in many U.S. commercial market segments, including directors and officers (D&O) liability insurance, Fitch Ratings says. Premium rates in property lines have been declining for some time in response to a lack …

New Product Gives Insurers Ability to Track Mileage with Policyholders’ Smartphones

Property/casualty insurance information company Verisk Insurance Solutions is teaming with a technology firm to provide insurance companies with the ability to collect automobile odometer readings for insurance rating and usage-based insurance (UBI) programs. The product, called OdometerConfirm, allows insurers to …

Xerox to Acquire ISG Holdings, Expand Workers’ Comp Offerings

Conn.-based Xerox announced a definitive agreement to acquire ISG Holdings, Inc. for $225 million, creating a comprehensive workers’ compensation suite of offerings for clients in the property/casualty insurance industry. In addition to Xerox’s current workers’ compensation business offered through CompIQ, …

Allied World Launches Property, Excess Casualty Lines for Canadian Market

Allied World Assurance Company Holdings, AG launched an initial property/casualty offering in the Canadian market. Gord Kerr, senior vice president, chief agent and branch manager, will oversee the build-out of these lines and will be responsible for production, profitability and …

China Insurer’s Profit Rises 46 Percent

Ping An Insurance Co., one of China’s biggest state-owned insurers, says its quarterly profit soared 46.2 percent on stronger insurance and banking business. Ping An said Tuesday it earned 10.8 billion yuan ($1.8 billion), or 1.37 yuan (23 U.S. cents) …

Allianz Increases Dividend After Profit

Insurance company Allianz says it is increasing its dividend to 5.30 euros ($7.27) from 4.50 euros a share after profits rose 15 percent last year. The Munich-based company said Thursday its net income attributable to shareholders reached 6 billion euros …

Kemper Announces Changes to its Property/Casualty Group

Kemper Corporation announced that it is realigning its property/casualty business. This realignment will result in one property/casualty segment for financial reporting purposes, beginning with the first quarter 2014. The new Kemper Property & Casualty segment will consist of the following: …