property casualty insurance News

Zurich Property Unit Leads Way to Meet CEO’s Goals

Zurich Insurance Group AG got a boost from its property & casualty business, putting the company on track to meet Chief Executive Officer Mario Greco’s three-year restructuring goals. The Swiss insurer’s biggest unit saw higher profit and posted a lower …

Former Hartford CEO, McGee, Dies at 60

Liam McGee, an Irish-born banker and insurance executive who guided Hartford Financial Services Group Inc. through a taxpayer bailout and shored up the company’s finances, has died. He was 60. McGee died Feb. 13 after a two-year battle with cancer, …

South Dakota Insurance Director Scheiber to Step Down

South Dakota Insurance Director Merle Scheiber plans to step down from his post on Dec. 29. He has been insurance director since 2005. Larry Deiter, currently the division’s assistant director of property and casualty insurance, has been named interim director. …

Allianz to Buy Italy’s UnipolSai’s P&C Business

Germany’s Allianz SE is to buy part of Italian insurer UnipolSai’s property/casualty insurance business in a deal worth up to 440 million euros ($612 million). Allianz said in a statement late Saturday that the business had premiums last year of …

Workforce Management Primary Claims Challenge for P&C Insurers

Chief claim officers with leading property/casualty (P&C) insurers ranked workforce management as their top claim-related challenge. Over three-fourths (76 percent) identified it as a top three business issue in a new P&C Claim Officer Survey conducted by global professional services …

P/C Insurance Policies Confusing and Complicated to Consumers: Nationwide Survey

Most insurance policyholders would prefer to have a simple explanation of their insurance policy in terms they can understand and have policy details explained in a brief, one-page summary, according to survey results released by Nationwide Insurance. When asked to …

AmTrust Announces Acquisition of Sequoia Insurance Company

New York-based AmTrust Financial Services announced that it has entered into an agreement, pending regulatory approval, to acquire Sequoia Insurance Company and its subsidiaries, Sequoia Indemnity Company and Personal Express Insurance Company (“Sequoia”) for approximately $60 million. Sequoia offers a …

Tennessee Regulators Say Insurers Weighing Shift in Roofing Policies

Tennessee regulators observed that in recent months, some property/casualty insurers in the state have filed to expand or shift their roofing policy terms to include actual cash value policies. As a result, Tennessee’s Department of Commerce and Insurance is reaching …

ACE to Acquire Penn Miller

Penn Millers Holding Corp., which provides property and casualty insurance through its wholly owned subsidiary, Penn Millers Insurance Co., has agreed to be acquired by a subsidiary of ACE Limited for $20.50 per share in cash. The purchase price represents …