property casualty insurer News

Allianz Profit Falls 15% Due to Drop in Asset Management and P/C Earnings

Allianz SE, Europe‚Äôs biggest insurer, said third-quarter profit dropped 15 percent as earnings at its property and casualty and asset management units declined. Net income fell to 1.36 billion euros ($1.48 billion) from 1.61 billion euros a year earlier, the …

Catastrophe Costs Cause Travelers Profit to Fall 26% to $683M

Travelers Cos., the only property/casualty insurer in the Dow Jones Industrial Average, said second-quarter profit fell 26 percent on catastrophe costs. Net income declined to $683 million, or $1.95 a share, from $925 million, or $2.41, a year earlier, the …

Tony Markel Leads City of Hope Fund Raising Effort

Tony Markel was recently honored for his work on a national campaign to raise $1 billion for cancer research. Markel, known as the name and the man behind building Markel Corp. into one of the largest property/casualty insurance companies in …

Travelers Beats Estimates as Fishman Boosts Share Buybacks

Travelers Cos., the lone property/casualty insurer in the Dow Jones Industrial Average, posted third-quarter profit that beat estimates as Chief Executive Officer Jay Fishman increased rates for coverage. The company boosted its share buyback plan by $5 billion. Net income …

Intact to Post C$257 Million in Losses From Floods in Canada

Intact Financial Corp., the largest property/casualty insurer in Canada, will record losses of C$257 million ($248 million) from flooding in Alberta and Toronto, and a train explosion in Quebec. The insurer will post C$123 million in losses, equal to 92 …

Travelers to Buy Canadian Insurer for About $1.1B

Property/casualty insurer The Travelers Cos. says it will spend about $1.1 billion in cash to buy The Dominion of Canada General Insurance Co. and strengthen its reach north of the U.S. border. The New York-based insurer says The Dominion’s distribution …

Florida’s 2nd Largest Insurer Fined Nearly $1.3M for Claims Payments Delays

Florida’s second largest property insurer is being hit with a fine of nearly $1.3 million. Florida Insurance Commissioner Kevin McCarty announced Thursday that his office was assessing a fine against Universal Property & Casualty Insurance Company. Universal has roughly 542,000 …

Kingsway Announces Startup of Louisiana Homeowners Insurance Company

Kingsway Financial Services Inc. announced it has completed its formation of Maison Insurance Company, a property and casualty insurance company primarily writing wind and hail homeowners coverage in Louisiana. Maison received its certificate of authority from the Louisiana Department of …

Southport Lane to Acquire Dallas National Insurance Company

Southport Lane, a New York-based private equity firm, through its subsidiary Lonestar Holdco LLC, has reached a definitive agreement with Dallas National Insurance Holdings to acquire 100 percent of Dallas National Insurance Company, a Texas-based property and casualty insurer, founded …