Property Insurance
Zurich Financial Completes AIG Auto Units Takeover
ZURICH_Zurich Financial Services Group said Thursday it completed a $1.9 billion takeover of two car insurance units that belonged to American International Group Inc. Zurich said it immediately sold most of the units _ 21st Century Insuranc...
No, Seriously: CEO Says AIG Is Stabilizing
Update adds change in the board of directors. Oddly enough American International Group (AIG:NYSE) actually said something promising during its annual meeting on Tuesday. Executives of the insurance giant said there is an excellent chance it...
Crump announces chairman of P & C Programs Division
Crump Group, Inc., the nation's largest insurance wholesaler, today announced that it has appointed Lee Lloyd as president of its programs unit within the company's property casualty division. Mr. Lloyd comes to Crump from United Educators I...
New York Regulators Approve Sale of AIG Subsidiaries
New York regulators have approved the sale of two subsidiaries of American International Group Inc. to Farmers Insurance Group, the state's insurance department said. ThesaleofAmericanInternationalInsuranceCo.andAIGNationalInsuranceCo.ispar...
AIG Annual Meeting A Short, Relatively Calm Affair
NEW YORK_American International Group Inc.'s annual shareholder meeting ended without drama Tuesday after a handful of shareholders voiced disappointment over the embattled insurer's near-collapse last fall. The meeting at the company's head...
Reinsurance Renewals Clouded by Financial Turmoil
When reinsurers and their clients gather for renewal discussions at Les Rendez-Vous de Septembre in Monte Carlo in September, they will be anxious for evidence of stabilized financial markets while trying to read a mix of macro-economic con...
Weak mortgage lending hits UK housing recovery
Hopes of a recovery in Britain's battered housing market were dealt a setback today when new data for May revealed a weaker than expected number of mortgage approvals and the lowest rise in lending on record. A total 43,414 mortgages were a...
First-Quarter 2009 Results Show P/C Industry Well Capitalized Despite Net Loss After Taxes And Decline In Surplus
First-quarter 2009 financial results show that private U.S. property/casualty insurers had $437.1 billion in policyholders surplus (or statutory net worth) at March 31, 2009. Insurers also had $554.4 billion in loss and loss adjustment expe...
AIG Closes Its Secondary Offering of Shares in Transatlantic Holdings, Inc.
American International Group, Inc. (AIG) announced that it has closed the previously announced public offering of 29.9 million shares of Transatlantic Holdings, Inc. (NYSE: TRH) common stock owned by AIG and its indirect subsidiary, American...
Calif. Governor Proposes Sale of Part of State Workers' Comp Fund
Among Gov. Arnold Schwarzenegger's ideas to rescue California from a budget shortfall is the sale of a portion of the State Compensation Insurance Fund -- the 95-year-old fund conceived as the insurer of last resort for state workers' compen...
Mortgage approvals hit 13-month high
The number of mortgages approved for house purchase rose to a 13-month high in May as buyers continued to return to the property market, figures showed this morning. A total of 31,162 loans were approved for people buying a property last mo...
Almost one in six in negative equity
Negative equity is blighting nearly one in six prime mortgages in the UK, according to the latest findings from Fitch, the ratings agency. It said that one in ten homeowners with excellent credit records are saddled with mortgages worth mor...
Lenders make it harder to secure a mortgage deal
Two of Britain's biggest mortgage lenders have changed their lending criteria to make it even harder for customers to secure a home loan. Royal Bank of Scotland (RBS), which is 70 per cent owned by the taxpayer, has tightened the rules on w...
Cigna Corp. Chief Executive Steps Down
After nine years at the helm of Cigna Corp., H. Edward Hanway said yesterday that he would step aside as chief executive officer and chairman at the end of the year. The Philadelphia health insurance company named Hanway's second-in-command,...
Pennsylvania Insurance Commissioner Reminds Consumers to Protect Their Summer Plans With Appropriate Insurance Coverage
HARRISBURG, Pa., June 24 /PRNewswire-USNewswire/ -- Insurance Commissioner Joel Ario today reminded consumers to keep a few insurance concerns in mind if planning a trip, renting a property or renting out their own home to vacationers. Your...
WSI: Potential for Unusually Quiet Atlantic Hurricane Season
Hurricane forecaster WSI Corp. is standing firm with its prediction of 11 named storms, six hurricanes and two intense hurricanes this season, which began June 1. WSI, a provider of weather-driven business solutions, said cooler ocean tempe...
A.M. Best's 2009 Insurance Market Briefing - Canada To Take Place September 10 In Toronto
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. will be hosting an Insurance Market briefing at the Sheraton Centre Toronto Hotel, September 10 from 9:00 a.m. to 12:00 p.m. with a lunch to follow. There is no charge to attend this event. Lea...
Zurich Warns on Supply Chain Vulnerability
An increasing number of companies need to examine their vulnerability to disruption to their supply chains, according to Zurich Financial Services Group. The key message is that risk is not being factored well into risk management at the mom...
Lenders hidden door
Government banks are quietly offering much better deals to homeowners in negative equity than to new borrowers with larger deposits. Lloyds-owned Halifax, which is backed 40% by taxpayers, and NatWest, part of the Royal Bank of Scotland (RB...
Lenders raise fixes for the second time in a fortnight
Nationwide Building Society, the UK's third biggest mortgage lender, is raising the cost fixed-rate mortgages for the second time in two weeks. Interest rates on some mortgage deals from Nationwide will jump by half a percentage point from...
CML reduced for home repossession
Fewer homeowners are expected to face repossession this year than originally predicted, the Council of Mortgage Lenders (CML) said today. The CML reduced its forecast for the total number of repossessions in 2009 from 75,000 to 65,000 to re...
Nearly one in six in negative equity
Negative equity is blighting nearly one in six mortgages in the United Kingdom, according to the latest findings of Fitch, the rating agency. She said that owners of one in ten with excellent credit records are struggling with mortgages ove...
Farmers Mobile Command Center Claims Bus to Visit Kansas Insurance Department Thursday, June 25, 2009
TOPEKA, Kan., June 22 /PRNewswire/ -- Kansas Insurance Commissioner Sandy Praeger and Kansas Insurance Department employees will get a first hand look at one of the Farmers Insurance Group of Companies Mobile Command Center Claims buses (MC...
Lightning-Related Insurance Claims Up
It may not be divine retribution, but lightning struck U.S. insurers 246,200 times last year -- up 39 percent from the 177,100 claims in 2007. That has boosted the total cost of lightning-related claims for property insurers to $1.065 billi...
Insurance industry consolidation likely to rise: Report
Consolidation in the insurance industry is likely to increase this year should companies resolve their financial problems, Deloitte L.L.P. said Monday in a report. For both life and (property/casualty) companies, mergers and divestitures ca...
Deloitte: Insurance M&A Likely to Increase in Late 2009
Increasing numbers of insurers and holding companies are likely to divest non-core insurance businesses in order to fund potential capital shortfalls, resulting in the opportunity for buyers to acquire those businesses on attractive terms, a...
Deloitte Finds Insurance M&A Likely to Increase in Late 2009
NEW YORK, June 22 /PRNewswire/ -- With many insurers and financial institutions looking to fund potential capital shortfalls by divesting non-core insurance businesses at attractive valuations, strategic buyers and sovereign wealth funds ma...
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AIG Puts Industry Backlash 'Back to Square One ",
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Conn. lawmakers Hold Hearing On AIG Bonuses
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Innovation Group Teams With IBM To Help Reduce
WHITELEY, UK--(BUSINESS WIRE)-- Innovation Group plc (LSE:TIG.L) (Innovation or
P/C Execs Look Ahead to Mitigation, Retention, Rates
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Allstate Applauds Introduction of STANDUP Act
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- A.M. Best Downgrades Ratings of State Farm Florida Insurance
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