P/C News Headlines
The following news stories feature information regarding the Property/Casualty insurance market.
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IBC: Calgary Storm Hits C$1.2 Billion in Insured Losses, Becoming Canada’s Costliest Hail Event: Insurers incurred nearly C$1.2 billion ($884 million) in losses from a severe hail, rain and wind storm in Calgary in mid-June, according to Catastrophe ... Date: July 8, 2020 |
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Zurich Creates WellCare Business and Names Leader to Run It: Zurich Insurance Group has created a WellCare business and has named Helene Westerlind to the newly created position of chief executive officer, Zurich ... Date: July 8, 2020 |
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Genworth Mortgage Insurance Closes on $300 Million Excess Reinsurance Deal Tied to COVID-19 Risk: Genworth Mortgage Insurance said it completed an excess-of-loss reinsurance transaction with a panel of reinsurers for up to $300 million of capital credit ... Date: July 8, 2020 |
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Axa XL Names CEO for UK and Lloyd’s Market: Axa XL has named Sean McGovern as chief executive officer U.K. and Lloyd’s market, subject to regulatory approval.
McGovern had been performing the role on ... Date: July 8, 2020 |
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AM Best Affirms Credit Ratings of Assurant, Inc. and Most Subsidiaries: AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long Term ICR) of “a+” of most U.S. ... Date: July 8, 2020 |
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Argo Estimates Second-Quarter COVID-19 Losses at Up to $20 Million: Argo Group International Holdings Ltd. is estimating $10 million to $20 million in COVID-19-related losses for the second quarter as the group prices a share ... Date: July 8, 2020 |
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AM Best Upgrades Credits Ratings of Michigan Millers Mutual Insurance Co.; Affirms Ratings of Western National Ins. Pool Members: AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Time ICR) to “a” ... Date: July 8, 2020 |
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Allstate Seeks Greater Personal/Liability Market Share With $4 Billion Acquisition of National General: Allstate Corp. said it will acquire National General Holdings Corp. for about $4 billion cash in a bid to increase personal property and liability market ... Date: July 8, 2020 |
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Nasdaq Grants Hallmark Financial Extension to File Quarterly Reports: Hallmark Financial Services Inc. said Nasdaq has granted it an extension to file quarterly reports and regain compliance.
The company was granted an ... Date: July 7, 2020 |
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Flood Re Reports 10-Fold Claims Increase Following Major Flood Events: Flood Re Ltd. said it incurred gross claims of £161 million ($202.2 million) in its 2019-2020 fiscal year as the government-sponsored U.K. flood reinsurer said ... Date: July 7, 2020 |
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AM Best Affirms Credit Ratings of Wright National Flood Insurance Company: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit of “a-” of Wright National Flood Insurance Company (WNFIC) ... Date: July 7, 2020 |
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QBE North America Names SVP, Head of Professional Lines and Industry Verticals: QBE North America has named Toria Lessman as senior vice president, head of professional lines and industry verticals.
In her new role, Lessman, previously ... Date: July 7, 2020 |
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Chubb Estimates $1.81 Billion Second-Quarter Loss Driven by COVID-19 Claims: Chubb Ltd. is estimating its second-quarter net catastrophe losses at $1.81 billion pretax, including estimated COVID-19 pandemic losses of $1.37 ... Date: July 7, 2020 |
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Kingstone Reports Higher Preliminary Q2 Net, Revised Catastrophe Reinsurance Program: Kingstone Cos Inc. said preliminary earnings in the second quarter of 2020 were almost four times the same period a year earlier, as the company faces a ... Date: July 6, 2020 |
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State Farm Auto Rates to Fall Nearly 10% in Louisiana: State Farm automobile policyholders in Louisiana will see a statewide average 9.6% cut in their rates in the coming weeks.
Insurance Commissioner Jim ... Date: July 6, 2020 |
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Judge Siding With Insurer in COVID-19 BI Case Is a ‘Big Win,’ Attorneys Say: A Michigan circuit court judge ruled in favor of Michigan Insurance Co. in a case brought by a restaurant group seeking payment for business-interruption ... Date: July 6, 2020 |
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Perils Loss Estimate for Single 2019 Australian Summer Bushfire Event Rises to $1.29 Billion: Insured losses for Australian bushfires that started at the end of 2019 have climbed to A$1.86 billion ($1.29 billion), according to an updated estimate by ... Date: July 6, 2020 |
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Best’s Market Segment Report: Hardening Reinsurance Market Adds to Florida Property Insurers’ Headaches: The numerous issues in Florida’s property insurance market, including higher reinsurance pricing and social inflation, continue to challenge the financial ... Date: July 6, 2020 |
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United Insurance Estimates Pretax Second-Quarter Catastrophe Losses at $30 Million: United Insurance Holdings Corp. incurred an estimated $30 million in pretax catastrophe losses in the second quarter from 15 Property Claims ... Date: July 2, 2020 |
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AM Best: Florida Personal Property Writers Challenged Even Without a Hurricane: Even without a major hurricane, Florida writers struggled to turn a 2019 underwriting profit, said Michelle Baurkot, director, and Chris Draghi, senior ... Date: July 2, 2020 |
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