Property and Casualty Insurance


  • Climate change to raise insurance losses Thursday, 20 Nov 2014 | 11:22 AM ET
    People wade through floodwaters while carrying belongings from their home in Lyons, Colo., Sept. 20, 2013.

    Property and agriculture losses caused by climate change is forecast to increase exponentially in the coming decades, reports USA Today.

  • WASHINGTON, Nov 17- A U.S. government agency that guarantees millions of mortgages has built up $6.1 billion in capital over the last year, erasing a shortfall experienced in 2013, when its reserves were so low that it had to draw taxpayer funds for the first time. The Obama administration on Monday released an audit of the Federal Housing Administration that...

  • UPDATE 1-Insurer James River Group files for IPO Friday, 7 Nov 2014 | 7:23 AM ET

    Nov 7- James River Group Holdings Ltd, a Bermuda- based insurance holding company, filed for an initial public offering of common shares that would raise up to $288 million. Hedge fund D.E. Shaw& Co LP's affiliates own 72.6 percent of the insurer's Class A common shares, while Goldman Sachs Group Inc owns 26.3 percent. Keefe Bruyette& Woods, UBS Investment Bank, FBR...

  • NEW YORK, Nov 5- Wells Fargo& Co said on Wednesday it is in discussions with the U.S. government to resolve a lawsuit accusing the nation's largest mortgage lender of cheating taxpayers by submitting ineligible home loans to a federal insurance program. Wells Fargo, the fourth-largest U.S. bank by assets, disclosed the talks in a quarterly filing with the U.S....

  • Nov 5- Intact Financial Corp, Canada's largest property and casualty insurer, reported a more than four-fold rise in quarterly profit, helped by a sharp fall in catastrophe losses. The company's profit last year was hurt by severe rain storms in the Toronto area and Quebec, and hail storms in Alberta. Intact's profit rose to C $202 million, or C $1.49 per share in the...

  • Insurer Intact Financial's profit rises four-fold Wednesday, 5 Nov 2014 | 7:13 AM ET

    Nov 5- Intact Financial Corp, Canada's largest property and casualty insurer, reported a more than fourfold rise in quarterly profit, helped by higher operating income and investment gains. The company's profit rose to C $202 million, or C $1.49 per share, in the quarter, compared with C $47 million, or 32 Canadian cents per share, a year earlier.

  • Besides losses from the Malaysia Airlines jet downed over Ukraine and the destruction of planes at Tripoli airport, property and casualty insurers saw few big payouts while life insurers reported a healthy rise in sales. Two years ago, insurers paid about $30 billion in claims after Hurricane Sandy battered the United States while floods in central Europe...

  • NEW YORK, Nov 3- Insurer American International Group on Monday reported better-than-expected third quarter earnings, bolstered in part by improved performance at core insurance operations. Chief Executive Officer Peter Hancock said the company remains "disciplined in our approach to balancing growth, profitability, and risk and focused on maintaining...

  • UPDATE 2-Allstate profit beats estimates as premiums rise Wednesday, 29 Oct 2014 | 6:09 PM ET

    Oct 29- Allstate Corp, the largest publicly traded home and auto insurer in the United States, reported a higher-than-expected quarterly profit as it earned more premiums. Allstate's net income available to common shareholders rose to $750 million, or $1.74 per share, in the third quarter ended Sept. 30, from $310 million, or 66 cents per share, a year earlier.

  • Oct 23- Property and casualty insurer Chubb Corp raised its full-year profit forecast on Thursday after a drop in catastrophe losses and higher premium income helped the company report stronger-than-expected third-quarter earnings. Chubb's shares rose about 4 percent in extended trading after closing at $94.26 on the New York Stock Exchange.

  • Oct 21- Property and casualty insurer Travelers Cos Inc reported a better-than-expected rise in quarterly operating profit, helped by higher net investment income and a fall in disaster-related losses. Operating earnings of $2.61 per share in the third quarter ended Sept. 30 handily beat the average analyst estimate of $2.27, according to Thomson Reuters...

  • Not knowing what you don't know about auto and homeowners insurance could be an expensive mistake, according to a new Insure.com survey.

  • Ebola: New insurance deal with an outbreak Friday, 17 Oct 2014 | 5:37 PM ET
    A custodial worker wears a mask and eye protection to guard against the Ebola virus as he prepares to clean Ruth Cherry Intermediate School in Dallas.

    A Lloyd's of London unit is underwriting two forms of insurance to cover businesses that shut down as a result of Ebola and other diseases.

  • UPDATE 2-Allianz CEO Diekmann to step aside in May Thursday, 2 Oct 2014 | 11:02 AM ET

    FRANKFURT, Oct 2- Allianz will replace its chief executive earlier than expected, promoting insider Oliver Baete from May as the insurer seeks to restore order at Pimco, its U.S. funds business beset by investor and executive defections. Baete, 49, had been seen as front runner for the job, and is currently serving as Allianz's board member for insurance...

  • Allianz leadership challenged as Pimco's Gross exits Friday, 26 Sep 2014 | 3:42 PM ET

    *Allianz shareholders call for stable leadership. *Contract of Allianz CEO, others up for renewal. FRANKFURT, Sept 26- German insurer Allianz suffered a humiliating blow on Friday with the resignation of renowned investor Bill Gross as leader of Pimco, the asset manager Allianz relies on for one fourth of its operating profit.

  • Insurers turn to big data to help identify risks Wednesday, 17 Sep 2014 | 10:48 AM ET

    MONACO, Sept 17- Insurance companies are increasingly turning to "big data" from satellites, social media and even cigarette sales at gas stations to help identify risks and build up customer profiles. Hamilton Re, a new Bermuda- based reinsurer, hopes that heavy data-crunching technology will give it an advantage over rivals and boost its bottom line.

  • Expect the unexpected: More 9.0 megaquakes coming Tuesday, 16 Sep 2014 | 1:15 PM ET
    A catamaran sightseeing boat, sits atop a two-story Japanese inn on April 3, 2011 in Iwate Prefecture, Japan.

    Researchers say that most of the Pacific's earthquake zones are capable of generating shocks at least as strong as magnitude 9, NBC News reports.

  • NAPA, Calif. Aug 28- During Sunday's 6.0 magnitude earthquake, some $75,000 worth of bottles of wine, rum and whiskey flew off the shelves of Aiyaz Masani's liquor store in Napa, California.

  • Aug 4- Insurer American International Group Inc reported a better-than-expected 12.5 percent rise in quarterly profit, helped by strong performance across its major businesses and the sale of its former aircraft leasing unit.

  • Aug 4- American International Group Inc reported a better-than-expected 12.5 percent rise in quarterly profit, helped by strong performance across all its key businesses, and the insurer said it would expand its buyback program by $2 billion.