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Property and Casualty Insurance

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  • Feb 4- Intact Financial Corp, Canada's largest property and casualty insurer, reported a near-doubling in quarterly profit, driven by higher underwriting income as claims related to natural disasters fell. Intact, the former Canadian insurance arm of Dutch financial group ING Groep, said catastrophe losses fell by C $45 million from a year earlier when severe...

  • Feb 4- Intact Financial Corp, Canada's largest property and casualty insurer, reported a near-doubling in quarterly profit, boosted by strong growth in underwriting income. The company's net income rose to C $205 million, or C $1.52 per share, in the fourth quarter ended Dec. 31, from C $107 million, or 77 Canadian cents per share, a year earlier. Underwriting income...

  • Jan 29- Property and casualty insurer Chubb Corp's quarterly operating profit rose 3.4 percent as premium income increased. The company's consolidated operating income rose to $544 million, or $2.29 per share, in the fourth quarter ended Dec. 31, from $526 million, or $2.07 per share, a year earlier. Chubb also approved a share buyback program of up to $1.3 billion.

  • Jan 22- Property and casualty insurer Travelers Cos Inc reported a 5 percent rise in quarterly net profit, helped by higher underwriting gains and lower losses from natural disasters. The company reported operating earnings of $3.07 per share for the fourth quarter ended Dec. 31. The company said net income rose to $1.04 billion, or $3.11 per share, in the fourth...

  • Travelers profit rises on lower catastrophe losses Thursday, 22 Jan 2015 | 7:04 AM ET

    Jan 22- Property and casualty insurer Travelers Cos Inc reported a 5 percent rise in quarterly net profit, helped by lower weather-related catastrophe losses. The company, a Dow Jones Industrial Average component, said net income rose to $1.04 billion, or $3.11 per share, in the fourth quarter ended Dec. 31, from $988 million, or $2.70 per share, a year earlier.

  • WASHINGTON, Jan 12- President Barack Obama signed into law on Monday a bill that renews for six years a terrorism risk insurance program created in response to the Sept. 11, 2001, attacks, the White House said. The program provides a federal insurance backstop for owners of skyscrapers, sports stadiums, shopping malls and large projects that could face terrorism...

  • Jan 9- Private mortgage insurers in the United States may have to cut premiums to better compete with the Federal Housing Administration, which plans to reduce premiums in the government's latest attempt to encourage first-time homebuyers. Companies such as MGIC Investment Corp and Radian Group Inc have been regaining market share over the last year after...

  • WASHINGTON, Jan 8- The U.S. Senate on Thursday voted to reauthorize a terrorism risk insurance program created in response to the Sept. 11, 2001, attacks, after lawmakers let it expire at the end of 2014.. Senators voted overwhelmingly in favor of a bill giving the program six more years that had been approved by the U.S. House of Representatives on Wednesday.

  • WASHINGTON, Jan 7- The U.S. House of Representatives voted on Wednesday to reauthorize a federal terrorism insurance program sought by insurers and owners of sports stadiums and shopping malls, after lawmakers let it expire at the end of 2014.. Lawmakers were unable to agree last year on a plan to extend the program, which was created after the Sept. 11, 2001,...

  • WASHINGTON, Jan 7- The Federal Housing Administration will reduce annual mortgage insurance premiums by 0.5 percentage point to 0.85 percent from 1.35 percent, the White House said on Wednesday. In a statement, the White House said the move was part of President Obama' s efforts "to expand responsible lending to creditworthy borrowers." The administration also...

  • White House says FHA to cut mortgage insurance premiums Wednesday, 7 Jan 2015 | 2:17 PM ET

    WASHINGTON, Jan 7- The Federal Housing Administration will reduce annual mortgage insurance premiums by 0.5 percentage point to 0.85 percent from 1.35 percent, the White House said on Wednesday. In a statement, the White House said the move was part of President Barack Obama's efforts "to expand responsible lending to creditworthy borrowers."

  • OBAMA SAYS FEDERAL HOUSING ADMINISTRATION WILL CUT ANNUAL MORTGAGE INSURANCE PREMIUMS TO 0.85 PERCENT FROM 1.35 PERCENT TO MAKE MORTGAGES MORE AFFORDABLE.

  • People falling out of love with London property   Tuesday, 6 Jan 2015 | 11:50 AM ET
    People falling out of love with London property

    Property demand in London has dropped since February 2014 by 28 percent. Russell Quirk, CEO of emoov, says that property demand or "hotspots" has increased in "commutable" areas like Reading and Colchester.

  • *Allianz sells Fireman's Fund personal lines to ACE Ltd.. FRANKFURT, Dec 18- German insurer Allianz on Thursday said it had agreed to sell its Fireman's Fund personal insurance business to insurer ACE for $365 million, freeing Allianz to focus on building its U.S. property and casualty operations. The deal clears up one of two problem areas for Allianz in the...

  • WASHINGTON, Dec 16- A decision by the U.S. Senate on Tuesday to set aside a terrorism insurance bill until 2015 has killed, for now, a provision requiring that one seat on the Federal Reserve's board be dedicated to a person with community banking experience. Congress moved a step closer last week to mandating a seat on the central bank's seven-person board be given...

  • Senator Charles Schumer on Thursday called for the U.S. House of Representatives to extend a federal terrorism insurance program by passing a "clean" bill with no controversial extra provisions. Congress created the terrorism insurance program after the 2001 attacks on the United States, when many insurers lost money and warned they might stop insuring...

  • Treasury Secretary Jack Lew on Tuesday called on lawmakers to reauthorize a federal terrorism insurance program, saying they should not tie its approval to consideration of proposed changes to unrelated Wall Street reforms. The U.S. Senate voted overwhelmingly in July to extend the program, called the Terrorism Risk Insurance Act. But negotiations with the...

  • 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....