Insurance Property and Casualty Insurance

  • Aug 19- Jay Fishman, chairman and former chief executive of property and casualty insurer Travelers Cos Inc, died on Friday. Fishman, 63, disclosed in 2014 that he had a neuromuscular condition and that he might have been battling a variant of amyotrophic lateral sclerosis, commonly called Lou Gehrig's disease. Fishman became CEO of Travelers in April 2004 when...

  • **WASHINGTON- U.S. Treasury Federal Advisory Committee on Insurance holds open meeting in Washington to discuss the overall effectiveness of the terrorism risk insurance program, autonomous vehicles, implications of the recent UK referendum on membership in the European Union, and the impact of a low interest rate environment on the availability of...

  • NEW YORK— AIG on Monday said it is selling its stake in United Guaranty to Arch Capital Group in a cash-and-stock deal worth $3.4 billion. Arch Capital, based in Bermuda, writes specialty lines of property and casualty insurance and reinsurance, as well as mortgage insurance and reinsurance. The deal includes $2.2 billion in cash, $250 million of newly issued Arch...

  • Aug 5- Berkshire Hathaway Inc on Friday said its second-quarter profit rose 25 percent, helped by improvement in insurance underwriting, investment gains and the purchase of Precision Castparts Corp, Warren Buffett's largest acquisition. Net income for Omaha, Nebraska- based Berkshire rose to $5 billion, or $3,042 per Class A share, from $4.01 billion, or $2,442,...

  • *Takes writedown of 352 mln eur on Korea unit sale. FRANKFURT, Aug 5- German insurer Allianz's net profit fell by half in the second quarter, hit by higher damage claims, the sale its South Korean business and weaker investment performance. Europe's largest insurer took a 352 million euro hit to net profit from the expected sale of its businesses in South Korea, which...

  • July 18- A Berkshire Hathaway Inc unit has agreed to buy Medical Liability Mutual Insurance Co, expanding billionaire investor Warren Buffett's business of protecting doctors, dentists and other healthcare professionals against lawsuits. MLMIC is the largest underwriter of medical professional liability insurance in New York, Berkshire's National...

  • July 18- Medical Liability Mutual Insurance Co said it agreed to be bought by Berkshire Hathaway Inc's unit National Indemnity Co.. MLMIC is an underwriter of medical professional liability insurance in New York. As of Dec. 31, 2015, MLMIC policyholders' surplus was about $1.8 billion.

  • Alina Nurieva (R) sits with Gabriela Cisneros, an insurance agent from Sunshine Life and Health Advisors, as she picks an insurance plan available in the third year of the Affordable Care Act at a store setup in the Mall of the Americas in Miami, Florida.

    Raising your deductible can cut homeowners' insurance premiums, but many Americans can't afford the extra risk.

  • Probably will get a BoE rate cut tomorrow: Pro

    Bob Parker, senior advisor of investment, strategy & research at Credit Suisse, gives his expectations for British housebuilders and what particular economic measures may be introduced in the U.K.

  • BEIJING, June 28- Fosun Group, China's biggest private conglomerate, will list U.S. property and casualty insurer Ironshore Inc "as soon as possible" this year, Guo Guangchang, the company's billionaire co-founder and chairman told Reuters ahead of a Reuters Newsmaker event in Beijing on Tuesday. He also said Fosun's interest in investing in the UK and Europe has...

  • What’s wrong with Britain’s property market?

    There’ve been many conflicting views about where U.K. housing is headed, but given political uncertainty and mixed economic data, what’s the real forecast? CNBC’s Gemma Acton discusses.

  • June 7- Oklahoma regulators faced with a surge in small earthquakes linked to oil and gas production ruled on Tuesday that the state's market for earthquake insurance was not competitive, saying prices charged to consumers were "excessive" after recent rate hikes. As a result of the ruling, insurance companies will be required to submit proposed changes to...

  • OKLAHOMA CITY, May 24- Oklahoma regulators grappling with a massive increase in small earthquakes in the state linked to growing oil and gas production said on Tuesday they were concerned with spiking rates for earthquake insurance coverage and diminishing competition among insurers. At a public hearing on the rate hikes, Oklahoma Insurance Commission...

  • Demand will fall off quickly if Brexit: Land Securities CEO

    Land Securities CEO, Robert Noel explains why a vote to leave the European Union would be painful for the British property industry.

  • Below is a summary of changes insurance companies have made in the state in recent years, based on Oklahoma Insurance Commission filings:. Company Date Action Armed Forces Aug 8, 2014 Increases earthquake premiums by 1- 3 cents per Insurance $1,000 of coverage. Chubb Ltd Dec. 19, Increases earthquake premiums to $0.33 per $1,000 2014 of coverage from $0.30.

  • OKLAHOMA CITY, May 12- As the number of earthquakes in Oklahoma exploded into the hundreds in the last few years, nearly a dozen insurance companies moved to limit their exposure, often at the expense of homeowners, a Reuters examination has found. Nearly 3,000 pages of documents from the Oklahoma Insurance Commission reviewed by Reuters show that insurers and...

  • Alberta's premiere, Rachel Notley, will lead local officials and media on an inspection of Fort McMurray, whose 88,000 inhabitants fled the blaze that broke out on May 1. Canada's largest property and casualty insurer Intact Financial Corp expects to suffer losses ranging from C $130 million to C $160 million from the wildfire. Previous analysts' estimates,...

  • TORONTO, May 4- A wildfire in the Alberta city of Fort McMurray is set to become the costliest ever Canadian natural disaster for insurers, with 1,600 buildings destroyed and another 19,000 under threat, analysts and industry sources say. The fire in Slave Lake, a small town 250 km northwest of the city of Edmonton, led to the destruction of 374 homes, less than a...

  • *Several other foreign banks have cut China exposure recently. HONG KONG, April 30- American International Group is offering for sale about $1.2 billion worth of shares in China's PICC Property and Casualty Co Ltd in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG is offering 740 million PICC P&C shares in an indicative price range of HK $13.06-...

  • HONG KONG, April 30- American International Group is offering about $1.2 billion worth shares in China's PICC Property and Casualty Co Ltd in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG is offering 740 million PICC shares in an indicative range of HK $13.06- HK $13.35 each, an up to 8 percent discount to PICC's Friday close, the term sheet...