Latest Casualty Headlines

AIG Commercial Insurance Unit Financially Fit and Fighting Back

Oct 14 2008 // The very strengths in its balance sheet, surplus, underwriting and personnel that have made the Commercial Insurance unit of American International Group (AIG) a market leader are keeping it competitive even while the...

AIG to Keep Its Commercial Property/Casualty Insurance, Sell Some Other Units

Oct 3 2008 // American International Group Inc. said it plans to keep its commercial property/ casualty and foreign general insurance businesses, while selling off some life insurance business and seeking alternatives for its securities...

Florida-based Main Street America Acquires Great Lakes Casualty

Oct 2 2008 // The Main Street America Group, based in Jacksonville, Fla., completed its acquisition of Great Lakes Casualty Insurance Co., a Michigan-domiciled private passenger auto insurance carrier, from Newco Financial Holdings...

P/C Insurers’ Net Income, Profitability Fall Sharply in First-Half 2008

Oct 1 2008 // The U.S. property/casualty insurance industry’s net income after taxes fell 57.4 percent to $13.9 billion in first-half 2008 from $32.7 billion in first-half 2007. The insurance industry’s overall profitability...

Allied World Names D’Orazio Chief Underwriter; Bell Operating and Admin.

Sep 11 2008 // Allied World Assurance Company Holdings has announced two senior management promotions. Frank D’Orazio has been named Chief Underwriting Officer of Allied World Assurance Company, its Bermuda insurance subsidiary,...

July Enforcement Actions in Texas Result in $500K in Fines

Sep 10 2008 // Enforcement actions taken by Texas Commissioner of Insurance Mike Geeslin in July 2008 include nine license revocations, four license denials and fines and restitution totaling $539,814. Copies of Geeslin’s orders...

Rendezvous Roundup: Guy Carpenter; Aon Global Re; Munich Re

Sep 8 2008 // The Annual Reinsurance Rendezvous in Monte Carlo convened this weekend amid concerns over the ongoing credit crisis, the softening of the market and the onslaught of storms in the Caribbean. The current climate for the...

Simmon to Lead Michigan’s Agents

Sep 1 2008 // Says Independence, Flexibility Still Key in Serving Policyholders Dale Simmon of the Simmon Insurance Agency in Lansing was recently named president of the Michigan Association of Insurance Agents (MAIA). The Michigan...

People

Sep 1 2008 // Community Financial Insurance Center, Monroe, La., hired Jeanette F. Credo as senior vice president for its new Financial Institutions Division for the states of Louisiana, Alabama and Mississippi. Credo will establish and...

People

Sep 1 2008 // General Star Management Co. appointed Gregory J. Diorio chief operating officer and Joseph L. Majsak chief marketing officer. Diorio will oversee all underwriting divisions while Majsak will oversee the new marketing...

Cindy Downs

Aug 21 2008 // Dallas-based wholesale insurance broker and managing general agent Towerstone Inc. has added four new members to its team. Cindy Downs was added as a senior underwriter in the firm’s MGA unit. Downs formerly was a...

S&P: U.S. Commercial Lines Outlook Revised To Negative From Stable

Aug 14 2008 // Standard & Poor’s Ratings Services revised its outlook on the U.S. commercial lines property/casualty insurance sector to negative from stable. Standard & Poor’s credit analyst John Iten explained...

Ohio Casualty Offers Farm Business on Commercial IQ in Kentucky, Ohio

Aug 4 2008 // Ohio Casualty, a Liberty Mutual Agency Markets regional company, today announced the introduction of its farm line of business (ISO Division Four) on Commercial IQ, its web-based application for quoting and application...

People

Aug 4 2008 // Aon Re Global named Jan-Oliver Thofern CEO and chairman of its German subsidiary, Aon Ruck. Thofern was previously a member of the company’s executive committee. He succeeds Holger Gaserow, who plans to retire at the...

A Philosophy – and Practice – of Sharing

Aug 4 2008 // Shows How Sharing Success With Producers Keeps the Agency and Its Clients Happy Top 100 Agency Profile Ranking: No. 8 Insurance Office of America Headquarters: Longwood, Fla. Year Founded: 1988 Additional Locations: 22...

Tokio Marine to Acquire Philadelphia Insurance for $4.7 Billion

Jul 23 2008 // Japan’s Tokio Marine Holdings, Inc. reported that it has agreed to acquire all outstanding shares of Philadelphia Consolidated, a U.S. property/casualty insurance company offering specialty commercial property and...

Safety National Casualty Corp. Provides Workers’ Comp for Automobile Dealers

Jul 21 2008 // The board of directors of the Preferred Automobile Dealers Self Insurance Program Inc. (PADSIP) placed its members’ specific excess workers’ compensation and employers’ liability reinsurance with Safety...

S&P Advises Floods Could Lead to Ratings Actions on Midwest-Focused Insurers

Jul 11 2008 // Standard & Poor’s Ratings Services said it does not expect the 2008 Midwest floods to impact ratings or outlooks for the majority of companies that it rates. However, property/casualty writers that are...

Jul 7 2008 // People McQueary Henry Bowles Troy LLP (MHBT) added Jim Anderson as senior vice president in the Dallas-based firm’s property/casualty group. Anderson will oversee the production and account management of...

People

Jul 7 2008 // Richmond, Va.-based insurance broker Hilb Rogal & Hobbs Co. promoted F. Michael Crowley to president and chief operating officer. As president, Crowley has been responsible for HRH’s retail operations. In the...