AIG Reports Q4 Loss on Catastrophes, Lower Investment Returns

Article 0 Comments American International Group Inc. on Wednesday reported a quarterly loss as the insurer was hit with catastrophe losses and made a lower return on investments in a volatile market. Excluding realized investment gains and losses and some other items, AIG posted a loss of $559 million, or […]

CNA Reports Q4 Loss on Catastrophes, Investments

Article 0 Comments Catastrophe claims and a disappointing investment performance drove commercial lines insurer CNA Financial Corp. to an $84 million loss in the fourth quarter of 2018. The quarter’s $84 million net loss compare to $223 million in net income in the same quarter of 2017. The overall property/casualty […]

Zurich Insurance Reports 24% Jump in 2018 Net Income Driven by Life, P/C Units

Article 0 Comments Zurich Insurance’s reported 2018 net income after tax of $3.72 billion, a 24 percent jump from $3.0 billion it reported in 2017 – primarily driven by growth in its life business and improved underwriting in its property and casualty business. Zurich’s results “demonstrate further progress against the […]

Allstate Q4 Catastrophe Loss Tempered by Higher Premiums, Reduced Auto Claims

Article 0 Comments The Allstate Corp. lost $312 million in its 2018 fourth quarter, which was attributable to higher catastrophe losses, lower investment income and a pension settlement charge. Catastrophe losses hit $963 million, versus just under $600 million in Q4 2017. However, the insurer said that higher premiums earned […]

Munich Re Reports 56% Drop in Q4 Profit on Spate of Natural Disasters

Article 0 Comments German reinsurer Munich Re on Wednesday reported a 56 percent decline in fourth quarter net profit after a spate of natural catastrophes but proposed raising its dividend for 2018. Net profit fell to 238 million euros ($271.13 million) from 538 million euros a year earlier but met […]

W.R. Berkley’s Reinsurance Results Falter

Article 0 Comments W.R. Berkley Corp. ended 2018 with a decline in net income and worsening reinsurance combined ratio due to higher catastrophe loss expenses. At the same time, insurance premiums and investment income grew. The Connecticut-based insurer and reinsurer booked more than $132.3 million in net income during the […]

Travelers Grew Q4 Profit Despite California Wildfire, Hurricane Michael Losses

Article 0 Comments Travelers Cos. reported that despite catastrophe losses from the California wildfires and Hurricane Michael, it boosted its profit in the fourth quarter of 2018 thanks to growth in premiums and investment income. Net income rose to $621 million from $551 million for the prior year quarter. The […]

Fitch Assesses Wildfires’ Impact on P/C Insurers’ 2018 Results

Article 0 Comments Fitch Ratings said it expects the November wildfires in California to have some but not great impact on property/casualty insurers’ year-end results and it anticipates limited or no rating actions due to the fires. The rating agency is maintaining stable outlooks on both the U.S. non-life insurance […]

9 Month Results Show U.S. P/C Insurance Pivot to Big Profit: A.M. Best

Article 0 Comments The U.S. property/casualty insurance industry’s net underwriting income has so far swung from a massive loss in 2017 to substantial profit, according to an A.M. Best report. Carriers booked $3.5 billion in net underwriting income for the first nine months of 2018, A.M. Best said, versus a […]

How Independent Agents Fared in 3Q and the Past 4 Years

Article 0 Comments Independent insurance agents and brokers can celebrate a four-year growth trend, reports Reagan Consulting. in its third-quarter Organic Growth and Profitability (OGP) study, the agency consultant says that the sector’s organic growth rate in the third quarter was 6.1 percent — tied for the highest growth rate […]