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Zurich, one of the world’s largest property-casualty insurance companies, announced that Ann Haugh will become chief operating officer for Global Corporate in North America (GCiNA) effective September 1, 2007. “We are pleased Ann will handle oversight and direction of our day-to-day operations,” said Mario Vitale, CEO, Zurich Global Corporate in North America. “She is a… Continue reading Haugh Named COO of Zurich’s North American Global Corporate Unit

Mark Feuer has been named to the newly created position of chief executive officer of U.S. business at Marsh Inc., the New York-based brokerage announced yesterday. In addition to his new responsibilities, Feuer will continue to lead the brokerage’s U.S. middle-market and small commercial segment, a spokesperson for the brokerage announced. “By expanding Mark’s role,… Continue reading Feuer Named to New Position at Marsh Inc.

Property and casualty insurer Safeco Corp announced today that its second-quarter profit fell to $186.4 million from $199.7 million in 2006, a 7 percent decline. The carrier stated that the decline is due to its use of a higher percentage of premium income to pay out claims. Profit per share rose to $1.75 from $1.68,… Continue reading Safeco’s Second-Quarter Profits Fall

According to a new study by Conning Research and Consulting, “the economics of distribution channels in personal auto insurance can be difficult to understand, and this can present both opportunities and challenges in a softening rate market.” “Many insurers now choose to distribute personal auto insurance through multiple channels, ranging from traditional independent agencies, to… Continue reading Study Reports Personal Auto Insurers Need Better Understanding of Distribution Channels to Compete in Softening Market

A new report issued by rating agency A.M Best Co. Inc., located in New Jersey, states that domiciled captive insurers based in the United States experienced a slowing down of premium growth for 2006, but their combined ratios significantly improved.     The report indicated that net written premiums of U.S.-based domiciled captives increased just… Continue reading Captives Experience Slow Down in Premium Growth

Beazley Group P.L.C. posted a record profit of £60.2 million ($122.0 million) for the first half of 2007, up from £28.3 million ($57.3 million) for the comparable period last year.    According to the company, its gross written premiums increased 10% to £434.1 million ($879.3 million). Its combined ratio for the first half of 2007… Continue reading Beazley Group Posts Record Profits

As a response to last week’s vote by the House Financial Services Committee on expanding the national flood insurance program to cover wind damage, American Insurance Association (AIA) President Marc Racicot issued the following statement in an AIA press release: “We continue to believe that adding wind coverage to the NFIP is not the right… Continue reading AIA Responds to House Committee’s Vote on Expanding Flood Program to Include Wind Damage

The National Association of Mutual Insurance Companies (NAMIC) also issued a statement asking that the provision to add wind coverage to the nation’s flood insurance program, which was adopted last week by the House Financial Services Committee, not be passed by the full House.       “The NFIP is already in dire need of reforms,… Continue reading NAMIC Also Criticizes Wind Coverage Inclusion Flood Reform Legislation

The Annie E. Casey Foundation released it’s 18 annual “Kids Count” report last week in which it indicates that about 11% of U.S. children lack health insurance. The report uses data from the Census Bureau (most recent data is from 2004 and 2005) to measure each state’s progress since 2000 in specific key areas: infant… Continue reading New Report Says More than 10% of Children Lack Health Coverage

Members of the U.S. P/C industry are buying back shares of their own stock at rates not seen in 20 or more years, signaling the beginning of a soft market and a sign that the competition is pushing premiums low enough to threaten increases in profits. “Insurance companies know they’re going into a softer cycle,… Continue reading Lower Premiums and Stocks Likely as P/C Insurers Buy Back Stocks