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Daily NewsFlash : April 26, 2013

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Friday, April 26, 2013

P/C Insurers Profits Rose in 2012, But Sandy Losses and Drop In Investment Gains Hit Results

P/C profitsDespite the impact of Superstorm Sandy and smaller investment gains, private U.S. property/casualty insurers' net income after taxes grew to $33.5 billion in 2012 from $19.5 billion in 2011, with insurers' overall profitability as measured by their rate of return on average policyholders' surplus climbing t...

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W.R. Berkley Subsidiaries Accuse Texas Fertilizer Plant Owners of Negligence

W.R. Berkley fertilizer lossOwners of a fertilizer plant that exploded in West, Texas, were negligent in their operations and created "an unreasonably dangerous condition" that led to the blast, according to a lawsuit filed recently by four subsidiaries of the W.R. Berkley Corp.

The April 17 explosion leveled the...

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RIMS 2013: Lexington President Sees Business Coming Back to Excess & Surplus Market

Lexingtong logoBusiness is returning to the excess and surplus lines market, but underwriting results are not what they could be, according to David Bresnahan, president of Lexington Insurance Co. Bresnahan also spoke to Best's New...

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Aon Reports First-Quarter Revenue of $2.9B, Net Income of $261M

Aon incomeAon plc today reported results for the three months ended March 31, 2013. 

Net income attributable to Aon shareholders from continuing operations was $261 million, or $0.82 per share, compared to $238 million, or $0.71 per share, for the prior year quarter.  Net income per share attrib...

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Hanover Announces Resignation of Marita Zuraitis, President, P/C Companies

HanoverThe Hanover Insurance Group, Inc. announced today that Marita Zuraitis, a member of its executive leadership team and president of its property and casualty companies, has resigned, effective May 10. She will leave the company after nine years to become president and chief executive officer of Horace Mann Educators Cor...

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Bermuda Insurer Registration Surges in First Quarter of 2013

Bermuda insurersInsurer registration with the Bermuda Monetary Authority during the first quarter of 2013 has almost doubled from the rate achieved during the same period in 2012 and shows no signs of slowing down.

Thirteen insurers registered in Bermuda during the first quarter of 2013, up from the se...

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Chubb's First-Quarter Results Up

Chubb profitsThe Chubb Corporation on Thursday reported that net income in the first quarter of 2013 was $656 million, compared to $506 million in the first quarter of 2012. First quarter net income per share increased 36% to $2.48 in 2013 from $1.83 in 2012.

Operating income, which the company defines as net inc...

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AIMS Society Announces 2013-2014 Officers, Directors

AIMS SocietyThe American Insurance Marketing & Sales (AIMS) Society, a professional organization dedicated to building insurance sales, marketing and technical expertise, has elected officers and a new member to its board of d...

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Willis "Resilience" Magazine Identifies Growing Risk Challenges from Natural Catastrophe Exposures

WillisThe growing threat of natural catastrophes is raising serious challenges for corporate risk managers and the insurance industry, according to the second issue of Resilience magazine, the risk management publication from Willis Group Holdings. "The breadth and impact of natural disasters in recent years, coupled with grow...

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