Personal Lines

Two property-casualty insurance trade groups have argued to Congress that American International Group is off the mark in saying that its bankruptcy would pose a "systemic risk" to the property-casualty insurance industry.

U.S. property-casualty insurers have weathered the global financial crisis well because of a superior risk management model, Robert Hartwig, president of the Insurance Information Institute, told an industry conference today.

Coral Insurance Company, a Florida residential property insurer with 11,750 homeowner policyholders, has been put in receivership, the Florida Department of Financial Services announced yesterday.

A.M. Best Co. said it has revised Liberty Mutual Group's outlook to negative from stable for its financial strength and issuer credit ratings due to the group's "sizable deterioration" in overall capitalization.

As some companies begin eliminating or playing down the significance of annual mileage as a rating factor, a new study reports a "strong correlation" between miles driven and auto insurance claim costs.

Moody's Investors Service, citing the impact of stock market declines yesterday, downgraded the insurance financial strength rating of National Indemnity Company and the long-term issuer rating of its ultimate parent, Berkshire Hathaway Inc.