Moody’s Investors Service says a recently announced transaction that will see Chartis transfer legacy asbestos claims to National Indemnity Insurance Company (NICO) is credit positive for Chartis, as it reduces the insurer from adverse development of asbestos liabilities.

While private U.S. property and casualty insurers’ 2010 net income rose to $34.7 billion from $28.7 billion the year before, the industry’s net losses on underwriting for the year grew $7.4 billion compared to 2009.

Homeowners rate increases granted to State Farm in Florida and Allstate in Mississippi are credit positive for insurers, as profitability in that line of insurance has been under pressure for the past several years, according to Moody’s.

The March 11 Japan earthquake and tsunami has significantly impacted the country’s automotive industry, and the ripple effects are being felt in the automotive-insurance and collision-repair industries as replacement parts become scarce, a new report says.

AXIS Capital Holdings’ expected financial impact of $285 million from the March 11 Japan earthquake and tsunami headlines the latest round of loss estimates from Bermuda companies.

AXIS Capital Holdings’ expected financial impact of $285 million from the March 11 Japan earthquake and tsunami headlines the latest round of loss estimates from Bermuda companies.

Bermuda-based Endurance Specialty Holdings says it expects $125 million in losses from the March 11 Japan earthquake and tsunami, and Iowa-based United Fire & Casualty Company says it expects $10 million in first-quarter catastrophe losses incurred in the company's assumed reinsurance portfolio.

As three more Bermuda companies report estimated losses for the March 11 Japan earthquake and tsunami, a couple of the company executives commented that a market turn is beginning to occur.