Commercial Lines

Title insurer First American Financial Corp's quarterly profit missed Wall Street expectations, as higher costs weighed on the company's results.

Munich Re expects net profit of more than 750 million euros ($989 million) in the first quarter, above expectations, helped by a drop in big damage claims and financial market tensions, its chief executive said on Thursday.

Munich Re expects net profit of more than 750 million euros ($989 million) in the first quarter, above expectations, helped by a drop in big damage claims and financial market tensions, its chief executive said on Thursday.

Policyholders and shareholders of Harleysville Mutual Insurance Co. and Harleysville Group Inc. have approved a merger with Nationwide Mutual Insurance Co.

Rates were up and catastrophe losses were relatively light, leading ACE Ltd. to nearly quadruple first quarter net income.

Insurance industry officials say a two-year National Flood Insurance Program extension, as proposed recently by the Federal Emergency Management Agency, is better than the current pattern of short-term extensions, but some associations say they would still rather see action on a five-year extension with program reforms.or five-year extension