News

EMC Insurance Group Inc. says a record amount of catastrophe losses will negatively impact operating results for the third quarter.

Warren, N.J.-based Chubb Corp. says 2011 third-quarter net income dropped 48 percent due mostly to $420 million in before-tax catastrophe losses.

MGIC Investment Corp posted a wider third-quarter loss, saw more homeowners fall behind on their payments and is perilously close to reaching the maximum risk levels allowed, sending its shares down 15 percent before the bell.

Insurance pricing remains volatile, affecting the growth of insurance agencies and brokerage firms, says the chief executive of Brown & Brown.

Two Gulf-Coast senators are seeking to remove a Senate flood-insurance legislation provision requiring flood coverage in areas already protected by levees, dams or other flood-control structures.

A new report by Conning Research & Consulting offers a gloomy view on growth prospects for the property and casualty industry, and an industry analysis from Keefe, Bruyette & Woods (KBW) suggests insurers reconsider cost reductions, including reducing salary, to improve profitability in the face of economic and market challenges.