While there are doubts about whether the property and casualty insurance industry is getting set to enter a hard-market cycle, it increasingly looks like rates are beginning to stabilize in many lines, according to observations by an industry report and some chief executives.
The first quarterly earnings conference call with new Liberty Mutual Group President and CEO David H. Long involved the reporting of a net loss of $170 million for the 2011 second quarter, driven by nearly $1.3 billion in catastrophe losses.
Chubb Corp. says 2011 second-quarter net income dropped 19 percent, compared to the same period a year ago, to $419 million due to catastrophe losses, but its underlying commercial and personal insurance performance is solid.
Commercial insurance is not on course for a hard market, but there are significant pricing and underwriting demands that suggest an end to the prolonged soft market, says a panel of insurance brokers.
Patriot National Insurance Group announces it has selected the WorkersCompExpert software platform from Paradox Technology Solutions to support its insurance, managing general underwriting, billing, and claims services operations.
Bermuda's Hiscox and Montpelier Re, as well as Luxembourg's Flagstone Re, say second quarter severe weather in the U.S. cost them each tens of millions of dollars. Hiscox's estimate of losses from the Japan earthquake is now at the high end of its range.
Bermuda's Hiscox and Montpelier Re, as well as Luxembourg's Flagstone Re, say second quarter severe weather in the U.S. cost them each tens of millions of dollars. Hiscox's estimate of losses from the Japan earthquake is now at the high end of its range.