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...The company also said that Peter Zaffino, the 53-year-old head of the property and casualty insurance unit, would succeed Brian Duperreault, 73, who has been group chief executive since May 2017 and would...
...Property and casualty cover is seen as a far more natural home....
...This trend in property and casualty insurance echoes one under way in the life insurance world for a decade....
...Today, it is the traditional property and casualty insurance business, which accounts for almost two-thirds of revenues, that is the group’s big anxiety....
..., consumer products and natural resources....
...Mr Greenberg created the Chubb of today when in 2015 he struck the biggest deal in property and casualty insurance history. He was CEO of Ace, the Zurich-based insurer he joined in 2001....
...Both companies provide property and casualty cover in the state, writes Alistair Gray in New York....
...Chubb will give Ace a bigger footprint in the US, where it is a leading middle-market underwriter for commercial property and casualty insurance....
...The merger will create the world’s fifth-largest property and casualty reinsurer, with about two-thirds of the combined company’s $10.7bn annual premium income coming from this line of business....
...“We think the market will be disappointed by the [property and casualty] results.”...
...The Russian Foreign Ministry said JP Morgan Chase had blocked a transfer by Russia’s embassy in Astana, the capital of Kazakhstan, to Sogaz, an insurance company part-owned by Bank Rossiya, one of the targets...
...Hard times in property casualty insurance are a good thing....
...Earnings jumped highest in property and casualty insurance, AIG’s biggest division, run by Peter Hancock, which reported operating income of $1.6bn, up from $1bn in the first three months of 2012....
...Property and casualty insurers issued $1.64bn worth of the bonds in the first three months of the year, according to data tracked by Guy Carpenter, the reinsurance brokerage of Marsh & McLennan, a 22 per...
...US property catastrophe insurance prices are up 7 per cent this year according to insurance advisory group Guy Carpenter....
...Since markets reopened, shares in top US property and casualty insurers have lost only 0.2 per cent more than the benchmark S&P 500 index....
...At $35, AIG’s shares still trade at about half the company’s book value while more profitable rivals in the insurance industry, such as Chubb, Travelers and ACE Limited, trade in line with or above book...
...Spinning off the Travelers property and casualty business was not the move of a sentimentalist....
...Meanwhile, disasters across Asia, Australia and the US pushed operating income at the property and casualty business down 48 per cent to $1.29bn....
...Premiums in property and casualty, the group’s single biggest division, jumped by 18 per cent, or more than 13 per cent excluding the impact of currency fluctuations, to $3.4bn, deflecting periodic concerns...
...AIG has sold or spun off numerous businesses to repay bail-out funds, leaving it more dependent on a property and casualty insurance arm at the mercy of catastrophic events....
...The results underline AIG’s transformation after its $180bn US government rescue in the financial crisis from a sprawling empire to a company focused on core insurance business....
...The New York Times adds that AIG said its Chartis property and casualty business increased net written premiums nearly 20 percent in the quarter....
...The proceeds were earmarked to repay debt issued to the privately-held parent company, Liberty Mutual Group, which, in addition to property and casualty insurance, also sells home, auto and group life insurance...
...“On a combined basis, including casualty and property insurance, prices will continue to drift down,” said James Shuck, an analyst with Jefferies & Co in London....
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