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...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
..., New York and New Jersey....
...Faisal Mairaj knew he was buying a house in a flood zone when he purchased a rental property in Manville, New Jersey, in 2016....
...Allstate’s 2Q underwriting results (as measured by its “combined ratio”) highlights what can happen when weather and economic conditions turn against property and casualty insurers....
...The insurer was likely to “receive questions about potentially buying a commercial lines [property and casualty] business at the top of the cycle . . . but the purchase price seems reasonable in this respect...
...Mayhem persists among the US’s property and casualty insurers. Auto-insurance businesses are still losing money....
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...Europe’s second-biggest insurer, which cemented its focus on property and casualty insurance with the $15.3bn acquisition of XL in 2018, said it would prioritise dividend growth and annual share buybacks...
...In recent months, both State Farm and Allstate have announced plans to stop writing new policies in fire-prone California....
...The move will make Sampo the largest pure property and casualty insurer in the Nordic region....
...Overall, the group posted a €5.1bn operating profit for the period, up 17 per cent on the same period last year, with profitability improving at its property and casualty division despite losses from European...
...California last month struck a deal with insurance companies to continue writing policies for property in disaster-prone areas, after big US names such as State Farm and Allstate stopped issuing any new...
...The company said the head of its insurance operations, Gilles Dellaert, would lead the combined unit....
...Carmakers that use Baltimore — the US’s largest vehicle import terminal — said they were rerouting trade to other east coast ports in South Carolina, New Jersey and New York, but expected bottlenecks due...
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...These costs would presumably be reflected in property and casualty insurance rates, along with many other pressures that are affecting the world right now....
...Allstate touted a 22-per-cent drop in new-issued applications in its 1Q presentation, with especially steep declines in three states where it has faced challenges to raising rates....
...companies.”...
...This was offset by strong trading in property and casualty insurance, which helped the company generate €4.1bn in underlying earnings....
...Five long positions in five very different industries (property casualty insurance; discount retail; health insurance; aerospace and defence; travel)....
...As my fellow New Jersey native Tony Soprano says, “you can’t put shit back in the donkey”....
...On Wednesday, insurance brokerage Aon struck a deal to acquire NFP, a private equity-backed midsized property and casualty broker, for $13.4bn....
...Zurich, one of Europe’s biggest insurance groups, released full-year results on Thursday, reporting a flat combined ratio — claims and expenses as a proportion of premiums — for its property and casualty...
...Companies that directly benefit from low rates have done well. This includes the homebuilders (up 40 per cent or so) and commercial real estate plays such as Boston Properties and Simon Property Group....
...So they are an insurance company for insurance companies. They do have a primary property casualty insurance unit, but mostly they’re reinsurance....
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