Farm income is forecast to increase over last year, helped by insurance payouts from the crop-insurance program covering losses from the disastrous drought in much of the country, but insurance associations argue that the program is not a bailout that guarantees profits for farmers.

Farm income is forecast to increase over last year, helped by insurance payouts from the crop-insurance program covering losses from the disastrous drought in much of the country, but insurance associations argue that the program is not a bailout that guarantees profits for farmers.

The property and casualty insurance industry is suffering from an unwelcome surprise in its loss portfolio, as areas once perceived to be at low risk for catastrophes are generating costly cat losses, says a Guy Carpenter report.

The property and casualty insurance industry is suffering from an unwelcome surprise in its loss portfolio, as areas once perceived to be at low risk for catastrophes are generating costly cat losses, says a Guy Carpenter report.

The month of August saw one major insurance-brokerage firm purchase the P&C brokerage operations of a bank as USI Insurance Services announced its acquisition of TD Insurance Inc.

Despite huge losses from catastrophes last year, reinsurers began 2012 in solid shapebut the companies benefited from factors that might not be present going forward, and the industry will require renewed focus on underwriting, ratings agencies say.

Less than one year after its unsuccessful pursuit of Transatlantic Holdings, Validus Holdings says it has reached an agreement to buy Flagstone Reinsurance Holdings for about $623 million in cash and stock.

The rare weather event of tornadoes touching down in New York City produced no significant insurance losses, according to industry experts.