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Fitch Ratings said U.S. property-casualty insurance industry profits fell "dramatically" in 2008 and this year the sector has a negative outlook based on economic and investment uncertainty.

ALPS Corporation announced today that its risk retention group, Attorneys Liability Protection Society, Inc., will acquire Southern Title Insurance Corp. Financial terms were not disclosed.

With President Obama's emphasis on shovel-ready construction projects, the need for wrap-up insurance programs--also known as controlled insurance programs (CIPS)--is expected to increase.

Travelers Institute will serve as a forum to further public policy dialogue on matters related to the property and casualty insurance and financial services industries.

A lack of electronic integration between firms performing workers' compensation bill review and medical management operations may be costing businesses millions, a consultant said.

A majority of large insurers in a survey said they are planning to expand internationally within the next 12 months despite the ongoing economic turmoil.

Across the country, insurers' IT departments are waging battles on many fronts. Rapidly changing business needs, new regulatory demands, and aging legacy systems all require time and personnel.

American International Group's New York headquarters tower and a nearby AIG skyscraper have been bought by the investment and development firm Youngwoo & Associates (YWA) and a Korean bank, a brokerage firm said.