Few underachievers disturb first-quarter party atmosphere. (First-Quarter Recap).(Property casualty insurance firms report higher earnings for first-quarter)(Statistical Data Included)

National Underwriter Property & Casualty-Risk & Benefits Management, May, 2002 by Sclafane, Susanne

While most property-casualty insurers were invited to the first-quarter party celebrating higher earnings, lower combined ratios and double-digit premium increases, investors and analysts were impatient with those few that did not make the "A" list. "If you don't start making hay while the sun shines, then the board of directors should look for management changes," an investor told CNA executives in Chicago during a conference call held earlier this month.

"Why should shareholders entrust all this capital to management if we're not making good money in a really good environment? [It's] not going to last forever, he said, after CNA leaders informed listeners that the company is ultimately capable of being a "top-quartile earner," but that a 10 percent...

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