Articles by Susanne Sclafane

Berkshire Profit Soars; Geico, Gen Re Profits Up

Net income for Berkshire-Hathaway soared nearly 41 percent to $6.4 billion in second-quarter 2014, with nearly $2.0 billion of investment gains lifting the total, while underwriting profits for Berkshire-Hathaway’s property/casualty operations dipped 1.6 percent (before taxes). Pretax underwriting profits overall—for …

Deal Analysis: Why Validus Is Buying Western World

The combination of Validus Holdings and Western World Insurance Group fills in “missing pieces” for both organizations, Validus’ chairman said in late June, detailing finer points of a $690 million deal that was announced June 23. For Western World, the …

ANV Opens Cyber/Media MGU for U.S. Small Business with James River

ANV Holdings BV, a Dutch specialty insurance business, has opened a U.S. managing general underwriter focused on communications and data security risks for “Main Street” U.S. businesses. Leib Dodell, a veteran of the media and cyber insurance space, will lead …

Berkshire Hathaway 1Q P/C Re/Insurance Results Down from Last Year

Berkshire-Hathaway’s primary property/casualty operations recorded double-digit gains in premiums and pre-tax earnings in the first quarter, but P/C reinsurance results contributed to a 6.6 percent drop in operating earnings for the conglomerate overall. A less favorable first quarter in 2014 …

State Farm Managed Underwriting Profit in 2013 Despite Loss on Auto

Even though State Farm’s auto businesses suffered a loss in 2013, the property/casualty companies reported a $230 million underwriting gain, State Farm reported. The $230 million gain of $230 million on earned premium of $54.5 billion compared with an underwriting …

Insurance Units’ Profits Drive Berkshire Hathaway

Insurance operations contributed $5.7 billion to total operating income of $15.1 billion for Berkshire Hathaway in 2013—with an underwriting profit of $2.0 billion (after taxes) representing the 11th year in a row with an underwriting profit for the Nebraska-based conglomerate. …

Fastest Growing E&S Carriers in Top 30 Revealed: Fitch Report

In a year-end report on the U.S. excess and surplus lines market, data compiled by Fitch Ratings revealed that the top growing E&S writers in recent years were not necessarily the biggest. The report, published in Dec. 23, 2013, based …

Tower Group to Cut 140 Jobs After Q2 Loss

Tower Group International Ltd. is cutting about 140 jobs, or 10 percent of its workforce, after posting a second-quarter loss of more than $0.5 billion. Job cuts will be made in commercial lines underwriting and operations and save about $21 …

Tower Group to Cut 140 Jobs After Q2 Loss Due to Reserve Charges

Tower Group International Ltd. is cutting about 140 jobs, or 10 percent of its workforce, after posting a second-quarter loss of more than $0.5 billion, with previously disclosed reserve and goodwill charges contributing to the result. The job cuts will …

Tower Group Expects to Avoid NASDAQ Delisting

Tower Group International, Ltd. announced Wednesday that NASDAQ has notified the company that it is not in compliance with the exchange’s listing requirements. According to Tower’s press release, which was issued in accordance with NASDAQ Listing Rule 5810(b), the noncompliance …