Financial News

Secure Settlements Launches Mortgage Settlement Insurance

Secure Settlements, Inc. (SSI), a data intelligence and risk analytics company for the mortgage industry, has partnered with RFIB Group Ltd. and certain underwriters at Lloyd’s of London to offer a new product that will insure lenders utilizing SSI’s ClosingGuard …

Transportation Insurer National Interstate Posts Surprise Loss

National Interstate Corp., the insurer majority owned by American Financial Group Inc., plunged the most since 2008 after reserves for claims in prior periods proved inadequate, fueling a surprise quarterly loss. National Interstate, which insures transportation providers, fell 18 percent …

Allstate Says Book Value to Rise on Cut in Employees’ Retirement Benefits

Allstate Corp., the largest publicly traded U.S. home and auto insurer, said it’s cutting some retirement benefits for employees in a move that will increase book value by a range of $1.70 to $2 a share. The adjustments include a …

Texas Windstorm Insurance Group Expects Surplus

The nonprofit, state-supervised property insurance agency for coastal Texas counties is expected to shore up its finances by the end of the year, the group told a state House panel on June 17. Pete Gise, who handles the Texas Windstorm …

XL Group to Offer Shariah Complaint Insurance Coverage

XL Group has launched Shariah compliant insurance cover for large corporate and middle market clients. Initially it will focus on property cover, with a maximum capacity of up to $300 million. The coveragevfinacntargets markets worldwide, with the exception of the …

AIG Reports P/C Underwriting Gain for Q1

American International Group Inc.’s property and casualty business booked its first underwriting profit in two and a half years during the first quarter, as the insurer wrote more premiums at higher prices and reported lower losses. The long-awaited turnaround in …

Zurich Expands Community Banking Products to Zurich Agency Services Agents

Zurich is now working with Zurich Agency Services, Inc., to expand its community banks offering additional agents and brokers. As part of this effort, Zurich worked with ZAS, formerly Universal Underwriters Insurance Services, Inc., to develop an online portal that …

Superstorm Sandy Delivers Q4 Blow to Tower Group

More than $80 million of after-tax net losses from Superstorm Sandy drove bottom-line red ink at New York-based Tower Group Inc., which reported a net loss of $52.1 million, or $1.36 per share, for the fourth quarter of 2012. For …

Main Street America Reports 2012 Results

The Main Street America Group announced today its 2012 financial results included an 11.9 percent return on equity, $978 million net written premium, surplus growth of $71 million and net income of $56.7 million for the fiscal year ended Dec. …

$1.2 Billion in Sandy Losses Paid, Allstate Pursuing Rate Hikes

Allstate Corp.’s quarterly profit fell 45 percent on losses from superstorm Sandy, but the home and auto insurer said it has paid out about 95 percent of Sandy claims and is seeing rate increases across businesses. The largest publicly traded …