Insurance Journal » Financial http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 21 Apr 2014 14:59:48 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Secure Settlements Launches Mortgage Settlement Insurance http://www.insurancejournal.com/news/national/2014/04/11/326103.htm Fri, 11 Apr 2014 16:32:50 +0000 http://www.insurancejournal.com/?p=326103 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 …

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Transportation Insurer National Interstate Posts Surprise Loss http://www.insurancejournal.com/news/national/2013/07/31/300097.htm Wed, 31 Jul 2013 12:32:34 +0000 http://www.insurancejournal.com/?p=300097 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 …

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Allstate Says Book Value to Rise on Cut in Employees’ Retirement Benefits http://www.insurancejournal.com/news/national/2013/07/16/298541.htm Tue, 16 Jul 2013 13:37:22 +0000 http://www.insurancejournal.com/?p=298541 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 …

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Texas Windstorm Insurance Group Expects Surplus http://www.insurancejournal.com/news/southcentral/2013/06/19/296058.htm Wed, 19 Jun 2013 16:23:07 +0000 http://www.insurancejournal.com/?p=296058 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 …

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XL Group to Offer Shariah Complaint Insurance Coverage http://www.insurancejournal.com/news/international/2013/05/08/291306.htm Wed, 08 May 2013 16:50:14 +0000 http://www.insurancejournal.com/?p=291306 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 …

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AIG Reports P/C Underwriting Gain for Q1 http://www.insurancejournal.com/news/national/2013/05/02/290771.htm Fri, 03 May 2013 01:43:40 +0000 http://www.insurancejournal.com/?p=290771 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 …

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Zurich Expands Community Banking Products to Zurich Agency Services Agents http://www.insurancejournal.com/news/national/2013/05/02/290646.htm Thu, 02 May 2013 16:32:17 +0000 http://www.insurancejournal.com/?p=290646 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 …

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Superstorm Sandy Delivers Q4 Blow to Tower Group http://www.insurancejournal.com/news/national/2013/02/26/282685.htm Tue, 26 Feb 2013 14:53:14 +0000 http://www.insurancejournal.com/?p=282685 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 …

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Main Street America Reports 2012 Results http://www.insurancejournal.com/news/national/2013/02/13/281088.htm Wed, 13 Feb 2013 14:28:24 +0000 http://www.insurancejournal.com/?p=281088 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. …

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$1.2 Billion in Sandy Losses Paid, Allstate Pursuing Rate Hikes http://www.insurancejournal.com/news/national/2013/02/07/280428.htm Thu, 07 Feb 2013 12:56:02 +0000 http://www.insurancejournal.com/?p=280428 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 …

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P/C Insurance Analysts’ Expectations Climbing: Accenture http://www.insurancejournal.com/news/national/2012/12/18/274217.htm Tue, 18 Dec 2012 10:00:11 +0000 http://www.insurancejournal.com/?p=274217 Although returns-on-equity for the property/casualty insurance industry are lagging in the mid-to-upper single-digit range, equity analysts expect companies they recommend with “Buy” ratings to garner returns in the mid-double-digits, according to a survey commissioned by Accenture. The recently published survey …

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Paulson Hedge Fund Cuts Holdings in Hartford Financial Services http://www.insurancejournal.com/news/national/2012/11/15/270636.htm Thu, 15 Nov 2012 15:10:31 +0000 http://www.insurancejournal.com/?p=270636 Billionaire hedge fund manager John Paulson cut his third and fourth biggest portfolio holdings and made a bigger bet on a gold mining firm, according to a regulatory filing released on Thursday.   New York-based hedge fund Paulson & Co. …

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China’s State Insurers Give ‘Thumbs Up’ to Party with 50-year Bond Buy http://www.insurancejournal.com/news/international/2012/11/14/270355.htm Wed, 14 Nov 2012 10:42:27 +0000 http://www.insurancejournal.com/?p=270355 China’s state-owned insurers gave a vote of confidence in the ruling Communist Party as it winds up its five-yearly congress on Wednesday, taking the long view by snapping up a 50-year bond at a low rate. Sovereign bond rates are …

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Chubb Suspends Stock Buyback as It Counts Sandy Losses http://www.insurancejournal.com/news/national/2012/11/13/270200.htm Tue, 13 Nov 2012 13:54:56 +0000 http://www.insurancejournal.com/?p=270200 Property/casualty insurer Chubb Corp. suspended its stock buyback program, because it has not yet been able to determine what its total costs related to Superstorm Sandy will be. The Warren, N.J.-based company is considered to be one of the insurers …

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Insurer ING US Files for IPO http://www.insurancejournal.com/news/national/2012/11/12/270184.htm Mon, 12 Nov 2012 13:51:36 +0000 http://www.insurancejournal.com/?p=270184 ING U.S. Inc, a unit of Dutch financial services group ING Groep NV, filed to raise up to $100 million in an initial public offering as its parent complies with a European Union mandate to split its businesses. ING Groep …

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IMF Urges Permanent Fix to U.S. ‘Fiscal Cliff’ http://www.insurancejournal.com/news/international/2012/11/09/270051.htm Fri, 09 Nov 2012 11:37:54 +0000 http://www.insurancejournal.com/?p=270051 The International Monetary Fund on Thursday urged the United States to quickly reach an agreement on a permanent fix to avoid automatic tax hikes and spending cuts early next year, saying a stop-gap solution could be harmful to the global …

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Swiss Re Posts $2.2 Billion Q3 Net Income http://www.insurancejournal.com/news/international/2012/11/08/269890.htm Thu, 08 Nov 2012 11:06:18 +0000 http://www.insurancejournal.com/?p=269890 Swiss Re reported net income of $2.2 billion in the third quarter of 2012, compared to $1.3 billion in the prior-year period, and a return on equity of 28 percent, “driven by continued strong performance from P&C Reinsurance and a …

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Munich Re Raises 2012 Profit Forecast on Stronger 9-Month Results http://www.insurancejournal.com/news/international/2012/11/07/269743.htm Wed, 07 Nov 2012 14:32:27 +0000 http://www.insurancejournal.com/?p=269743 Munich Re said it expects a higher consolidated result for 2012 than previously envisaged. Following a profit of €2.7 billion [$3.47 billion] for the first nine months of 2012 (same period last year: €80 million [$102.7 million]), Munich Re said …

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Mapfre Concludes $1.284 Billion Senior Debt Issuance http://www.insurancejournal.com/news/international/2012/11/07/269734.htm Wed, 07 Nov 2012 14:18:11 +0000 http://www.insurancejournal.com/?p=269734 Spain’s Mapfre said it  concluded a €1 billion [$1.284 billion] debt issuance of senior notes with a fixed coupon of 5.125 percent, issued at par, which the company said, was 3.7 times oversubscribed,  despite a “challenging credit market environment.” The …

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Risk Retention Groups’ Assets, Surplus Continue to Rise: Demotech http://www.insurancejournal.com/news/national/2012/11/06/269605.htm Tue, 06 Nov 2012 19:00:01 +0000 http://www.insurancejournal.com/?p=269605 Risk retention groups reported an underwriting loss but a net income gain in the first half of 2012, according to a review of their financial data by the Ohio-based actuarial firm Demotech. RRGs continued to grow and improved their combined …

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The Hartford’s Q3 Profit Soars; CEO Calls Hurricane Sandy ‘Manageable Exposure’ http://www.insurancejournal.com/news/national/2012/11/02/269181.htm Fri, 02 Nov 2012 16:38:25 +0000 http://www.insurancejournal.com/?p=269181 The Hartford Financial Services Group reported $401 million profit for its third quarter, up from $60 million profit posted during the same period one year ago. CEO Liam McGee said the Hartford generated strong third-quarter financial results, reflecting the continuing …

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AIG Profit Gains on Investments; P/C Earnings Fall But Pricing Improves http://www.insurancejournal.com/news/national/2012/11/01/268933.htm Fri, 02 Nov 2012 01:41:04 +0000 http://www.insurancejournal.com/?p=268933 American International Group Inc. earned a larger-than-expected profit during the third quarter, due in part to big gains on its investment holdings. Questions about the sustainability of those profits, and uncertainty about the timing and structure of the U.S. Treasury …

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China’s Ping An Insurance Reports Profit Up 20.6% http://www.insurancejournal.com/news/international/2012/11/01/268711.htm Thu, 01 Nov 2012 13:48:45 +0000 http://www.insurancejournal.com/?p=268711 Ping An Insurance Co. of China said  its quarterly profit rose 20.6 percent on strong premium growth but warned tougher conditions are ahead. Ping An said it earned 2.1 billion yuan ($337 million) in the three months ending Sept. 30. …

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Allstate Reports Higher Q3 Profit; Expects ‘Significant But Not Material’ Sandy Losses http://www.insurancejournal.com/news/national/2012/11/01/268697.htm Thu, 01 Nov 2012 12:23:15 +0000 http://www.insurancejournal.com/?p=268697 Home and auto insurer Allstate Corp. reported a larger profit for the third quarter on a decline in disaster losses and improving margins, as its chief executive said storm Sandy would not materially affect results this quarter. Allstate, one of …

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Aon Reports 3% Net Income Growth in Q3 http://www.insurancejournal.com/news/national/2012/10/26/268108.htm Fri, 26 Oct 2012 14:52:26 +0000 http://www.insurancejournal.com/?p=268108 The world’s largest insurance broker Aon reported a 3 percent rise in net income for the third quarter to $204 million, including an improvement in the performance of its human resources services business, HR Solutions. HR Solutions revenue increased one …

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Willis Sees Threats on Horizon for Booming Latin American Energy Industry http://www.insurancejournal.com/news/international/2012/10/10/266109.htm Wed, 10 Oct 2012 10:24:26 +0000 http://www.insurancejournal.com/?p=266109 “The booming Latin American energy industry is not insulated from the threat of a euro zone collapse or hostilities in the Middle East,” warned global insurance broker Willis. Speaking to a gathering of energy companies in Foz Do Iguacu, Brazil, …

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Reinsurance Rendezvous Focuses on Euro Zone, Interest Rates, Capital http://www.insurancejournal.com/news/international/2012/09/10/262379.htm Mon, 10 Sep 2012 10:38:06 +0000 http://www.insurancejournal.com/?p=262379 For once there’s no natural catastrophe hanging over the annual Reinsurance Rendezvous in Monte Carlo (the 56th edition). Tropical storm Leslie missed Bermuda and Hurricane Michael is safely out in the Atlantic. But that doesn’t mean there are few concerns …

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Global Reinsurer Capital Reaches $480 Billion: Aon Benfield Study http://www.insurancejournal.com/news/international/2012/09/05/261694.htm Wed, 05 Sep 2012 10:47:26 +0000 http://www.insurancejournal.com/?p=261694 The latest edition of the Aon Benfield Aggregate (ABA) report, which analyzes the financial position of the world’s leading reinsurers for the first half of 2012, concludes that “global reinsurer capital totaled a record $480 billion at June 30, 2012, …

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Moody’s Changes EU Rating Outlook to Negative http://www.insurancejournal.com/news/international/2012/09/04/261563.htm Tue, 04 Sep 2012 09:59:02 +0000 http://www.insurancejournal.com/?p=261563 Moody’s Investors Service has changed its outlook on the ‘Aaa’ rating of the European Union to negative, warning it might downgrade the bloc if it decides to cut the ratings on the EU’s four biggest budget backers: Germany, France, UK …

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Zurich Insurance Group Posts $2.2 Billion 1st Half Net Income http://www.insurancejournal.com/news/international/2012/08/16/259611.htm Thu, 16 Aug 2012 09:46:27 +0000 http://www.insurancejournal.com/?p=259611 Zurich Insurance Group posted a $2.2 billion net after tax income available to shareholders. Other selected highlights from the earnings report are as follows:                                              Q2 2012                Q2   2011           Business operating profit ————  $1.131 bn              $1.287 bn Total group business …

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