Financial News

P/C Insurance Analysts’ Expectations Climbing: Accenture

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 …

Paulson Hedge Fund Cuts Holdings in Hartford Financial Services

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. …

China’s State Insurers Give ‘Thumbs Up’ to Party with 50-year Bond Buy

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 …

Chubb Suspends Stock Buyback as It Counts Sandy Losses

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 …

Insurer ING US Files for IPO

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 …

IMF Urges Permanent Fix to U.S. ‘Fiscal Cliff’

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 …

Swiss Re Posts $2.2 Billion Q3 Net Income

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 …

Munich Re Raises 2012 Profit Forecast on Stronger 9-Month Results

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 …

Mapfre Concludes $1.284 Billion Senior Debt Issuance

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 …

Risk Retention Groups’ Assets, Surplus Continue to Rise: Demotech

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 …