Fitch: P/C Profits Decline Sharply in First-Half 2008

August 28, 2008

  • August 28, 2008 at 7:17 am
    pud says:
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    Last I heard of one company it was gown near 96 to 97 so you can’t tell me they weren’t making money.Through attrition and retirement cash ins bad market it has likely risen but does that warrant premium increases? I suppose in their eyes it does?
    If the normal Joe screws up they have to alter their spending they can’t just hit their employer up for more money.

  • August 28, 2008 at 7:56 am
    stinker says:
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    Rate Increases? You haven’t seen anything yet. Here they come in Personal Lines. These companies can’t run 110 combined in personal lines much longer. In fact I heard that Selective and Allied are hitting personal lines rates next?

  • August 28, 2008 at 2:05 am
    Pud says:
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    What do you think now nobody? I’m may not be entirely correct but now you have nothing to say!

  • August 28, 2008 at 5:09 am
    Somebody ?? says:
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    unprofitable? how about soft market, return premiums on audit, lower exposures on renewals, and no money on investments. Oh, and a horrible storm season! Do I need to go on? I’ve heard that there are 4 or 5 regionals in the midwest that are really hurting. does anybody have any hard numbers? I mean, I’m hearing numbers like 105 to 110 combined for some of these carriers. (hint: specifically, regionals rooted in Iowa, MN, Wisconsin, and michigan)

  • August 28, 2008 at 6:19 am
    watch says:
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    And a couple of others with some interesting “insider” moves recently. Google stockholder or option moves by Hanover and cincinnati stockholders. What do you think? It looks like somebody is getting ready to cash in.

  • August 29, 2008 at 7:36 am
    Bill D. says:
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    Oh hard market, please, please, please. How long can Liberty Mutual and their regional markets carriers continue with a combined of 110? hopefully not long. We just had meetings with one of our top 3 – a super regional – and look-out they are ready to bust out. yes, I think that they are the one you’re talking about with the 96 in 2008, but I’m not saying any names. I don’t want to let out the secrets, and how hot they’re going to be when the others start falling by the wayside. (soon)

  • August 29, 2008 at 9:45 am
    here says:
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    Right off the press: IN PLAY ! (source is Bloomberg)

    Aug. 29 (Bloomberg) — Among property and casualty insurers, the steadiest profits are coming from the customer minnows, not the whales, helping to put more than a dozen companies in play.

    Since Liberty Mutual Group Inc. agreed on April 23 to buy Safeco Corp. for $6.2 billion, or a premium of 51 percent, the shares of some of the industry’s smallest companies have outperformed those of their bigger competitors, signaling potential acquisitions.

    Hanover Insurance Group Inc., HCC Insurance Holdings Inc. and Navigators Group Inc. have posted share gains since the Safeco deal was announced, compared with the 12 percent drop of the 91-stock Bloomberg U.S. Insurance Index. Travelers Cos., the second-biggest U.S. business insurer, and Hartford Financial Services Group Inc. both say they may seek acquisitions.

    KBW analysts, including Farnam, say Hanover Insurance of Worcester, Massachusetts, Houston-based HCC and Navigators Group in New York are among at least a dozen potential targets. The research team correctly identified Philadelphia Consolidated as an acquisition candidate in a June 10 note..

  • August 29, 2008 at 4:01 am
    Yup says:
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    Let’s start the For Sale list again. We all know the four or five that are on it – and we start on the East Coast, Ohio, or Iowa. But this is the first article I’ve read that says who the buyers are going to be. That means they’re talking.

  • August 29, 2008 at 4:53 am
    pud says:
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    You got it!

  • August 29, 2008 at 4:54 am
    pud says:
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    Told ya so!

  • August 30, 2008 at 7:50 am
    the man says:
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    no ****…who would have guessed???
    But when the industry runs like a drunk in Vegas would you expect the drunk to make money? Unless its luck.

  • August 30, 2008 at 9:23 am
    Yup says:
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    Yup and I’m going to allow that drunk to take a grand a month from me as a matter af fact I think I’ll give him extra money every month just for him being irresponsible and provide him with extra drinking money with hopes he will stop!
    That makes a lot of freakin sense! DUH

  • August 31, 2008 at 6:31 am
    Tired says:
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    It is good to hear that the red Umbrella is finally looking to buy. They need a shot in the arm, and we need a few of these carriers off the street. Too many choices, and too many willing to do it cheaply. They are just headed for major problems, so why not just put them out of their misery. Buy Traveler’s Buy!!!

  • August 31, 2008 at 6:45 am
    Pud says:
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    Nobody should be so submissive because they were proved wrong.
    This situation all boils down to money mismanagement and bad investments which I have been saying all along.I was not able to locate the information because you ned to be involved in the (right area) of the company to get these numbers.
    I am glad that read it here posted it!
    Extremely informative and verified!

  • September 1, 2008 at 9:15 am
    Somebody?? says:
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    Maybe State Farm will be poised for a buyout?A request of a 47% rate increase is going a bit over board.Maybe they found something on the books that was cooked?

    State Farm® insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. State Farm’s 17,000 agents and 68,000 employees serve more than 78 million auto, fire, life and health policies in the United States and Canada, and more than 1.9 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. Being a mutual company that is not publicly traded allows State Farm Mutual to focus on its policyholders and employ a long-term view in serving its customers’ needs. State Farm is ranked No. 32 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.



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