Property & Casualty Insurance
(L) Loews Corporation Reports Shy of Expectations
Loews Corporation’s (L) fourth quarter income from continuing operations came in at 94 cents per share, 2 cents below the Zacks Consensus Estimate of 96 cents. However, the results were significantly better compared to the year-ago quarter’s results when the company had reported...
8Feb2010 | vitalstocks | 0 comments | Continued(BRKA) Berkshire Hathaway Rating is Cut on Debt Issue
Last week, Berkshire Hathaway Inc. (BRKA), (BRKB) announced the issue of $8 billion notes in connection with the previously announced acquisition of Burlington Northern Santa Fe Corporation, or BNSF (BNI). Following this announcement, rating agency Standard & Poor’s (S&P)...
8Feb2010 | vitalstocks | 0 comments | Continued(AIG) Insurance Industry Stock Update – February 2010 – Industry Outlook
The turmoil in the financial markets has created a highly challenging environment for the U.S. insurance industry, forcing many companies to take immense write-downs. This trend is expected to continue at least through the first half of 2010, though there are some early signs...
8Feb2010 | vitalstocks | 0 comments | Continued(AIG) Earning Season Still Going Strong – Earnings Trends
Key Points: • With 308, or 61.6% of reports in, earnings season is going very strong. Median surprise 6.09%. Positive surprises beat disappointments by 2.25 ratio • Earnings of reported firms up 54.25% year over year, remaining firms expected to show 17,739.5% increase,...
8Feb2010 | vitalstocks | 0 comments | Continued(CINF) Cincinnati Financial Reports One Cent Ahead of Expectations
Cincinnati Financial’s (CINF) fourth quarter net income of 53 cents per share was a penny ahead of the Zacks Consensus Estimate of 52 cents. Results lagged the prior year’s earning of 57 cents. Earnings for the reported quarter dragged due to lower premiums from property-casualty...
5Feb2010 | vitalstocks | 0 comments | Continued(BRKB) The Rise of the Rest of The World
When historians look back at the early 21st Century 100 years from now, the biggest event will probably not be the Financial Crisis of late 2008. The biggest story will probably be the rise of the rest of the world. This change in the shape of the world economy will bring enormous...
5Feb2010 | vitalstocks | 0 comments | Continued(ACE) ACE Limited Tops Consensus Estimates
ACE Limited’s (ACE) fourth quarter earnings of $2.01 per share were well ahead of the Zacks Consensus Estimate of $1.93. The company posted earnings of $1.86 a share a year earlier. Results were primarily driven by an increase in premiums earned. Including net realized gains...
4Feb2010 | vitalstocks | 0 comments | Continued(CB) Chubb’s Quarterly Report Betters Expectations
Chubb Corporation’s (CB) fourth quarter net income of $1.66 per share was ahead of the Zacks Consensus Estimate of $1.46. Results also compared favorably with the prior-year earnings of $1.58 per share. Results benefited from investment gains compared to investment losses last...
29Jan2010 | vitalstocks | 0 comments | Continued(RLI) RLI Corporation Tops Earnings Estimate
RLI Corp’s (RLI) fourth quarter earnings of $1.17 per share were well ahead of the Zacks Consensus Estimate of 97 cents. Results reflected improved underwriting results and favorable reserve development from the prior year’s loss reserves. The company had earned $1.30...
27Jan2010 | vitalstocks | 0 comments | Continued(BRKA) Berkshire Hathaway to Replace Burlington Northern Santa Fe in S&P 500
Yesterday, Standard and Poor’s (S&P) announced that it will be adding Berkshire Hathaway (BRKA), (BRKB) in place of Burlington Northern Santa Fe Corp. (BNI) in its S&P 500 index. This move by S&P comes after Berkshire last week announced a 50-for-1 split of its...
27Jan2010 | vitalstocks | 0 comments | Continued(TRV) The Travelers Companies Beats Consensus Estimates
The Travelers Companies Inc. (TRV) has reported fourth quarter 2009 earnings of $2.12 per share, exceeding the Zacks Consensus Estimate of $1.49 per share. The results were driven by a significant increase in investment income and favorable prior years’ reserve development....
26Jan2010 | vitalstocks | 0 comments | Continued(HIG) The Hartford Financial Services Group – Consensus Estimates Jump After New Guidance
The Hartford Financial Services (HIG) recently sharply raised guidance for the fourth quarter. The company trades with a PEG ratio of just 0.64. Company Description The Hartford provides insurance and investment products to customers around the world. Its insurance products include...
21Jan2010 | vitalstocks | 0 comments | Continued(PGR) Progressive’s Earnings Report Exceeds Expectations
Progressive Corp.’s (PGR) fourth quarter earnings of 46 cents per share were ahead of the Zacks Consensus Estimate of 37 cents and almost double the prior-year quarter’s earnings of 24 cents. Investment gains coupled with increased premium writings have contributed to this...
20Jan2010 | vitalstocks | 0 comments | Continued(XL) XL Capital’s Financial Strength Rating Affirmed by A.M. Best
Rating agency A.M. Best affirmed the rating of XL Capital’s (XL) subsidiaries with a stable outlook. It includes the affirmation of a financial strength rating (FSR) of “A-“ and an issuer credit rating (ICR) of “a-” for XL Life Ltd., FSR of “A-“ and ICR of “a-”...
19Jan2010 | vitalstocks | 0 comments | Continued(HIG) The Hartford Financial Services Group Doubles Earnings Outlook
The Hartford Financial Services Group Inc. (HIG) has doubled its earnings outlook for the fourth quarter of 2009, primarily based on lighter catastrophes, sturdy performances of its property and casualty operations and favorable reserve development from prior years across several...
13Jan2010 | vitalstocks | 0 comments | Continued(XL) XL Capital Moves Corporation to Ireland
Insurance and reinsurance group XL Capital (XL) yesterday announced its intention of shifting its place of incorporation to Ireland from the Cayman Islands. The company has had significant operations in that country and has grown them in recent years. XL Capital would change...
13Jan2010 | vitalstocks | 0 comments | Continued(BRKA) Berkshire Hathaway’s Finance Subsidiary to Issue $1 Billion in Notes
Yesterday, Berkshire Hathaway Finance Corporation, a subsidiary of Berkshire Hathaway Inc. (BRKA) (BRKB) announced the issue of $1.0 billion notes, out of which $750 million will be senior notes due 2040 and $250 million will be floating rate senior notes due 2012. The $750 million...
8Jan2010 | vitalstocks | 0 comments | Continued(ACE) ACE Limited Issues Earnings Guidance
Yesterday, ACE Ltd. (ACE) issued its earnings guidance for full fiscal 2010, which was well below the Zacks Consensus Estimate. The company expects earnings per share to range between $6.25 and $6.75 for 2010. This compares with the Zacks Consensus Estimate of $7.63 per share. ACE’s...
6Jan2010 | vitalstocks | 0 comments | Continued(WRB) W.R. Berkley Corporation – Bear of the Day
We are downgrading our recommendation on the shares of W.R. Berkley Corporation (WRB) to Underperform from Neutral. W.R. Berkley’s third quarter earnings report showed lower premiums written, reflecting the overall competitive business environment and pricing pressures....
6Jan2010 | vitalstocks | 0 comments | Continued(AIG) American International Group Sells Canadian Mortgage Unit
As part of its effort to repay the bailout money it received last year when it was at the edge of collapse, American International Group Inc. (AIG) will sell its Canadian mortgage insurance business to a private investor group of the Ontario Teachers’ Pension Plan. With about...
6Jan2010 | vitalstocks | 0 comments | Continued(AIG) American International Group Reshuffles Senior Management
After the shakiness of top executives due to pay limit imposed by the government pay czar, American International Group Inc. (AIG) announced a few executive changes on Monday. Its chief administrative officer (CAO) Jeff Hurd has been replaced by Michael Cowan of Merrill Lynch....
5Jan2010 | vitalstocks | 0 comments | Continued(AIG) American International Group to Pay Stock Units For Executives
American International Group Inc. (AIG) said last Thursday that for paying stock salary to its top executives for 2009, it will use stock units instead of common stock. The stock units will reflect the value of AIG’s common stock. This arrangement is in compliance with...
4Jan2010 | vitalstocks | 0 comments | Continued(AIG) American International Group to Pay Severance to Counsel
American International Group Inc. (AIG) intends to pay millions toward severance to its departing general counsel Anastasia Kelly. Kelly recently resigned due to federal pay restraints on her compensation. Kelly was among the five executives who notified on Dec 1, 2009, that...
29Dec2009 | vitalstocks | 0 comments | Continued(BRKA) Warren Buffet’s Berkshire Hathaway Cuts Jobs
Year to date, Warren Buffet’s Berkshire Hathaway Inc. (BRKA) – a conglomerate of 77 operating companies – has shed approximately 8.6% of its workforce. A number of Berkshire subsidiaries have announced job cuts affected by the weakening economy. Netjets, the unprofitable...
28Dec2009 | vitalstocks | 0 comments | Continued(ALL) Allstate Corporation’s Financial and Credit Ratings Affirmed by A.M. Best
On Dec 22, 2009, A.M. Best Co. affirmed the ratings of Allstate Corporation’s (ALL) subsidiary Allstate New Jersey Insurance Group (Allstate New Jersey) and its associates namely, Allstate New Jersey Insurance Co., Allstate New Jersey Property and Casualty Insurance Co., Encompass...
28Dec2009 | vitalstocks | 0 comments | Continued(AIG) American International Group Shelves Chartis Spin-off
As part of its intention to focus on expanding the property and casualty unit, American International Group Inc. (AIG) has shelved its effort to spin off its property-casualty business Chartis. AIG had planned earlier to sell a stake of up to 20% in Chartis through either an...
23Dec2009 | vitalstocks | 0 comments | Continued(TRV) The Travelers Companies Raises $500 Million With Catastrophe Bonds
The Travelers Companies Inc. (TRV) has raised $500 million selling catastrophe bonds, or “cat bonds.” Travelers entered into two reinsurance agreements with Longpoint Re II Ltd., whereby Longpoint Re II completed two cat bonds offering of $250 million each. Each...
22Dec2009 | vitalstocks | 0 comments | Continued(AIG) U.S. Pay Czar Modifies Rule for AIG Staff
U.S. pay czar Kenneth Feinberg said on Monday that he has revised his decision on pay limitations for a top executive of the American International Group (AIG), as the executive has decided to remain with the company. Approving the request of AIG, the pay czar will allow paying...
22Dec2009 | vitalstocks | 0 comments | Continued(AIG) American International Group Plans TARP Repayment
In a major revelation, American International Group Inc. (AIG) has disclosed its target of repaying the Troubled Asset Relief Program (TARP) loan back to the U.S. government within the next two years. For this, the company expects to raise funds through earnings from business...
21Dec2009 | vitalstocks | 0 comments | Continued($AIG) American International Group Asia IPO to Raise $20 Billion
American International Group Inc. (AIG) has moved to advanced levels to list its Asian life insurance unit American International Assurance (AIA) in Hong Kong in an initial public offering (IPO) that could raise money up to $20 billion. Moving a step further today, the company...
17Dec2009 | vitalstocks | 0 comments | Continued