Property & Casualty Insurance

(PRE) A.M. Best Upgrades View on PartnerRe

Ratings agency A.M. Best showed confidence in PartnerRe Ltd. (PRE) as it avowed the credibility of the company and upgraded the outlook to ‘stable’ from ‘negative.’

Accordingly, the ratings agency asserted the debt ratings...

11Sep2013 | | Comments Off on (PRE) A.M. Best Upgrades View on PartnerRe | Continued

(ALL) Allstate Refinances Debt

Taking advantage of the ongoing low interest rates, auto and home insurer – Allstate Corp. (ALL) announced its intention to prepay some debt, which was previously taken at higher rates, by raising funds at lower rates.

Accordingly,...

8Sep2013 | | Comments Off on (ALL) Allstate Refinances Debt | Continued

(AIG) American International Group Subsidiary to Issue Senior Notes

A wholly owned subsidiary of American International Group (AIG), the International Lease Finance Corporation (ILFC) recently declared that it would issue and sell $550 million of floating rate senior notes with maturity scheduled in...

2Sep2013 | | Comments Off on (AIG) American International Group Subsidiary to Issue Senior Notes | Continued

(TWGP) Tower Group International Shares Lowered to Underperform

On May 23, we are downgraded our recommendation on the shares of Tower Group International Ltd. (TWGP) to Underperform from Neutral on account of significant execution risk associated with the recently closed merger with Canopius.

Other...

29Aug2013 | | Comments Off on (TWGP) Tower Group International Shares Lowered to Underperform | Continued

(FSR) Ratings on Montpelier Affirmed

A.M. Best Co. has confirmed the Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) of Montpelier Reinsurance Ltd. (Montpelier Re). Montpelier Re is a wholly owned subsidiary of Montpelier Re Holdings Limited (MRH). The...

8Aug2013 | | Comments Off on (FSR) Ratings on Montpelier Affirmed | Continued

(ACE) ACE Limited Hikes Dividend by 4%

The shareholders of ACE Limited (ACE), at the extraordinary general meeting held on May 16, 2013, approved the board’s proposal to hike the quarterly dividend to 51 cents. The increased dividend represents an increase of 4% from...

31Jul2013 | | Comments Off on (ACE) ACE Limited Hikes Dividend by 4% | Continued

(AXS) AXIS Capital Holdings Redeems Preferred Shares

Recently, AXIS Capital Holdings Limited (AXS) declared that it will redeem all of its outstanding preferred shares which consist of 4 million of its 7.25% Series A Preferred Shares, par value $0.0125 per share and liquidation preference...

26Jul2013 | | Comments Off on (AXS) AXIS Capital Holdings Redeems Preferred Shares | Continued

(XL) XL Group Launches Truck Cargo Coverage

Global insurance and reinsurance company, XL Group Plc (XL) introduced the Motor Truck Cargo Coverage Solutions to enhance its inland marine business, under its Property and Casualty segment. The new coverage caters to the mid-to-large...

25Jul2013 | | Comments Off on (XL) XL Group Launches Truck Cargo Coverage | Continued

(RNR) RenaissanceRe Holdings to Issue Preferred Shares

Recently, RenaissanceRe Holdings Ltd. (RNR) announced a public offer to sell 11 million 5.375% Series E preference shares of $275 million or $25 per share, having liquidity preference. The offer is underwritten and is expected to be...

23Jul2013 | | Comments Off on (RNR) RenaissanceRe Holdings to Issue Preferred Shares | Continued

(WRB) W.R. Berkley Hikes Dividend

The board of directors of W. R. Berkley Corp. (WRB) has approved an 11% dividend hike representing new annualized rate of 40 cents per share. The first increased dividend, at a quarterly rate of 10 cents, will be paid on Jul 2, 2013...

14Jul2013 | | Comments Off on (WRB) W.R. Berkley Hikes Dividend | Continued

(UFCS) United Fire Group Raises Dividend by 20%

Recently, the board of United Fire Group, Inc. (UFCS) approved a 20% increase in its quarterly cash dividend to 18 cents per share from 15 cents paid earlier. The new dividend will be paid on Jun 14, 2013 to shareholders of record...

15Jun2013 | | Comments Off on (UFCS) United Fire Group Raises Dividend by 20% | Continued

(FSR) A.M. Best Rates Berkshire Units

Rating agency A.M. Best Co. undertook a rating action on a number of subsidiaries of Berkshire Hathaway Inc. (BRK.A) (BRK.B).
The rating agency affirmed the financial strength rating (FSR) and issuer credit ratings (ICR)...

1Jun2013 | | Comments Off on (FSR) A.M. Best Rates Berkshire Units | Continued

(AIG) American International Group to Inject $92.5 Million in China

Earlier this week, American International Group Inc. (AIG) announced its intentions to invest HK$718.1 million or about $92.5 million in PICC Group’s PICC Property and Casualty Co. Ltd. (PICC P&C). The investment will be made...

23May2013 | | Comments Off on (AIG) American International Group to Inject $92.5 Million in China | Continued

(PGR) Progressive Downgraded to Neutral

On May 17, 2013, we downgraded our recommendation on Progressive Corp. (PGR) to Neutral from Outperform based on the stressed bottom line growth and continued pressure on underwriting margins. This auto insurer currently carries a...

23May2013 | | Comments Off on (PGR) Progressive Downgraded to Neutral | Continued

(WRB) Rating Action on W. R. Berkley

Recently, the issuer credit rating (ICR) and debt rating of W. R. Berkley Corporation (WRB) were affirmed by A.M. Best Co. at “a–” and “bbb” for senior secured notes and trust preferred securities, respectively. The rating...

23May2013 | | Comments Off on (WRB) Rating Action on W. R. Berkley | Continued

(Y) Berkshire Hathaway Debt and Credit Ratings Lowered by Standard and Poor Rating Services

Just a day after getting its key rating affirmed from A.M. Best Co., another rating agency Standard and Poor Rating Services (S&P), a division of The McGraw-Hill Companies surprised the investors by making a reverse rating action on Berkshire Hathaway Inc. (BRK-A)...

18May2013 | | Comments Off on (Y) Berkshire Hathaway Debt and Credit Ratings Lowered by Standard and Poor Rating Services | Continued

(AMSF) Amerisafe’s First Quarter Earnings Driven by Premiums

Amerisafe Inc.’s (AMSF) first-quarter 2013 operating earnings per share of 47 cents came at par with the Zacks Consensus Estimate but exceeded the prior-year quarter’s earnings by 2 cents. Consequently, operating net income climbed...

16May2013 | | Comments Off on (AMSF) Amerisafe’s First Quarter Earnings Driven by Premiums | Continued

(RNR) RenaissanceRe Holdings Posts Earnings Beat – Revenue Lags Year Over Year

RenaissanceRe Holdings Ltd. (RNR) reported first-quarter 2013 operating earnings per share of $3.92, surpassing the Zacks Consensus Estimate of $2.92. The results also surpassed $2.98 per share earned in the year-ago quarter.

Operating...

15May2013 | | Comments Off on (RNR) RenaissanceRe Holdings Posts Earnings Beat – Revenue Lags Year Over Year | Continued

(HIG) Hartford Financial Services Group Completes Senior Notes Offering

Earlier this week, Hartford Financial Services Group Inc. (HIG) completed the previously announced public offering of 4.3% senior notes worth $300 million, due in 2043. The issue is a part of the company’s capital management plan.

The...

6May2013 | | Comments Off on (HIG) Hartford Financial Services Group Completes Senior Notes Offering | Continued

(ACE) ACE Limited Launches Altair Re

ACE Limited (ACE) has launched a $95 million special purpose vehicle— Altair Re, to strengthen it global reinsurance business. The launch of Altair Re will help the company meet the coverage requirements of its insurance and reinsurance...

27Apr2013 | | Comments Off on (ACE) ACE Limited Launches Altair Re | Continued

(ACE) ACE Ltd. Launches ACE Agribusiness

The ACE Group, a leading multiline property and casualty insurer under ACE Limited (ACE), launched an agriculture property and casualty insurance business— ACE Agribusiness. The Ace Group operates in 53 countries. Services of the...

21Apr2013 | | Comments Off on (ACE) ACE Ltd. Launches ACE Agribusiness | Continued

(TRV) The Travelers Companies Likely to Beat Earnings Estimates

We expect The Travelers Companies, Inc. (TRV) to beat expectations when it reports first-quarter 2013 results on Apr 23.

Why a Likely Positive Surprise?

Our proven model shows that the property &...

19Apr2013 | | Comments Off on (TRV) The Travelers Companies Likely to Beat Earnings Estimates | Continued

(RNR) RenaissanceRe Holdings Stays at Neutral

We have retained our Neutral recommendation on RenaissanceRe Holdings Ltd. (RNR) as the negatives such as declining investment income, high competition and weather-related risks in the catastrophe insurance and reinsurance business...

18Apr2013 | | Comments Off on (RNR) RenaissanceRe Holdings Stays at Neutral | Continued

(PGR) Progressive Outshines Earnings Estimates

Progressive Corp.’s (PGR) earnings per share for the first quarter of 2013 were 51 cents, surging nearly 21% from 42 cents in the year-ago quarter. Results outpaced the Zacks Consensus Estimate of 44 cents. Net income shot up 20%...

18Apr2013 | | Comments Off on (PGR) Progressive Outshines Earnings Estimates | Continued

(XL) XL Group Shares Hits 52-Week High

On Mar 25, 2013, shares of XL Group plc (XL) hit a 52-week high of $30.61. Previously, the company had reported solid fourth-quarter results with an earnings surprise of 138.2%. This property & casualty insurer witnessed positive...

18Apr2013 | | Comments Off on (XL) XL Group Shares Hits 52-Week High | Continued

(AFG) American Financial Group Affirmed by Fitch

Recently, Fitch Ratings affirmed the issuer default rating (IDR) of American Financial Group Inc. (AFG) at “A-” along with the debt rating on its senior unsecured notes at “BBB+”. Additionally, the credit...

11Apr2013 | | Comments Off on (AFG) American Financial Group Affirmed by Fitch | Continued

(XL) XL Group Upgraded to Outperform

On Mar 15, we upgraded XL Group plc (XL) to Outperform based on its strong fourth-quarter performance and continued efforts to enhance shareholder value. This property and casualty insurer presently carries a Zacks Rank #1 (Strong Buy).

Why...

4Apr2013 | | Comments Off on (XL) XL Group Upgraded to Outperform | Continued

(L) Loews Corporation Hits 52-Week High

On Mar 14, 2013, shares of Loews Corporation (L) hit a 52-week high of $44.68.

Loews saw a 3% year over year top line growth in 2012. Results also exceeded the Zacks Consensus Estimate by 4.3%. Higher insurance premiums coupled...

4Apr2013 | | Comments Off on (L) Loews Corporation Hits 52-Week High | Continued

(ACE) ACE Limited Expands Liability Coverage

The U.S.-based retail operations of ACE Limited (ACE), ACE USA has introduced a Foreign Casualty Pollution Liability coverage endorsement. ACE came up with this coverage option to provide insurance and risk management solutions to...

25Mar2013 | | Comments Off on (ACE) ACE Limited Expands Liability Coverage | Continued

(RNR) RenaissanceRe Shares Hit 52-Week High

On Mar 15, 2013, shares of RenaissanceRe Holdings Ltd. (RNR) hit a 52-week high of $91.10. After dismal performances in the last two quarters, the company had managed to post solid fourth-quarter 2012 results with an earnings surprise...

18Mar2013 | | Comments Off on (RNR) RenaissanceRe Shares Hit 52-Week High | Continued