Financial Management

Fondiaria-Sai loses Eu23.9m as claims rise

Tue, 10 Nov 2009 00:00:00 GMT

Florence-based Fondiaria-Sai has reported a third-quarter net loss because of higher claims from natural disasters hurt revenue.

“Exceptional” life result lifts Allianz

Mon, 09 Nov 2009 00:00:00 GMT

Allianz, Europe’s largest insurer, said Monday that third-quarter profits more than doubled because of improved performance in its financial services and life and health units.

AIG taps Treasury for another $2.1bn

Mon, 09 Nov 2009 00:00:00 GMT

American International Group is seeking to access another $2.1bn from the US Treasury Department, Bloomberg reports.

Economic exposures holding Beazley back

Mon, 09 Nov 2009 00:00:00 GMT

Lloyd’s insurer Beazley said Monday that revenues grew by 45% in the first nine months of the year, after benefiting from acquisitions and a strengthening US dollar.

Hiscox boosted by international growth

Mon, 09 Nov 2009 00:00:00 GMT

Lloyd’s insurer Hiscox said nine-month sales rose 32% on higher revenue from its international operations.

Insurers get RMBS ratings relief

Mon, 09 Nov 2009 00:00:00 GMT

The National Association of Insurance Commissioners (NAIC) has agreed to ignore agency ratings when evaluating holdings of securities tied to home loans.

AIG’s posts 2nd successive quarterly profit

Fri, 06 Nov 2009 00:00:00 GMT

American International Group said Friday that it was profitable for the second consecutive quarter, as the stabilisation of credit markets helped improve results.

Allstate reduces municipals to $22.1bn

Fri, 06 Nov 2009 00:00:00 GMT

US home and auto insurer Allstate is selling its municipal-bond holdings, Bloomberg reports.

Citi to sell $100m Primerica shares

Fri, 06 Nov 2009 00:00:00 GMT

Citigroup is planning to raise up to $100m through a share sale of its life insurance unit Primerica, as it seeks to sell its non-banking assets.

Hannover Re raises profit target

Fri, 06 Nov 2009 00:00:00 GMT

Hannover Re, Germany’s second-largest reinsurer, has raised its profit target for the year after profits surged to record a better-than expected results.

RBSI posts profits of £1.2bn

Fri, 06 Nov 2009 00:00:00 GMT

RBS Insurance, the insurance arm of RBS being spun off as part of its efforts to comply with European Commission State Aid requirements, Friday reported an increase in third-quarter profits.

Sun Life posts $131.4m Q3 loss

Fri, 06 Nov 2009 00:00:00 GMT

Sun Life Financial has reported a third quarter loss of $131.4m.The loss on the Toronto life insurer’s investment portfolio is because of the reserve increases.

Update: “Survivor” AIG posts 2nd straight profit

Fri, 06 Nov 2009 00:00:00 GMT

The rehabilitation of AIG, the insurer bailed out by the US government, continued as it posted its second consecutive quarter of profits, helped by the stabilisation of credit markets.

Allstate posts $221m Q3 profit

Thu, 05 Nov 2009 00:00:00 GMT

US home and auto insurer Allstate has reported a third-quarter profit of $221m, as a result of the reduction in the number of storm claims and better investment results.

Catlin hails rising premiums

Thu, 05 Nov 2009 00:00:00 GMT

Bermuda-based Lloyd’s insurer Catlin Group said Thursday that gross written premiums increased 5% in the first nine months of the year, while it experienced rate increases of 6% across its book.

China Pacific to list in Hong Kong

Thu, 05 Nov 2009 00:00:00 GMT

China Pacific Insurance, China’s third-largest life insurer, is planning to list one billion Hong Kong-listed H shares, Reuters reports.

Lancashire swings to Q3 profit

Thu, 05 Nov 2009 00:00:00 GMT

Lancashire Holdings said it has been encouraged by underwriting discipline as it announced a swing to third-quarter pre-tax profits.

Markel returns to profit

Thu, 05 Nov 2009 00:00:00 GMT

An improved underwriting performance at Markel International, which manages the international operation of Markel Corporation, helped the firm swing back into profit, it announced Thursday.

Munich Re posts Eu6511m leap in profit

Thu, 05 Nov 2009 00:00:00 GMT

Munich Re, the world’s largest reinsurer, said Thursday that profit leapt during the third quarter, boosted by fewer storm claims and greater investment returns.

Q3 underpins Munich Re’s “rock solid” status

Thu, 05 Nov 2009 00:00:00 GMT

Munich Re, the world’s largest reinsurer, posted a leap in third-quarter profits, yet failed to meet analysts average expectation after putting aside money for a future tax burden.

RSA eyes “encouraging signs”, NWP up

Thu, 05 Nov 2009 00:00:00 GMT

RSA, the UK’s largest non-life insurer, reported a 4% increase in net written premiums for the third quarter, despite contending with challenging economic conditions.

Zurich in “good shape” as profits surge

Thu, 05 Nov 2009 00:00:00 GMT

Zurich Financial Services, Switzerland’s largest insurer, said Thursday that third-quarter profits surged on fewer catastrophe claims and increased life insurance sales.

Aviva sales miss estimate, improves margin

Wed, 04 Nov 2009 00:00:00 GMT

Aviva, the UK’s second largest insurer, said Wednesday that profitability increased in its primary UK life and pensions market in the third quarter, despite sales falling by 11%.

RGA plans $400m debt issue

Wed, 04 Nov 2009 00:00:00 GMT

Reinsurance Group of America (RGA) is planning to offer nearly $400m of senior unsecured notes in an initial public offering.

S&P puts Berkshire's ratings on credit watch

Wed, 04 Nov 2009 00:00:00 GMT

Rating agency Standard & Poor's (S&P) has put the AAA ratings of Warren Buffett's Berkshire Hathaway on credit watch with negative implications, in response to the announcement yesterday that Berkshire is to by Burlington Northern Santa Fe Corporation.

Scor reports stable 9M result

Wed, 04 Nov 2009 00:00:00 GMT

Scor, France’s largest-reinsurer, reported virtually unchanged profits for the first nine months of the year.

RBS to sell insurance arm in restructure

Tue, 03 Nov 2009 00:00:00 GMT

Royal Bank of Scotland has confirmed that it will spin off its insurance arm as part of its efforts to comply with European Commission State Aid requirements.

Fitch warns on potential US reserve deficiency

Tue, 03 Nov 2009 00:00:00 GMT

US insurers’ loss reserves were adequate at the end of 2008 but the “potential for the market to shift toward a future reserve deficiency is greater now”, rating agency Fitch has said in a new report.

Swiss Re capital recovery not just “luck”

Tue, 03 Nov 2009 00:00:00 GMT

Shares in Swiss Re, the world’s second-largest reinsurer, were boosted today after it reported forecast-beating profits for the third quarter and strengthened its capital base, improving its chances of repaying Warren Buffett’s costly capital injection.

Swiss Re returns to profit in third quarter

Tue, 03 Nov 2009 00:00:00 GMT

Swiss Re, the world’s second-largest reinsurer, Tuesday exceeded analyst expectation by posting profit of SFr334m ($326m) for the third-quarter of the year.