Hints and tips:
...The Dow Jones Industrial Average ended the day flat at 21,808, thanks in part to a 2.5 per cent decline for property and casualty insurer Travelers — one of several insurers that took a leg lower as investors...
...Mr Greenberg created the Chubb of today when in 2015 he struck the biggest deal in property and casualty insurance history. He was CEO of Ace, the Zurich-based insurer he joined in 2001....
...Both companies provide property and casualty cover in the state, writes Alistair Gray in New York....
...Mr Icahn — who has been publicly backed by Paulson & Co, another event-driven investor — argues that AIG should divide into three companies, one offering property-casualty coverage, another selling life...
...Chubb will give Ace a bigger footprint in the US, where it is a leading middle-market underwriter for commercial property and casualty insurance....
...Share price moves anticipate the impact of price changes on earnings. Over the past two years shares of large property casualty insurers, up by 40 to 60 per cent, beat the S&P 500....
...Sandy-related losses will dent earnings this year – Morgan Stanley has cut fourth-quarter earnings per share estimates for the property and casualty sector by 26 per cent – but are not likely to damage materially...
...Since markets reopened, shares in top US property and casualty insurers have lost only 0.2 per cent more than the benchmark S&P 500 index....
...But even before its disastrous turn with derivatives, AIG was known for aggressive pricing on premiums in its property and casualty business, focusing on top-line growth rather than profitability....
...AIG owns 9.9 per cent of PICC Property and Casualty, the Hong Kong-listed general insurance subsidiary of PICC Group....
...Over the last year, we understand that a number of AIG’s 100,000+ employees have left A.I.G. to join the company’s direct competitors in the global property and casualty and life insurance businesses....
...Citigroup was formed in 1998 from the merger of Travelers Group and Citicorp. In 2002, Citigroup gave up control of Travelers Property Casualty through a share listing and subsequent spin-off....
...By December 2001, Mr Weill even turned his back on a big part of his legacy, moving to spin off Citigroup’s Travelers property and casualty insurance arm – which had given Mr Weill his corporate name and...
...The second is that no individual or firm should be allowed to bypass the market, by using the property of another without his or her consent....
...Liberty Mutual, the auto and home insurer, on Wednesday agreed to buy Safeco for $6.2bn in a deal that creates the fifth largest-US property and casualty insurer and could herald further consolidation in...
...In a note to clients, Bank of America analyst Alain Karaoglan said the deal “confirms our thesis that many areas of the [property and casualty] sector remain undervalued and attractive, as fundamentals and...
...But it will not be big enough to reverse the cyclical downturn in overall property and casualty pricing, analysts said....
...Chubb, the property and casualty insurer, rose 1.1 per cent to $76.63, while shares in the St Paul Travelers Companies, another property and casualty group, rose 1.4 per cent to $37.33....
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