Hints and tips:
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...The failure of one of Drexel’s biggest clients, the Executive Life Insurance Company, destroyed the retirement incomes of thousands of Americans....
...Third-quarter results from insurers offered evidence of the damage. Travelers, the $34bn US insurer, warned of an “increasingly challenging tort environment” as its profits fell sharply....
...Apollo has a record in the property & casualty insurance industry....
...Simon Kirby, chief operating officer at Rolls-Royce, is stepping down just 19 months after taking the post, becoming the first high-profile casualty of the FTSE engineer’s latest restructuring....
...Bank of America Merrill Lynch advised Atlas Merchant. The disposal leaves The Hartford, whose history stretches back to 1810, focused on property casualty insurance and employee benefits....
...Ex-Barclays chief Bob Diamond’s private equity group has signed its biggest ever deal, buying a $100bn book of US life insurance business....
...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...
...Chinese insuretech provider ZhongAn Online Property and Casualty Insurance jumped as much as 18.1 per cent on its Hong Kong debut....
...In an industry with a mixed record of M&A success — Citicorp’s 1998 combination with Travelers was one of many ill-fated insurance deals — Mr Greenberg left nothing to chance....
...Both companies provide property and casualty cover in the state, writes Alistair Gray in New York....
...He had been prosecuted after alerting shareholders to a fraud at Equity Funding Corporation of America, an insurance company....
...From his sick bed, the 60-year old son of former AIG chief “Hank” Greenberg orchestrated the largest acquisition by an insurance company on record....
...Hartford Financial, a smaller rival, jumped more than 6 per cent to a fresh seven-year high of $44.19 and Travelers Companies rose 2.73 per cent to $99.30....
...At the end of 2013, Hamilton Insurance had a capitalisation of $800m....
...In property casualty insurance, periods of rising and falling premium rates, and therefore ups and downs in earnings and stock prices, come and go. In recent years, rates have been increasing....
...The primary insurers are more exposed, so the likes of State Farm, Allstate and Travelers, which have big market shares in the affected areas, will be the ones to watch....
...Ten days have passed since Hurricane Sandy ravaged the east coast of the US, yet investors in insurance companies remain largely in the dark about the scale of the losses facing the industry....
...At $35, AIG’s shares still trade at about half the company’s book value while more profitable rivals in the insurance industry, such as Chubb, Travelers and ACE Limited, trade in line with or above book...
...Bank of America and Mr Weill’s old company Citigroup....
...Mr Weill and Jamie Dimon, his then lieutenant and now chief executive of JPMorgan Chase, acquired the company and used it in 1993 to buy Travelers, another insurance group....
...Smith Barney, Citigroup’s corporate and investment bank; Travelers Life & Annuity, the insurance arm of Citi, and Kidder Peabody, then the investment banking arm of General Electric....
...Greenberg has been quietly building up a family of insurance companies that could compete with A.I.G. To fill the ranks of his venture, C.V....
...So if you don’t need money; if you own an office building and you have no debt and you want to borrow 40 per cent of today’s value there’s some insurance companies that will make that capital available....
...Travelers now joins JPMorgan Chase, American Express and Bank of America among financial companies in the Dow....
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