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...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...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....
...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....
...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...
...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....
...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....
...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...
...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....
...Bank of America and Mr Weill’s old company Citigroup....
...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....
...Travelers now joins JPMorgan Chase, American Express and Bank of America among financial companies in the Dow....
...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...
...Merrill Lynch, once a proud independent company whose bull logo adorned the main streets of middle America, was forced to sell itself to Bank of America....
...It is the largest insurance industry deal since St. Paul merged with Travelers in a $16bn deal in 2003....
...During his career has covered oil and gas companies based in South America, Africa and Europe. Robert L....
...Munich Re, the reinsurer, was one of the first companies to give a provisional view of its own exposure to the hurricane....
...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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