Itasca, Illinois-based insurance brokerage Arthur J. Gallagher & Co. reported a drop in profit for the fourth quarter and announced it would sell its global reinsurance operation and its small Ireland-based wholesale brokerage. In an expense-cutting move, it plans on …
The Bermuda-based Everest Re Group, Ltd. will release its Fourth Quarter 2007 earnings after the close of trading on the NYSE today, January 30, 2008. The Company will hold a conference call discussing the results at 8:30 a.m. Eastern Time …
The Hanover Insurance Group Inc. in Worcester, Mass. reported a rise in earnings for the fourth quarter and last year overall while its chief executive officer expressed confidence the company has “momentum leading into 2008.” The company managed to grow …
If the struggling bond market is saved by a potential bailout, turbulence in the stock market could ease — but without a bailout, cities across the country could have difficulty building everything from sewers to schools. A string of gains …
A.M. Best Co. and Standard & Poor’s Ratings Services have been reexamining their ratings on the Bermuda-based XL Capital. and its subsidiaries in light of recent announcements (See IJ web site https://www.insurancejournal.com/news/international/2008/01/24/86670.htm). Their main concerns are the current financial difficulties …
Following its decision to downgrade SCA and XL’s financial guaranty subsidiaries, Fitch Ratings announced that it has also downgraded XL Capital Ltd. and its P/C insurance reinsurance. Fitch lowered the Group’s Issuer Default Rating (IDR) for XL to ‘A’ from …
Property casualty insurance insiders predicted 2008 will be a year of marginal growth as continued pricing competition will keep premiums low and profits lower — although that could quickly worsen if a natural catastrophe strikes. Those predictions — which follow …
E&S brokers seek new ways to grow, prosper in today’s changing market For excess and surplus lines brokers, identifying available insurance markets not sought by the standard market may be the key to surviving and thriving in the soft market. …
Insurers defend recent years’ profits, deny allegations and call national consumer group’s report ‘fatally flawed’ A national consumer organization has charged that property casualty insurers are unfairly overcharging for home and auto insurance at the same time they are reducing …
In a preliminary earnings announcement Germany’s Allianz SE said it expects net income for 2007 to be around €8 billion ($11.7886 billion) and operating profits of more than €10.8 billion ($15.9 billion), confirming the Group’s earlier forecasts. Allianz will officially …
