Insurance news

• AIG reports a 15% drop in total employment

  25-02-2017 02:33
  Insurance giant AIG got a lot smaller last year in terms of
  headcount, reporting in regulatory filing that its employment ranks
  fell 15 percent last year.
  AIG reported its total number of employees dropped to about
  56,400 as of 31 December compared with 66,400 at the end of
  2015.
  The reduction came as the company sold assets and cut costs in
  an attempt to restore profitability.
  In its annual report filed with the US Securities and Exchange
  Commission, AIG said...
  
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• State National jumps 4.8% on fronting growth outlook

  25-02-2017 00:51
  State National (SNC) shares climbed in New York trading today
  after the fronting and programme specialist's earnings topped
  Wall Street's expectations and management raised its earnings
  outlook.
  State National jumped as much as 8 percent early today before
  cooling enthusiasm trimmed the gain to about 4.8 percent as the
  shares closed at $13.99. Most other insurer and related stocks
  fell.
  The company, which fronts for ILS manager Nephila Capital,
  posted fourth-quarter net income of $14.1mn, or 33
  
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• Endurance cat losses drive Q4 earnings miss

  25-02-2017 00:51
  Sompo's latest major insurance acquisition Endurance
  reported operating profit fell by more than half to $55.8mn in the
  fourth quarter of last year as a number of catastrophes took their
  toll.
  The $0.82 per share result did not come close to the $1.26
  consensus estimate from three Wall Street analysts surveyed by
  MarketWatch.com.
  The miss stemmed from almost $60mn in cat losses from Hurricane
  Matthew and earthquakes in New Zealand, which impacted
  Endurance's primary and reinsurance operations.
  T
  
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