Insurance news

• Federated National shares plunge on Q4 loss

  11-03-2017 03:41
  Federated National shares dropped sharply in New York today
  after the carrier posted a fourth quarter loss that exceeded Wall
  Street expectations.
  The shares fell 11 percent to close at $18.11 on Nasdaq.
  After trading had ended Thursday, the carrier reported a net
  loss of $12.1mn for the fourth quarter compared with net income of
  $9.3mn in the prior-year period.
  Federated National today announced the board had authorised a
  further $10mn share buyback in a programme that runs until 8...
  
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• Buffett should pick up AIG: KBW

  11-03-2017 03:41
  The resignation of AIG boss Peter Hancock was just the latest
  twist for the US insurance giant over recent weeks, but Keefe
  Bruyette & Woods (KBW) analysts led by Meyer Shields think they
  have the solution to its challenges: Warren Buffett.
  In a research note released today, Shields and colleagues
  recommended that Buffett's Berkshire Hathaway buy the
  beleaguered firm and put it under Peter Eastwood who cut his teeth
  as CEO of AIG's American property and casualty division before
  joining...
  
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• Fairfax boosts cash component of Allied World deal

  11-03-2017 00:18
  Fairfax Financial raised the cash component of its nearly $4.9bn
  acquisition of Allied World to $28 a share, including a $5 dividend
  to be paid by Allied World, as the acquisitive Canadian P&C
  holding company stepped closer to completing its biggest deal yet.
  Fairfax received a new $500mn commitment from Alberta Investment
  Management Corporation (AIMCo) to supplement $1bn from Omers, also
  known as the Ontario Municipal Employee Retirement System,
  announcing the agreement in January. Fairfax
  
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• AssuredPartners keeps M&A queue full post-Keenan deal

  11-03-2017 00:18
  AssuredPartners has a "very active" pipeline of
  acquisitions as it looks to continue on its rapid growth
  trajectory, according to the US broker's chairman and CEO Jim
  Henderson.
  It was announced yesterday that the Lake Mary Florida-based firm
  had agreed to buy public entity and healthcare markets specialist
  Keenan & Associates.
  With $675mn of annualized revenue on its books prior to the
  addition of Keenan, with $170mn revenue,AssuredPartners is now
  heading towards the $850mn mark as it progr
  
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• Asbestos claims and class-action reforms pass House

  11-03-2017 00:18
  The US House of Representatives has passed a bill that would
  increase transparency relating to asbestos trusts and clamp down on
  spurious class-action claims.
  The Fairness in Class Action Litigation and Furthering Asbestos
  Claims Transparency Act would increase the reporting burden for
  trusts set up to fund damage claims from mesothelioma victims. The
  fibrous mineral can cause the fatal disease.
  The so-called FACT Act would also raise the bar for plaintiff
  lawyers asking a federal court for clas
  
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