Jul. 7, 2014, 7:51 AM
- ACE Limited is paying $685M for the corporate P&C insurance business of Itau Unibanco's (ITUB) Itau Seguros . Upon closing, ACE will be the largest P&C insurer in Brazil.
- In 2013, the company had about $950M in gross premiums and an 18% market share. It has about 320 employees and relationships with over 600 brokers.
- Already with a presence in Brazil, ACE's operations there include an established commercial and personal P&C business, an accident and health insurance business, along with life and reinsurance. The deal is expected to be completed in 2015 Q1 and be immediately accretive to earnings.
- Source: Press Release
Jun. 24, 2014, 7:30 AM
May. 15, 2014, 12:29 PM
Apr. 30, 2014, 10:42 AM
- AXIS Capital (AXS -3.8%) is the outlier to the downside in reinsurance after Q1 operating income of $137M or $1.24 per share fell from $227M and $1.92 a year ago, and missed expectations by a wide amount. Book value per share of $47.13 rose 3% during the quarter, up 6% Y/Y.
- Gross premiums written of $1.8B gained 4%, with insurance up 1%, reinsurance up 6%. Net premiums written up 6% to $1.7B. Net premiums earned up 8% to $946M. Combined ratio deteriorates to 91.9% from 83.0%. Accident year loss ratio of 62.1% vs. 56.4%.
- Net investment income of $83M falls from $109M, driven by changes in the fair market value of alternative investments.
- $179M of share repurchases during quarter.
- Previously: Axis Capital Holdings Limited misses by $0.08, misses on revenue
- Others reporters in the sector: ACE Limited (ACE -0.5%), RenaissanceRe (RNR -0.9%)
Apr. 29, 2014, 5:15 PM
- Operating income of $2.27 per share up a dime from a year ago. Tangible book value per share of $70.97 is up 3% from the end of 2013. Operating ROE of 11.2% during Q1. P&C combined ratio of 88.9% vs. 89.4% one year ago, excluding catastrophe losses.
- Premium growth up 14% in constant dollars. North American P&C business up 11% with continuing rate increases. International P&C business up 12%, with flat pricing. "Commercial P&C market conditions globally are stable, but growing more competitive ... we are a disciplined organization and prepared."
- ACE flat AH
- Source: Press Release
- Previously: ACE Limited EPS in-line
Apr. 29, 2014, 4:26 PM
Apr. 28, 2014, 5:35 PM
- ACE, ACHC, ACMP, AEC, AEGN, AFL, ANIK, ARI, AUY, AXS, AZPN, BGFV, BOOM, BXP, CALX, CAP, CEB, CEMP, CHE, CHRW, CLD, CMRE, CNQR, COLM, CRAY, DLB, DNB, DWA, EBAY, EEFT, EIX, EPR, ESRX, EZPW, FARO, FEIC, FISV, GMED, GNW, GPRE, HURN, IPHI, LOGM, MAC, MAR, MEOH, MWA, NANO, NATI, NCR, NDLS, NFX, NUVA, OHI, OI, PNRA, PRXL, REXX, RFMD, RNG, RNR, RPXC, RVBD, SIMG, SKT, SLCA, SM, STR, STX, SWI, TE, THG, TMH, TRLA, TRN, TTS, TWTR, ULTI, USNA, VNR, VPRT, VRSK, WSH, X, XCO.
Mar. 26, 2014, 7:23 AM
- ACE appoints of Anna Orhaug to the new role of Head of Accident & Health for the Nordic region and promotes Hakan Henriksson to Direct Marketing Manager for the Nordics.
- "We continue to see opportunities for growth in our Nordic A&H business and these appointments underline our commitment to further enhancing the strength and depth of our capabilities across the region."
- Press release
Feb. 27, 2014, 10:41 AM
Feb. 12, 2014, 7:55 AM
- Reinsurers: Started with a Buy is AON, started with Neutrals are ACE and RenaissanceRe (RNR), and started at Sell are Axis Capital (AXS) and XL Group.
- Others: Started at Neutral are Allstate (ALL), Arthur J. Gallagher (AJG), Marsh & McLennan (MMC), and Progressive (PGR), and started at Sell are Chubb (CB) and Travelers (TRV).
Jan. 28, 2014, 4:45 PM
- Operating income of $2.39 per share up from $1.43 a year ago. Book value per share of $84.83, up 4.9% from a year ago.
- Net investment income in Q4 of $557M is off $10M from a year ago. Full year NII of $2.1B is off 1.7% from 2012.
- The underlying combined ratio of 91.5% compares to 91.4% a year ago. For the full year it was 90% vs. 92.8% for 2012.
- Net premiums written in Q4 of $3.712M, up 18.2% Y/Y. Excluding acquisitions, net premiums written grew 15.5% Y/Y on a constant dollar basis.
- CC tomorrow at 8:30 ET
- Press release, Q4 results
- ACE -0.1% AH
Jan. 28, 2014, 4:23 PM
Jan. 28, 2014, 12:10 AM
Jan. 27, 2014, 5:35 PM
Jan. 10, 2014, 10:19 AM
Jan. 2, 2014, 8:24 AM
- Following a 2013 in which the number of natural and man-made disasters fell by half, reinsurers could be hit with up to a 25% decline in premium revenue this year, according to broker Willis Re.
- Combining with the lack of catastrophes is a market in oversupply as pension funds and hedge funds (like GLRE and TPRE) rush into the business - a $50B increase in industry capital, says Willis CEO John Cavanagh.
- U.S. property casualty reinsurance faces the biggest hit - 10-25% - while European premiums could fall 10-15%.
- Hannover Re (HVRRY) last week said it expected premiums to fall this year, fueling concern about a price war with competitors like Swiss Re (SSREY) and Berkshire Hathaway (BRK.A, BRK.B).
- Among U.S. reinsurers: ACE, XL, PRE, RE, RNR.
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