NEW YORK, June 3, 2013 /PRNewswire/ --
Today, Wall Street Reports announced new research reports
highlighting American International Group, Inc. (NYSE: AIG), The
Allstate Corporation (NYSE: ALL), RenaissanceRe Holdings Ltd.
(NYSE: RNR), American Financial Group Inc. (NYSE: AFG), and AmTrust
Financial Services, Inc. (NASDAQ: AFSI). Today's readers may access
these reports free of charge - including full price targets,
industry analysis and analyst ratings - via the links below.
American International Group, Inc.
Research Report
On May 29, 2013, American
International Group, Inc. (AIG), People's Insurance Company Group
of China Ltd. (PICC), and PICC Life Insurance Company Limited (PICC
Life), announced that they have entered into a joint venture to
form an agency distribution company in China. As per the agreement, AIG will own
24.9% of the distribution company, with PICC Life holding the
remaining 75.1%. Board seats as well as management assignments will
be based upon the share holdings. "We are delighted to enter into
this joint venture with PICC Life to provide Chinese consumers life
insurance and other financial products to enhance and protect their
overall quality of life," said Robert H.
Benmosche, President and CEO of AIG. AIG and PICC Life plan
to commence operations of the joint venture by Q1 2014. The exact
timeline is subject to regulatory approval. "Chinese consumers are
changing the way they want to purchase and utilize insurance
products throughout their lifetimes, and we are confident that this
joint venture will be a leader in helping these consumers achieve
this goal," said Wu Yan, Chairman of
PICC. The Full Research Report on American International Group,
Inc. - including full detailed breakdown, analyst ratings and price
targets - is available to download free of charge at:
[http://www.wsreports.com/r/full_research_report/9060_AIG]
--
The Allstate Corporation Research
Report
On May 30, 2013, Bloomberg
reported that The Allstate Corporation (Allstate) and Citigroup
Inc. (Citigroup) have agreed to settle a lawsuit filed by the
insurer accusing the bank of fraudulently selling hundreds of
millions of dollars of mortgage-backed securities. Allstate sued
Citigroup in State Supreme Court in Manhattan in 2011, along with other banks
including Deutsche Bank AG, Bank of America Corp. and Morgan
Stanley. Allstate and Citigroup settled the case on "mutually
agreeable terms," Daniel L.
Brockett, an attorney with Quinn
Emanuel Urquhart & Sullivan LLP representing Allstate,
said in an e-mail as per Bloomberg. The report also stated that in
March 2013, Justice Eileen Bransten denied bids by Morgan Stanley,
Deutsche Bank and Bank of America to dismiss Allstate's suits. In
the case against Morgan Stanley, Bransten rejected an argument that
the lender is shielded from liability because offering materials
disclosed that representations about the loans were based on
information from the originators. The Full Research Report on The
Allstate Corporation - including full detailed breakdown, analyst
ratings and price targets - is available to download free of charge
at: [http://www.wsreports.com/r/full_research_report/551f_ALL]
--
RenaissanceRe Holdings Ltd. Research
Report
On May 1, 2013, RenaissanceRe
Holdings Ltd. (RenaissanceRe) released its Q1 2013 results, posting
net income of $190.5 million (or
$4.23 per diluted share), down from
$201.4 million (or $3.88 per diluted share) in Q1 2012. The Company
registered revenue of $343.3 million,
down from $356.5 million in Q1 2012.
"We enjoyed strong first quarter results, with an annualized
operating ROE of 22.5% and 4.8% growth in tangible book value per
share plus dividends for the quarter," said CEO Neill A. Currie. "Our results reflect strong
underwriting profits, principally driven by our high-quality
portfolio, the absence of significant catastrophe losses in the
quarter, and solid total returns in our investment portfolio,"
added Currie. Gross premiums written in the Reinsurance segment
were $561.1 million, down
$48.6 million or 8% YoY, due to a
$30.4 million decrease in the
Company's catastrophe unit reflecting the non-renewal or renewal at
lower rates for a number of contracts during the January 2013 renewals, and a decrease of
$18.2 million in the Company's
specialty unit, primarily due to the timing of certain multi-year
contracts in Q1 2012. The Full Research Report on RenaissanceRe
Holdings Ltd. - including full detailed breakdown, analyst ratings
and price targets - is available to download free of charge at:
[http://www.wsreports.com/r/full_research_report/9d1f_RNR]
--
American Financial Group Inc. Research
Report
On May 8, 2013, American Financial
Group Inc. (American Financial) released its Q1 2013 results,
posting net income of $120 million or
$1.32 per share, up from $113 million or $1.14 per share in Q1 2012. Core net operating
earnings were $84 million, compared
to $85 million in Q1 2012. The
Company stated that the higher profit in the Company's
annuity segment was offset by the absence of earnings from its
medicare supplement and critical illness businesses that were sold
in August 2012, an adjustment for
certain share-based incentive plans, and lower investment income in
its property and casualty insurance segment. "The year is off to a
great start with record profitability in our annuity operations and
solid underwriting results in our property and casualty
businesses," said Co-CEOs of American Financial, S. Craig Lindner and Carl H. Lindner III, in a joint statement. They
further added, "We are pleased to see the positive impact of
maintaining spreads in our annuity business as well as market
firming in selected P&C markets, which has created
opportunities for higher growth and improved results in some of our
P&C operations." The Full Research Report on American Financial
Group Inc. - including full detailed breakdown, analyst ratings and
price targets - is available to download free of charge at:
[http://www.wsreports.com/r/full_research_report/a429_AFG]
--
AmTrust Financial Services, Inc.
Research Report
On May 14, 2013, AmTrust Financial
Services, Inc. (AmTrust) announced that it has completed the
acquisition of Mutual Insurers Holding Company (MIHC) and MIHC's
subsidiary, First Nonprofit Insurance Company (FNIC), for an
undisclosed amount. "We are proud to announce the acquisition of
FNIC, a leading provider of insurance products and services to
non-profit organizations," said Barry
Zyskind, President and CEO of AmTrust. Zyskind added,
"Backing FNIC's established non-profit customer relationships with
our Company's resources provides considerable opportunity to expand
in the attractive niche insurance market for non-profits. The
acquisition of FNIC supports our strategy of building our business
and shareholder value." FNIC offers low hazard insurance products
to small, non-profit and government entities, and is the third
largest provider of property and casualty insurance products to
non-profit organizations in the US. In 2012, FNIC wrote
$70 million of premiums in 27 states.
The Full Research Report on AmTrust Financial Services, Inc. -
including full detailed breakdown, analyst ratings and price
targets - is available to download free of charge at:
[http://www.wsreports.com/r/full_research_report/e57c_AFSI]
----
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