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J.P. Morgan Securities upgraded Safeco Corp to “neutral” from “underweight,” citing the likelihood of the acquisition of the insurer by Liberty Mutual Group going forward.    Auto and home insurer Liberty Mutual has agreed to buy property and casualty insurer Safeco for $6.2 billion.    “We are reasonably comfortable that the acquisition will be completed… Continue reading Safeco Gets Upgrade by J.P. Morgan Amid Acquisition by Liberty Mutual

Commercial insurer CNA Financial Corp, whose majority owner is Loews Corp, announced earlier today that its first-quarter profit fell 37 percent to $187 million on declining premiums and investment losses.     “There certainly is a measurable amount of pressure” on insurance prices, according to CNA Chief Executive Officer Stephen Lilienthal.     CNA’s sales… Continue reading First-Quarter Profits Down for CNA as Soft Market Makes Impact

Berkshire Hathaway Inc’s new municipal bond insurance arm, established in late December 2007 by billionaire investor Warren Buffett, received Moody’s Investors Service’s top rating, citing its fast growth despite a credit crunch. This is the insurer’s second top rating, with Standard & Poor’s Rating Services being the first with its highest triple A rate.   … Continue reading Buffett’s Muni Bond Carrier Gets Top Rating from Moody

The U.S. Census Bureau stated today that the share of U.S. homes owned but sitting empty edged up in the first quarter to a record high 2.9 percent.     This was the third consecutive quarter in which the homeowner vacancy rate rose, reflecting the difficulty homeowners are having selling homes amid the deep U.S.… Continue reading Empty Homes on the Rise

According to a special report by AM Best, Bermuda-based property/casualty insurance companies have posted strong results in 2006 and 2007 after two years of unprecedented hurricane losses, although industry fundamentals are expected to continue deteriorating.     “The overwhelming conclusion is that the majority of carriers on the island are financially strong, benefiting from record… Continue reading AM Best: Bermuda Carriers Bounce Back But Pressure is Still On

NEW YORK April 25 (BestWire) — Financial guaranty insurer ACA Capital Holdings Inc. will have an additional month to restructure agreements with its counterparties under terms of a new forbearance agreement — its fourth in the past six months — that looks to stave off takeover by the Maryland Insurance Administration.    The agreement will… Continue reading Bond Insurer ACA Holds Off State Takeover

Japan’s largest securities business group, Nomura Holdings Inc., announced a ¥153.85 billion (US$1.47 billion) net loss in the first quarter of 2008, buffeted by the international financial market tempest that inflated its losses from its monoline exposure and commercial mortgage-backed securities. Nomura’s loss was in sharp contrast to revenue from the ¥33.09 billion profit it… Continue reading Japanese Company Loses Billions in Bond Insurance Market

England’s largest general insurance company, Aviva, said it did not see a compelling reason to consider acquiring the number-two company in the business, RBS Insurance, which was placed on the selling block earlier this week by parent Royal Bank of Scotland.    Said Aviva Chief Executive Andrew Moss, “Most of the RBS Insurance business is… Continue reading British Insurer Claims No Interest in Acquisition

After posting a 67% drop in first-quarter earnings as the housing market debacle cut into home sales and refinancings, Jacksonville, Florida-based Fidelity National Financial Inc. announced it is looking at a variety of ways to maintain dividend and buy back stock, including a possible sale of its specialty insurance business. Fidelity National, which controls one… Continue reading Fidelity National Examining Specialty Insurance Sale

A bill that would make available a health insurance program for Connecticut municipalities, nonprofit organizations and small employers in the state has been approved by the Connecticut House of Representatives. The bill holds that cities, nonprofit groups and small employers with fewer than 50 employees would join the state program, becoming part of a much… Continue reading Worker Health Plan Bill Passes State House, Moves on to Senate