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First-Quarter Profit Down for Aetna

Hartford, Connecticut-based Aetna Inc. posted a decline in first-quarter profit but membership growth and higher premium rates pushed the health insurer’s revenue higher, surpassing expectations on Wall Street. According to Aetna, earnings for the period amounted to $431.6 million, or 85 cents per share, in the three months ended March 31 compared with year-ago earnings… Continue reading First-Quarter Profit Down for Aetna

BB&T Insurance Services to Buy UnionBanc

The nation’s seventh largest insurance brokerage, BB&T Insurance Services, announced an agreement to purchase California-based UnionBanc Insurance Services Inc., a subsidiary of Union Bank of California, N.A. Terms of the deal were not disclosed. The purchase would extend Raleigh, North Carolina-based BB&T Corporation’s insurance operations in California, where it already has a presence through wholesale… Continue reading BB&T Insurance Services to Buy UnionBanc

Safeco Placed on Ratings Review

Acquisitions such as the Liberty Mutual’s purchase of Safeco Corp — and especially those with 51-percent premiums as is the case in this purchase — may come with yet more unexpected consequences. For example, based on the agreement in principle for the acquisition of Safeco by Liberty Mutual, A.M. Best Co. has placed Safeco and… Continue reading Safeco Placed on Ratings Review

Are More Insurance Company Sales, Acquisitions on the Horizon?

Might Liberty Mutual Group’s $6.2 billion purchase of Safeco Corp mean that more sales and acquisitions to come in the insurance sector? Yes, according to Matthew Josefowicz, director of the insurance practice at research and advisory firm Novarica. “Although property/casualty insurers had their second strong year in 2007 in terms of underwriting results, achieving top-line… Continue reading Are More Insurance Company Sales, Acquisitions on the Horizon?

Liberty Mutual Purchase of Safeco Has Ripple Effect

Liberty Mutual Group of Boston’s $6.2 billion purchase of Seattle, Washington-based Safeco Insurance will mean the city of Seattle will lose a Fortune 500 corporate giant, an 85-year-old iconic headquarters building that towers over the University District (sold two years ago, which some say was a portent of things to come), and jobs on both… Continue reading Liberty Mutual Purchase of Safeco Has Ripple Effect

Multibillion Bid for Australian Insurer Extended

Australia’s largest property and casualty insurer, QBE Insurance Group Ltd., has extended its A$7.7 billion ($7.3 billion) takeover offer for Insurance Australia Group Ltd. through May 5. Insurance Australia has been a target for takeover by QBE CEO Frank O’Halloran after it posted three straight years of declining profits.    QBE’s offer, comprised of cash… Continue reading Multibillion Bid for Australian Insurer Extended

Green Insurer Doing Its Part to Heal the Planet

As Earth Week (April 21-25) continues, Fireman’s Fund Insurance Company – the nation’s first provider of green insurance – will highlight its commitment to environmental responsibility and sustainability through a series of activities at its headquarters.      From special parking privileges for bicyclers and hybrid drivers to environmentally friendly product giveaways and meetings with local… Continue reading Green Insurer Doing Its Part to Heal the Planet

Ambac Posts Worse Than Expected Losses

New York-based Ambac Financial Group Inc., the second-largest bond insurer, posted a wider loss than analysts estimated after taking $3.1 billion in charges for subprime-mortgage securities. Although the insurer was successful recently at staving off a credit-rating downgrade, it was not so fortunate in terms of financials, posting a $1.66 billion first-quarter net loss, in… Continue reading Ambac Posts Worse Than Expected Losses