Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, said its quarterly operating profit doubled as its insurance business dodged hurricanes and benefited from lower taxes. The strong result gives Buffett more cash to deploy even as the well-known bargain-hunting “value” investor has admitted struggling to find a place to put those earnings to… Continue reading Buffett’s Berkshire Doubles Profit, Repurchases $900 Million Stock in Third Quarter
Tag: property & casualty insurance
Arch Insurance to Acquire McNeil & Co.
Arch Capital Group Ltd. announced late last week it has entered into a definitive agreement to acquire McNeil & Co. (“McNeil”), a nationwide leader in specialized risk management and insurance programs headquartered in Cortland, New York. Terms of the transaction were not disclosed. “McNeil is a great fit for Arch and solidifies a program relationship… Continue reading Arch Insurance to Acquire McNeil & Co.
QBE Insurance Says Asia Pacific No Longer to Be Separate Arm
Australia’s QBE Insurance Group Ltd on Wednesday announced a streamlining of its operations whereby its Asia Pacific arm will no longer be a separate division. Effective from Jan. 1 next year, QBE’s International operations will comprise Europe and Asia, while Australia Pacific will include Australia, New Zealand, the Pacific and India, the global insurance provider… Continue reading QBE Insurance Says Asia Pacific No Longer to Be Separate Arm
Swiss Re Reports $1.1B Net Income for the Nine Months 2018
Swiss Re reported a Group net income of $1.1 billion for the first nine months of 2018 compared to a loss of $468 million for the same period a year ago, despite an estimated claims burden of $1.6 billion from natural catastrophes and large man-made events in the reporting period. While the Group’s property and… Continue reading Swiss Re Reports $1.1B Net Income for the Nine Months 2018
Emerging Economies Have $160B Insurance Gap
The average insurance penetration rate (total insurance premiums as a percentage of GDP) in developed nations is twice as high as the average in emerging, or lower income countries, which account for almost all ($160bn) of the global insurance protection gap. Many of the countries with the lowest levels of insurance are among the most… Continue reading Emerging Economies Have $160B Insurance Gap
Liberty Mutual Is Conducting a Strategic Review of Pembroke
Liberty Mutual Insurance announced today that it is undertaking a strategic review of its London-based Pembroke Managing Agency Limited, acquired through the lronshore purchase in May of 2017. The company has retained Evercore to serve as its adviser through the process. Pembroke, headquartered in London with hubs in the US, Middle East and Asia, underwrites… Continue reading Liberty Mutual Is Conducting a Strategic Review of Pembroke
Italian Bridge Tragedy Adds to ‘Large’ Claims at Swiss Re
Swiss Re AG said it will post relatively “large” losses from claims in the third quarter, as man-made disasters including the collapse of a bridge in Italy add to damage from storms. Natural disaster claims, mainly from Japan and North America, totaled $1.1 billion in the period, the reinsurer said in a statement from Zurich.… Continue reading Italian Bridge Tragedy Adds to ‘Large’ Claims at Swiss Re
Travelers Profit Rises as Catastrophe Losses Shrink
Travelers Cos. earnings rose in the third quarter as catastrophe losses fell from the prior year. New York-based Travelers, part of the Dow Jones Industrial Average, is one of the first big property-casualty insurers to report quarterly earnings, and its results are watched closely as a bellwether for others that follow. The company is among… Continue reading Travelers Profit Rises as Catastrophe Losses Shrink
P/C Insurance Industry’s Net Income More than Doubles to $34 Billion in First-Half 2018
Private U.S. property/casualty insurers saw their net income after taxes more than double to $34 billion in first-half 2018 from $15.5 billion in first-half 2017, with the help of lower catastrophe losses, growing premiums, and an increase in investment income, according to ISO, a Verisk business, and the Property Casualty Insurers Association of America (PCI).… Continue reading P/C Insurance Industry’s Net Income More than Doubles to $34 Billion in First-Half 2018
HUB International Acquires California-Based Liberty New Gate Insurance Services LLC
Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the assets of Liberty New Gate Insurance Services, LLC (Liberty New Gate). Terms of the transaction were not disclosed. Headquartered in Watsonville, California, Liberty New Gate has more than 35 years of commercial insurance expertise, specializing in the agriculture and… Continue reading HUB International Acquires California-Based Liberty New Gate Insurance Services LLC