Dec 8 (Reuters) - First American Financial Corp ::FIRST AMERICAN ANNOUNCES AGREEMENT TO ACQUIRE BANK OF AMERICA’S LIEN RELEASE BUSINESS OPERATIONS AND ASSETS.FIRST AMERICAN FINANCIAL CORP - BANK OF AMERICA'S LIEN RELEASE BUSINESS AND ITS EMPLOYEES WILL BECOME PART OF CO'S MORTGAGE SOLUTIONS DIVISION.FIRST AMERICAN FINANCIAL CORP - ACQUISITION WILL INCLUDE AGREEMENT TO CONTINUE TO PROVIDE LIEN RELEASE SERVICES TO BANK OF AMERICA.
Dec 4 (Reuters) - Tryg ::ACQUIRES ALKA FORSIKRING.- TOTAL CONSIDERATION OF DKK 8.2BN.- IDENTIFIED MERGER BENEFITS IN COMBINED ENTITY OF DKK 300M, TO BE DELIVERED BY 2021.TRANSACTION IS EXPECTED TO CLOSE DURING H1 2018, FOLLOWING A PERIOD OF REGULATORY APPROVAL.IDENTIFIED MERGER BENEFITS IN COMBINED ENTITY OF DKK 300M, TO BE DELIVERED BY 2021.- WILL FINANCE TRANSACTION BY ISSUING UP TO 10% OF CURRENT SHARES OUTSTANDING IN AN EQUITY PLACING THROUGH ABB.WILL FINANCE TRANSACTION BY ISSUING UP TO 10% OF CURRENT SHARES OUTSTANDING.SAYS SIGNIFICANT LONG TERM POTENTIAL TO INCREASE ORDINARY DIVIDENDS.- SHARE PLACEMENT TO RAISE APPROXIMATELY DKK 4BN.REDUCTION IN OVERLAPPING LABOUR COSTS WILL MOSTLY BE DELIVERED THROUGH NATURAL ATTRITION ACROSS COMBINED ENTITY.
Nov 7 (Reuters) - HISCOX LTD ::9-MONTH GROSS WRITTEN PREMIUMS GREW BY 12.4% TO £2,088.8 MILLION.CLAIMS ARISING FROM MEXICO EARTHQUAKES AND CALIFORNIA WILDFIRES ARE NOT EXPECTED TO BE MATERIAL FOR GROUP.NOW ESTIMATE COMBINED NET CLAIMS FOR HURRICANES HARVEY, IRMA AND MARIA OF $225 MILLION AGAINST A ESTIMATE US$225 MILLION FOR HARVEY AND IRMA ."WE ARE SEEING SIGNS OF A HARDENING MARKET".IN LOSS-AFFECTED AND LOSS-EXPOSED US PROPERTY LINES BUSINESS WE ARE SEEING INCREASES OF BETWEEN 10% AND 50% AND SOMETIMES MORE.FOR REINSURANCE, ANTICIPATE DOUBLE-DIGIT INCREASES IN RATES FOR US CATASTROPHE-EXPOSED BUSINESS AT IMPORTANT JANUARY RENEWALS.NEW EUROPEAN INSURANCE COMPANY, HISCOX S.A., HAS BEEN FORMALLY INCORPORATED IN LUXEMBOURG WHERE WE HAVE STARTED TO BUILD A SMALL LOCAL TEAM.SUBJECT TO FINAL REGULATORY APPROVAL, WE ARE ON TRACK TO START WRITING INTO NEW CARRIER IN LUXEMBOURG FROM Q2 2018.DRAFT BILL SEEKS TO LEVY A 20% EXCISE TAX ON PAYMENTS MADE TO FOREIGN AFFILIATES WHICH COULD HAVE IMPACT ON INTERNAL REINSURANCE ARRANGEMENTS.
Oct 19 (Reuters) - Travelers Companies Inc :Travelers Companies-property & casualty insurance market conditions expected to remain "competitive" during rest of 2017 & into 2018 for new business.Travelers Companies-in business insurance,expects underlying underwriting margins & combined ratio for rest of 2017 & 2018 to be broadly consistent.Travelers Companies - in personal insurance, expects underlying underwriting margins during rest of 2017 to be higher than in same period of 2016.Travelers Companies - in personal insurance, expects underlying combined ratio during remainder of 2017 to be lower than in same period of 2016.Travelers Companies - in personal insurance, expects underlying underwriting margins into 2018 will be higher versus same periods of 2017.Travelers Companies - in personal insurance, expects underlying combined ratio into 2018 will be slightly lower versus same periods of 2017.Travelers Companies Inc - overall, expects retention levels will remain "strong by historical standards" during remainder of 2017 and into 2018.
Sept 18 (Reuters) - HISCOX LTD ::IMPACT OF HURRICANE HARVEY.BASED ON AN INSURED MARKET LOSS OF US$25 BILLION (EXCLUDING GOVERNMENT BACKED NATIONAL FLOOD INSURANCE PROGRAM), HISCOX ESTIMATES NET CLAIMS OF APPROXIMATELY US$150 MILLION.THIS IS WITHIN GROUP'S MODELLED RANGE OF CLAIMS FOR AN EVENT OF THIS NATURE, AND REINSURANCE PROTECTIONS FOR GROUP REMAIN SUBSTANTIALLY INTACT.HISCOX WILL ANNOUNCE AN ESTIMATE OF NET CLAIMS ARISING FROM HURRICANE IRMA, ONCE IMPACT OF THAT STORM HAS BECOME CLEARER.HARVEY HAS ALSO HIGHLIGHTED LACK OF FLOOD COVER FOR LARGE PARTS OF US MARKET- CEO.HISCOX HAS TWO PRINCIPAL AREAS OF EXPOSURE: THROUGH REINSURANCE BUSINESS AND THROUGH INSURANCE LINES, INCLUDING FLOOD COVER FOR HOMEOWNERS AND BUSINESSES.2017 WILL BE AN EXPENSIVE YEAR FOR NATURAL CATASTROPHES BUT INDUSTRY CAN COPE-CEO.
June 12 (Reuters) - W. R. Berkley Corp ::W. R. Berkley corporation forms Berkley International Fianzas México S.A. and Berkley International Seguros México S.A..Guillermo Espinosa Barragan has been named general director of Berkley International Fianzas México.Javier Garcia Ortiz De Zarate has been named general director of Berkley International Seguros México.Berkley International Fianzas México to focus on surety business; Berkley International Seguros México to offer specialty commercial insurance products.
Rupa & Company Ltd : Unit Oban Fashions Pvt Ltd had entered into license agreement with Fruit of Loom Inc., subsidiary of Berkshire Hathaway Company . Says unit has acquired exclusive license from Fruit of Loom, Inc .License to manufacture, distribute, advertise and sell innerwear and outerwear products for men, boys, women, girls and toddler in India.
Santam Ltd : Says trading statement for year ended Dec. 31 2016 . Santam HEPS for year ended Dec.31 to be between 39 to 44 pct below and EPS to be between 44 to 49 pct lower versus last year . Says HEPS is expected to be between 1 033 cps and 1 125 cps (2015: 1 844 cps) . Says EPS is expected to be between 1 066 cps and 1 170 cps (2015: 2 090 cps) . Says decrease in HEPS and EPS has been driven by a normalisation of net underwriting results . Says net underwriting margin is expected to be above midpoint of long term target range of 4 to 8 pct of net earned premiums .Says net commission ratio also increased following lower reinsurance commission earned on specialist business lines and higher commission rates.
W. R. Berkley Corp :Formation of Berkley Transactional As A Division Of Berkley Professional Liability Underwriters.
Visa Inc : Visa inc completes acquisition of Visa Europe .Appointed Gary Hoffman, CEO of Hastings Group, as a board member of Visa Inc.