Property & Casualty Insurance

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Santam Ltd announces appointment of Chief Executive

8:49am EST

Santam Ltd:Appoints Lizé Lambrechts to succeed Ian Kirk as the Chief Executive effective Jan. 1, 2015.

People's Insurance Co Group of China Ltd announces acquisition of equity interest in PICC AMC

4:24am EST

People's Insurance Co Group of China Ltd and MEAG Munich ERGO Asset Management GmbH (MEAG):Entered into an equity transfer agreement, pursuant to which MEAG will transfer its 19 pct equity interest in PICC Asset Management Co (PICC AMC), at a consideration of about 227 million Yuan.After the aforesaid equity transfer, the company will hold 100 pct equity interest in PICC AMC.

Legal & General Group PLC secures 2.5 bln bulk annuity contract

2:00am EST

Legal & General Group PLC:Says bulk annuity contract with the TRW Pension Scheme (the Scheme) removing 2.5 bln pounds liabilities from TRW Automotive's balance sheet and insuring over 22,000 of the Scheme's pensioners.2.5 bln pounds transaction follows the 3.0 bln pounds bulk annuity contract with the ICI Pension Fund that Legal & General secured earlier this year, reinforcing Legal & General's position insurer in tailored pension de-risking solutions for large pension schemes.

Fairfax Financial Holdings Limited files preliminary prospectus for initial public offering

Wednesday, 26 Nov 2014 05:39pm EST

Fairfax Financial Holdings Limited:Says that it has filed a preliminary prospectus with the securities regulatory authorities of all provinces and territories in Canada and obtained a receipt therefor in respect of its initial public offering.Fairfax India is an investment holding company whose investment objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses.

CNinsure Inc gives Q4 2014 revenue guidance

Tuesday, 25 Nov 2014 04:00pm EST

CNinsure Inc:Expects Q4 2014 total net revenues to grow by about 20 pct compared with the corresponding period in 2013.

AmTrust Financial Services Inc announces its intent to acquire CorePointe Insurance Company

Monday, 24 Nov 2014 08:30am EST

AmTrust Financial Services Inc:Announced that it has entered into a definitive agreement, pending regulatory approval, to acquire for cash, CorePointe Insurance Company (CorePointe), a wholly-owned subsidiary of CorePointe Group LLC.

Alm Brand A/S reaffirms FY 2014 profit before tax guidance; gives FY 2015 profit before tax guidance

Thursday, 20 Nov 2014 02:25am EST

Alm Brand A/S:Says guidance for consolidated profit before tax is unchanged at 250-350 mln Danish crowns for FY 2014.Expects FY 2015 profit before tax to be in the range of 200-300 mln Danish crowns.FY 2014.

Essent Group Ltd prices public offering of common shares

Wednesday, 19 Nov 2014 07:57pm EST

Essent Group Ltd:Says that the pricing of its previously announced public offering of 12,000,000 common shares at $22.25 per share of the 12,000,000 common shares offered, 6,000,000 common shares are being sold by the company and 6,000,000 are being sold by certain selling shareholders.Says the company expects to receive proceeds from the Offering, net of underwriting discounts and commissions and estimated expenses payable by the company, of about $126.6 million.Says the company will not receive any proceeds from the sale of common shares by the selling shareholders.In connection with the ofering, the underwriters have a thirty-day option to purchase up to 1,800,000 additional common shares from the selling shareholders.The offering is expected to close on Nov. 25, 2014, subject to customary closing conditions.Says the company intends to use the net proceeds from the Offering for general corporate purposes, which may include capital contributions to support the growth of the company's insurance subsidiaries.The offering is being made through joint book-running managers Goldman, Sachs & Co., J.P. Morgan Securities LLC and BofA Merrill Lynch.Additionally, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Macquarie Capital (USA) Inc. are also acting as joint book-running managers.Dowling & Partners Securities, LLC, Keefe, Bruyette & Woods, Inc. and Wells Fargo Securities, LLC are acting as co-managers for the offering.

MS&AD Insurance Group Holdings Inc raises consolidated full-year outlook for FY 2015

Wednesday, 19 Nov 2014 12:40am EST

MS&AD Insurance Group Holdings Inc:Says the company increased the consolidated full-year outlook for FY ending March 2015.Ordinary profit forecast increased to 230,000 million yen from 150,000 million yen.Net profit forecast increased to 120,000 million yen from 100,000 million yen.FY 2015 revenues of 4,351.98 billion yen, net income of 110.19 billion yen – Thomson Reuters I/B/E/S.Comments the sales increase and gain from sale of securities are the main reasons for the forecast.

Sompo Japan Nipponkoa Holdings, Inc raises consolidated full-year outlook for FY 2015

Wednesday, 19 Nov 2014 12:00am EST

Sompo Japan Nipponkoa Holdings, Inc:Says the company increased the consolidated full-year outlook for FY ending March 2015.Ordinary profit forecast increased to 172,000 million yen from 152,000 million yen.Net profit forecast increased to 45,000 million yen from 33,000 million yen.Earnings per share increased to 110 yen from 80.23 yen.FY 2015 revenues of 3,138.54 billion yen, net income of 42.96 billion yen – Thomson Reuters I/B/E/S.Comments the business condition in subsidiary Sompo Japan Nipponkoa Insurance Inc. is the main reason for the forecast.

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