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Markel to acquire State National for about $919 million​

8:10am EDT

July 26 (Reuters) - State National Companies Inc :Markel to acquire State National.State National Companies Inc - ‍transaction has a total value of approximately $919 million​.State National Companies Inc - deal for ‍$21.00 per share in cash​.State National Companies Inc says upon completion of transaction, state national will operate as a separate business unit.State National Companies Inc - agreement, has been unanimously approved by both companies' board of directors.State national companies inc says transaction is not subject to any financing condition.State National Companies Inc says Markel plans to finance transaction using cash balances on hand.State National Companies - ‍management team, led by Terry Ledbetter, State National's current chairman, CEO will remain in place.

Markel to acquire State National for about $919 million​

8:10am EDT

July 26 (Reuters) - State National Companies Inc :Markel to acquire State National.State National Companies Inc - ‍transaction has a total value of approximately $919 million​.State National Companies Inc - deal for ‍$21.00 per share in cash​.State National Companies Inc says upon completion of transaction, state national will operate as a separate business unit.State National Companies Inc - agreement, has been unanimously approved by both companies' board of directors.State national companies inc says transaction is not subject to any financing condition.State National Companies Inc says Markel plans to finance transaction using cash balances on hand.State National Companies - ‍management team, led by Terry Ledbetter, State National's current chairman, CEO will remain in place.

Insurance Australia Group says general insurance licence consolidation approved

Thursday, 20 Jul 2017 02:13am EDT

July 20 (Reuters) - Insurance Australia Group Ltd ::General insurance licence consolidation approved.Will consolidate its nine Australian general insurance licences into two after receiving approval from Federal Court of Australia.There will be no impact on IAG's consolidated regulatory capital.There will be no impact on claims and policies will continue to operate and be renewed in same way.

Insurance Australia announces creation of single Australian division

Tuesday, 18 Jul 2017 06:35pm EDT

July 19 (Reuters) - Insurance Australia Group Ltd :announces creation of single Australian division with Mark Milliner, currently IAG chief operating officer.Australia division will simplify operating model by bringing together former australian consumer, australian business, operations and satellite divisions.continues to expect optimisation program to reduce gross operating costs by annual run rate of at least 10%, or $250 million pre-tax, by end of FY19.chief executive of australian consumer division, Anthony Justice, has decided to leave IAG..Mark Milliner to lead the division as CEO with immediate effect.

National Public Finance Guarantee, creditors offer PREPA extension of RSA until June 30

Thursday, 29 Jun 2017 01:39pm EDT

June 29 (Reuters) - National Public Finance Guarantee Corporation::National takes action to extend PREPA restructuring support agreement.Co, other supporting creditors offered PREPA an extension of Restructuring Support Agreement until June 30.Says National to continue pursuing lawsuit to compel Oversight Board to comply with obligations under PROMESA.Believes extension, funding would have provided more time for discussions to avoid Title III bankruptcy filing by PREPA.Offer delivered to Puerto Rico Governor Ricardo Rosselló, PREPA, AAFAF, but all refused to sign extension.

Travelers results reported in 3 business segments, effective April 1

Tuesday, 20 Jun 2017 07:10am EDT

June 20 (Reuters) - Travelers Companies Inc ::Travelers Companies -effective April 1 co’s results reported in 3 business segments, business insurance, bond & specialty insurance, personal insurance.Travelers Companies - revised names and descriptions of certain businesses comprising company’s segments and reflected other related changes- SEC filing.Travelers Companies Inc - reclassifications impacted the presentation of certain historical segment data.Travelers Companies - reclassification of historical segment information has no effect on co’s previously reported consolidated results of operations.

Amtrust Financial enters agreements to sell shares in National General Holdings

Friday, 9 Jun 2017 08:30am EDT

June 9 (Reuters) - Amtrust Financial Services Inc :Amtrust Financial Services, inc. Enters agreements to sell shares in national general holdings corp..Amtrust Financial Services Inc - deal for approximately $211.7 million.Amtrust Financial Services Inc - entered into agreements to sell 10.6 million shares it owns in national general holdings corp.Amtrust - will invest funds from sale in accordance with both company's overall corporate investment guidelines as well as individual subsidiary's investment guidelines.Amtrust Financial Services Inc - to sell common shares of nghc at a price of $20.00 per share.Amtrust Financial Services Inc - pre-tax gain on sale of shares will be approximately $76 million.

Santan says net underwriting margin for 4 months to April within target range

Wednesday, 31 May 2017 06:00am EDT

May 31 (Reuters) - Santam Ltd ::For four month period ended 30 April 2017, achieved 'acceptable' underwriting results in a tough economic climate and a deteriorating claims environment.For four month period ended 30 April 2017, growth in gross written premium was satisfactory given impact of competitive market conditions and low economic growth.For four month period ended 30 April 2017, group achieved a net underwriting margin within target range of 4 pct to 8 pct, but below midpoint.Operational performance of Saham finances remained in line with business plan.

Finland's Sampo Q1 profit above expectations

Thursday, 11 May 2017 02:30am EDT

May 11 (Reuters) - Sampo Oyj :Q1 pretax profit 430 million euros ($468 million), versus 415 million in Reuters poll nL8N1IA3M7.Q1 P&C insurance combined ratio 87.4 percent versus 87.7 percent in poll.says group's business areas are expected to report good operating results for 2017.says P&C insurance operations are expected to reach a combined ratio of 87-90 percent for full-year 2017.Says mark-to-market results are, particularly in life insurance, highly dependent on capital market developments.Says continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.

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