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Property & Casualty Insurance

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Euler Hermes Group Appoints Virginie Fauvel As Chief Transformation Officer And Head Of The Americas Region

Tuesday, 12 Dec 2017 11:49am EST

Dec 12 (Reuters) - EULER HERMES GROUP SA ::APPOINTS VIRGINIE FAUVEL AS CHIEF TRANSFORMATION OFFICER AND HEAD OF THE AMERICAS REGION.

First American Announces Agreement To Acquire Bank Of America’S Lien Release Business Operations And Assets

Friday, 8 Dec 2017 09:00am EST

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​.

Direct Line Insurance Completes Capital Management Exercises​

Friday, 8 Dec 2017 07:15am EST

Dec 8 (Reuters) - Direct Line Insurance Group Plc ::ANNOUNCES SUCCESSFUL COMPLETION OF CAPITAL MANAGEMENT EXERCISES​.‍TENDER OFFER RESULTED IN REPURCHASE OF £250M NOMINAL OF TIER 2 DEBT AT A VALUE OF C.£327M BEFORE ACCRUED INTEREST​.‍REMAINING £250M (NOMINAL) HAS A FIRST CALL DATE OF 27 APRIL 2022​.‍NET RESULT OF THESE TRANSACTIONS WILL BE AN IFRS POST-TAX CHARGE FOR YEAR ENDING 31 DECEMBER 2017 OF CIRCA £53M​.‍PRE-TAX CHARGE WILL BE TAKEN PRIMARILY THROUGH 'FINANCE COSTS' LINE OF GROUP INCOME STATEMENT​.‍TRANSACTIONS BENEFIT SOLVENCY CAPITAL REQUIREMENT COVERAGE RATIO BY CIRCA 2PPT.THERE WILL BE NO MATERIAL IMPACT ON GROUP'S DIVIDEND CAPACITY AS A RESULT OF TRANSACTIONS​.

Picc Property And Casualty Co Says‍ Wu Yan Resigns As Chairman​

Friday, 8 Dec 2017 05:25am EST

Dec 8 (Reuters) - Picc Property And Casualty Co Ltd <2328.HK>::‍WU YAN RESIGNED AS CHAIRMAN OF BOARD AND EXECUTIVE DIRECTOR​.

Picc Group Says ‍Wu Yan Resigns As Chairman​

Friday, 8 Dec 2017 05:17am EST

Dec 8 (Reuters) - Picc Group-Announcement Resignation Of Chairman <1339.HK>::‍WU YAN HAS TENDERED HIS RESIGNATION AS CHAIRMAN​.YAN RESIGNS AS CHAIRMAN, AND EXECUTIVE DIRECTOR.

Insurance Australia Group Enters Agreements To Quota Share 12.5 Pct Of Its Business

Thursday, 7 Dec 2017 05:15pm EST

Dec 8 (Reuters) - Insurance Australia Group Ltd ::IAG IMPROVES CAPITAL EFFICIENCY AND REDUCES EARNINGS VOLATILITY.ENTERED INTO THREE AGREEMENTS TO QUOTA SHARE A COMBINED 12.5% OF ITS CONSOLIDATED BUSINESS FROM 1 JANUARY 2018.INSURANCE AUSTRALIA GROUP - ‍FROM 1 JAN 2018, REINSURERS TO RECEIVE COMBINED 12.5% OF CO'S CONSOLIDATED GROSS EARNED PREMIUM.DEAL WITH REINSURERS MUNICH RE, SWISS RE AND HANNOVER RE COVER IAG'S BUSINESS IN AUSTRALIA, NEW ZEALAND AND THAILAND.IAG WILL RECEIVE AN EXCHANGE COMMISSION WHICH RECOGNISES VALUE OF ACCESSING IAG'S STRONG CORE FRANCHISE.INSURANCE AUSTRALIA GROUP -AGREEMENTS EXPECTED TO DELIVER REDUCTION IN REGULATORY CAPITAL REQUIREMENT OF ABOUT $435 MILLION,OVER A 3-YEAR PERIOD.DEALS BROADLY NEUTRAL EPS AND ROE EFFECTS, PRIOR TO CONSIDERATION OF POTENTIAL CAPITAL MANAGEMENT IMPACTS.‍COMBINED 12.5% QUOTA SHARE AGREEMENTS WILL HAVE NO EFFECT ON 1H18 RESULTS FOR SIX MONTHS ENDED 31 DECEMBER 2017​.CO HAS RAISED ITS FY18 REPORTED INSURANCE MARGIN GUIDANCE BY 125 BASIS POINTS, TO 13.75% - 15.75%​.FY18 NATURAL PERILS ALLOWANCE REDUCES TO $627 MILLION.‍INTENDS TO MAINTAIN ITS CET1 RATIO WITHIN ITS TARGETED BENCHMARK RANGE​.DEALS EXPECTED TO RESULT IN IAG'S INSURANCE PROFIT BEING BROADLY UNCHANGED.DEALS ANTICIPATED TO ENHANCE IAG'S REPORTED INSURANCE MARGIN BY APPROXIMATELY 250 BASIS POINTS PER ANNUM..DEALS HAVE AN AVERAGE INITIAL PERIOD OF MORE THAN FIVE YEARS..

Saga Says Expects FY 2018 Underlying PBT Growth Between 1% And 2%

Wednesday, 6 Dec 2017 02:00am EST

Dec 6 (Reuters) - Saga Plc ::GROUP'S GROWTH IN UNDERLYING PBT 1 IS EXPECTED TO BE BETWEEN 1% AND 2% FOR YEAR ENDED 31 JANUARY 2018."SEEN CHALLENGING TRADING IN INSURANCE BROKING DURING PERIOD AND MONARCH AIRLINES ADMINISTRATION, WHICH HAS AFFECTED OUR TOUR OPERATIONS".FY WRITTEN PROFIT OF OUR RETAIL BROKING BUSINESS IS EXPECTED TO BE AHEAD YEAR ON YEAR, WITH A STRONG PERFORMANCE IN MOTOR.WE NOW EXPECT RESERVE RELEASES TO BE AT A SIMILAR LEVEL TO PREVIOUS YEAR.TOUR OPERATIONS BUSINESS HAS BEEN IMPACTED BY COLLAPSE OF MONARCH AIRLINES WITH AN APPROXIMATE ONE-OFF COST OF £2 MILLION.WILL REALISE APPROXIMATELY £10 MILLION OF ANNUALISED SAVINGS NEXT YEAR.EXPECT TO INCUR A ONE-OFF COST OF CIRCA £4 MILLION RELATING TO THESE CHANGES, EXCLUDED FROM UNDERLYING PBT.

Tryg launches private placement of 24.7 million new shares

Tuesday, 5 Dec 2017 11:02am EST

Dec 5 (Reuters) - TRYG A/S ::TRYG A/S ANNOUNCES A PRIVATE PLACEMENT OF SHARES IN RELATION TO THE FINANCING OF THE ACQUISITION OF ALKA FORSIKRING.HAS TODAY DECIDED TO LAUNCH AN OFFERING OF NEW SHARES THROUGH A PRIVATE PLACEMENT OF UP TO 27,400,000 NEW SHARES TO BE ISSUED BY TRYG .IN THE PRIVATE PLACEMENT, THE NEW SHARES WILL BE PLACED AT MARKET PRICE .THE MARKET PRICE WILL BE ESTABLISHED THROUGH AN ACCELERATED BOOK-BUILDING PROCESS, WHERE ALL NEW SHARES OFFERED BY TRYG IN THE PRIVATE PLACEMENT WILL BE SUBSCRIBED FOR AT THE SAME PRICE PER SHARE.TRYG WILL IN CONNECTION WITH THE PRIVATE PLACEMENT BE ASSISTED BY NORDEA AS SOLE BOOKRUNNER.TRYGHEDSGRUPPEN SMBA (THE LARGEST SHAREHOLDER IN TRYG) HAS OFFERED TO SUBSCRIBE PRO-RATA FOR 60% OF THE NEW SHARES .FURTHERMORE, TRYGHEDSGRUPPEN HAS COMMITTED TO UNDERWRITE ALL SHARES AT DKK 146 PER SHARE .

Bank Of America Increases Planned Common Stock Repurchase Program

Tuesday, 5 Dec 2017 08:06am EST

Dec 5 (Reuters) - Bank Of America Corp ::BANK OF AMERICA INCREASES PLANNED COMMON STOCK REPURCHASE PROGRAM.SAYS ‍BANK OF AMERICA CORPORATION TODAY ANNOUNCED PLANS TO REPURCHASE AN ADDITIONAL $5 BILLION IN COMMON STOCK BY JUNE 30, 2018​.SAYS FEDERAL RESERVE BOARD HAS INFORMED CO THAT IT HAS APPROVED ADDITIONAL REPURCHASES.SAYS ADDITIONAL CAPITAL DISTRIBUTION OFFSETS INCREASED REGULATORY CAPITAL FROM ISSUANCE OF STOCK UPON BERKSHIRE'S EXERCISE OF WARRANTS.SAYS ADDITIONAL CAPITAL DISTRIBUTION ALSO OFFSETS INCREASED CAPITAL FROM SALE OF NON-U.S. CONSUMER CREDIT CARD BUSINESS.

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