NEW YORK, June 3, 2013 /PRNewswire/ --
Today, Wall Street Reports announced new research reports highlighting American International Group, Inc. (NYSE: AIG), The Allstate Corporation (NYSE: ALL), RenaissanceRe Holdings Ltd. (NYSE: RNR), American Financial Group Inc. (NYSE: AFG), and AmTrust Financial Services, Inc. (NASDAQ: AFSI). Today's readers may access these reports free of charge - including full price targets, industry analysis and analyst ratings - via the links below.
American International Group, Inc. Research Report
On May 29, 2013, American International Group, Inc. (AIG), People's Insurance Company Group of China Ltd. (PICC), and PICC Life Insurance Company Limited (PICC Life), announced that they have entered into a joint venture to form an agency distribution company in China. As per the agreement, AIG will own 24.9% of the distribution company, with PICC Life holding the remaining 75.1%. Board seats as well as management assignments will be based upon the share holdings. "We are delighted to enter into this joint venture with PICC Life to provide Chinese consumers life insurance and other financial products to enhance and protect their overall quality of life," said Robert H. Benmosche, President and CEO of AIG. AIG and PICC Life plan to commence operations of the joint venture by Q1 2014. The exact timeline is subject to regulatory approval. "Chinese consumers are changing the way they want to purchase and utilize insurance products throughout their lifetimes, and we are confident that this joint venture will be a leader in helping these consumers achieve this goal," said Wu Yan, Chairman of PICC. The Full Research Report on American International Group, Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/9060_AIG]
The Allstate Corporation Research Report
On May 30, 2013, Bloomberg reported that The Allstate Corporation (Allstate) and Citigroup Inc. (Citigroup) have agreed to settle a lawsuit filed by the insurer accusing the bank of fraudulently selling hundreds of millions of dollars of mortgage-backed securities. Allstate sued Citigroup in State Supreme Court in Manhattan in 2011, along with other banks including Deutsche Bank AG, Bank of America Corp. and Morgan Stanley. Allstate and Citigroup settled the case on "mutually agreeable terms," Daniel L. Brockett, an attorney with Quinn Emanuel Urquhart & Sullivan LLP representing Allstate, said in an e-mail as per Bloomberg. The report also stated that in March 2013, Justice Eileen Bransten denied bids by Morgan Stanley, Deutsche Bank and Bank of America to dismiss Allstate's suits. In the case against Morgan Stanley, Bransten rejected an argument that the lender is shielded from liability because offering materials disclosed that representations about the loans were based on information from the originators. The Full Research Report on The Allstate Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/551f_ALL]
RenaissanceRe Holdings Ltd. Research Report
On May 1, 2013, RenaissanceRe Holdings Ltd. (RenaissanceRe) released its Q1 2013 results, posting net income of $190.5 million (or $4.23 per diluted share), down from $201.4 million (or $3.88 per diluted share) in Q1 2012. The Company registered revenue of $343.3 million, down from $356.5 million in Q1 2012. "We enjoyed strong first quarter results, with an annualized operating ROE of 22.5% and 4.8% growth in tangible book value per share plus dividends for the quarter," said CEO Neill A. Currie. "Our results reflect strong underwriting profits, principally driven by our high-quality portfolio, the absence of significant catastrophe losses in the quarter, and solid total returns in our investment portfolio," added Currie. Gross premiums written in the Reinsurance segment were $561.1 million, down $48.6 million or 8% YoY, due to a $30.4 million decrease in the Company's catastrophe unit reflecting the non-renewal or renewal at lower rates for a number of contracts during the January 2013 renewals, and a decrease of $18.2 million in the Company's specialty unit, primarily due to the timing of certain multi-year contracts in Q1 2012. The Full Research Report on RenaissanceRe Holdings Ltd. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/9d1f_RNR]
American Financial Group Inc. Research Report
On May 8, 2013, American Financial Group Inc. (American Financial) released its Q1 2013 results, posting net income of $120 million or $1.32 per share, up from $113 million or $1.14 per share in Q1 2012. Core net operating earnings were $84 million, compared to $85 million in Q1 2012. The Company stated that the higher profit in the Company's annuity segment was offset by the absence of earnings from its medicare supplement and critical illness businesses that were sold in August 2012, an adjustment for certain share-based incentive plans, and lower investment income in its property and casualty insurance segment. "The year is off to a great start with record profitability in our annuity operations and solid underwriting results in our property and casualty businesses," said Co-CEOs of American Financial, S. Craig Lindner and Carl H. Lindner III, in a joint statement. They further added, "We are pleased to see the positive impact of maintaining spreads in our annuity business as well as market firming in selected P&C markets, which has created opportunities for higher growth and improved results in some of our P&C operations." The Full Research Report on American Financial Group Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/a429_AFG]
AmTrust Financial Services, Inc. Research Report
On May 14, 2013, AmTrust Financial Services, Inc. (AmTrust) announced that it has completed the acquisition of Mutual Insurers Holding Company (MIHC) and MIHC's subsidiary, First Nonprofit Insurance Company (FNIC), for an undisclosed amount. "We are proud to announce the acquisition of FNIC, a leading provider of insurance products and services to non-profit organizations," said Barry Zyskind, President and CEO of AmTrust. Zyskind added, "Backing FNIC's established non-profit customer relationships with our Company's resources provides considerable opportunity to expand in the attractive niche insurance market for non-profits. The acquisition of FNIC supports our strategy of building our business and shareholder value." FNIC offers low hazard insurance products to small, non-profit and government entities, and is the third largest provider of property and casualty insurance products to non-profit organizations in the US. In 2012, FNIC wrote $70 million of premiums in 27 states. The Full Research Report on AmTrust Financial Services, Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/e57c_AFSI]
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