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Daily NewsFlash : May 03, 2013

Daily NewsFlash
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Friday, May 03, 2013

AIG Reports First Quarter 2013 Net Income of $2.2 Billion

AIGAmerican International Group, Inc. (AIG) today reported net income attributable to AIG of $2.2 billion and after-tax operating income of $2.0 billion for the quarter ended March 31, 2013, compared to net income attributable to AIG of $3.2 billion and after-tax operating income of $3.0 billion for the fir...

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Allstate 1Q Profits Dragged by Cat Losses

Allstate profitsAllstate Corp. posted a first-quarter net income of $709 million, which is a 7.4% drop from the prior-year period, because of higher catastrophe losses, the company said in a written statement released after the market closed.

The company's first-quarter cat losses were $359 million, a 38.6% i...

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Florida Passes Citizens Property Insurance Corp. Reform Legislation, Heads to Governor

Citizen reform billHomeowners have been spared from the threat of faster rate increases after the Florida Senate agreed Thursday to scale back a proposal to reform Citizens Property Insurance Corp.

In a final concession, the Florida Senate largely abandoned its aggressive campaign to hike rates at Citizens for new p...

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Congress Takes Up Aftermarket Auto Parts Bill

Aftermarket auto partsCongress is considering legislation that would change U.S. patent laws to make it easier for aftermarket automobile part manufacturers to develop replacement parts and in turn, drive down the cost of repa...

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Liberty Mutual First-Quarter Profit Off 31% Amid Investment Losses

Liberty Mutual 2013 first quarter profitsLiberty Mutual Holding Co.'s first-quarter earnings fell 31% as the property and casualty insurer posted net realized investment losses, though the company used a smaller portion of its premiums to cover claims.

Liberty Mutual, like many other insurers, had been benefitin...

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New Berkshire Hathaway Specialty Chief: Company to Boost Primary Commercial Business With New E&S Focus

Berkshire HathawayBerkshire Hathaway's new venture into the insurance marketplace is gearing up to start underwriting business in the near future, said Peter Eastwood, president of Berkshire Hathaway Specialty Insurance Group.

"Things are great. The team is very excited about the new venture and the opportunity it ...

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Survey Reveals More than Half of Real Estate Companies Lack Business Continuity and Disaster Recovery Plans: Travelers

Travelers surveyAt a time when extreme weather events are frequently occurring, leaders within the United States commercial real estate industry

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Marsh & McLennan 1Q Profit Up

Marsh & McLennan CompaniesMarsh & McLennan Companies, Inc., a global professional services firm offering advice and solutions in risk, strategy, and human capital, today reported financial results for the first quarter ended March 31, 2013.

Dan Glaser, President and CEO, said: "Our quarterly re...

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