Zenith National Insurance Corp. (NYSE:ZNT - News) today announced that a purported class action complaint was filed in the United States District Court for the Central District of California by Kathleen Roche d/b/a Back Doctors Chiropractic on behalf of herself and a purported class of similarly situated providers against Zenith Insurance Company.
The complaint alleges that defendants improperly discounted medical bills that were submitted for payment. Zenith has not yet been served a copy of the complaint.
The Company believes that the complaint is without merit and intends to defend the litigation vigorously.
Zenith is a specialty workers' compensation insurer with headquarters in Woodland Hills, California.
Some statements in this press release are known as "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements about the Company's beliefs and intentions regarding the reported lawsuit. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements, including a ruling by a court that is adverse to the Company's position and other uncertainties and matters beyond the Company's control inherent in legal proceedings. These forward-looking statements are based on the information currently available to the Company and speak only as of the date of this press release. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Thursday, August 2, 2007
XL Capital posts higher 2nd quarter net, beats view
XL Capital Ltd. (XL.N: Quote, Profile, Research), one of the largest Bermuda insurers and reinsurers, said on Tuesday that earnings rose in the second quarter, helped by a gain on the sale of part of Security Capital Assurance Ltd.
XL Capital said net earnings were $544.5 million, or $3.00 a share, up from $377.1 million, or $2.10 a share, in the year- earlier quarter.
The Hamilton, Bermuda-based provider of backup coverage for the property casualty industry said operating earnings were $516.2 million or $2.84 a share.
Analysts, who use operating earnings to measure performance because it excludes investments, had on average expected the insurer to earn $2.47 a share, according to Reuters Estimates.
In the year ago quarter, XL earned $375.8 million, or $2.10 a share, from operations.
It closed on the New York Stock Exchange at $79, down 4.8 percent. But in the last 12 months, XL rose about 25 percent, or nearly double the gain in the Standard & Poor's insurance index (.GSPINSC: Quote, Profile, Research).
In the latest quarter, the reinsurer was able to retain more than 9 cents of each premium dollar it earned after expenses and claims, up more than 4 cents from a year earlier.
"They had good-looking underwriting profitability, but I'm concerned about their investments," said Bill Bergman, an analyst with Morningstar.
During the quarter, XL recorded a gain of $81.3 million for the sale of 16.6 percent of Security Capital Assurance Ltd., a financial guaranty company in which XL now owns a 46 percent stake.
But total net realized investments showed a loss of $63 million excluding the gain on SCA. Also, net unrealized losses on investments were $309.9 million, compared with gains of nearly that much earlier in the year.
Bergman said that could signal the company has had losses in the subprime market.
"We'll wait and see what they say on their call tomorrow," he added.
XL Capital said net earnings were $544.5 million, or $3.00 a share, up from $377.1 million, or $2.10 a share, in the year- earlier quarter.
The Hamilton, Bermuda-based provider of backup coverage for the property casualty industry said operating earnings were $516.2 million or $2.84 a share.
Analysts, who use operating earnings to measure performance because it excludes investments, had on average expected the insurer to earn $2.47 a share, according to Reuters Estimates.
In the year ago quarter, XL earned $375.8 million, or $2.10 a share, from operations.
It closed on the New York Stock Exchange at $79, down 4.8 percent. But in the last 12 months, XL rose about 25 percent, or nearly double the gain in the Standard & Poor's insurance index (.GSPINSC: Quote, Profile, Research).
In the latest quarter, the reinsurer was able to retain more than 9 cents of each premium dollar it earned after expenses and claims, up more than 4 cents from a year earlier.
"They had good-looking underwriting profitability, but I'm concerned about their investments," said Bill Bergman, an analyst with Morningstar.
During the quarter, XL recorded a gain of $81.3 million for the sale of 16.6 percent of Security Capital Assurance Ltd., a financial guaranty company in which XL now owns a 46 percent stake.
But total net realized investments showed a loss of $63 million excluding the gain on SCA. Also, net unrealized losses on investments were $309.9 million, compared with gains of nearly that much earlier in the year.
Bergman said that could signal the company has had losses in the subprime market.
"We'll wait and see what they say on their call tomorrow," he added.
Thursday, July 26, 2007
Flagstone Re Announces Quarterly Dividend
Flagstone Reinsurance Holdings Limited (NYSE:FSR - News) announced today that its Board of Directors has declared a quarterly dividend of $ 0.04 per Common Share. The dividend is payable on August 15th, 2007 to shareholders of record at the close of business on July 31st, 2007.
About Flagstone Reinsurance Holdings Limited
Flagstone Reinsurance Holdings Limited, through its operating subsidiaries, is a global reinsurance company formed and headquartered in Bermuda. Flagstone Re employs a focused, technical approach to the Property Catastrophe, Property, and Specialty reinsurance business. Flagstone Re and Flagstone Reassurance Suisse have received "A-" financial strength ratings from both A.M. Best and Fitch Ratings, and "A3" ratings from Moody's Investors Service.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to Flagstone's: growth in book value per share or return on equity; business strategy; financial and operating targets or plans; incurred losses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; expansion and growth of our business and operations; and future capital expenditures.
These statements are based on certain assumptions and analyses made by Flagstone in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including: the risks described in our Annual Report or Form 10-Q; claims arising from catastrophic events, such as hurricanes, earthquakes, floods or terrorist attacks; the continued availability of capital and financing; general economic, market or business conditions; business opportunities (or lack thereof) that may be presented to it and pursued; competitive forces, including the conduct of other property and casualty insurers and reinsurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to Flagstone, its competitors or its clients; an economic downturn or other economic conditions adversely affecting its financial position; recorded loss reserves subsequently proving to have been inadequate; other factors, most of which are beyond Flagstone's control.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by Flagstone will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Flagstone or its business or operations. Flagstone assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.
About Flagstone Reinsurance Holdings Limited
Flagstone Reinsurance Holdings Limited, through its operating subsidiaries, is a global reinsurance company formed and headquartered in Bermuda. Flagstone Re employs a focused, technical approach to the Property Catastrophe, Property, and Specialty reinsurance business. Flagstone Re and Flagstone Reassurance Suisse have received "A-" financial strength ratings from both A.M. Best and Fitch Ratings, and "A3" ratings from Moody's Investors Service.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to Flagstone's: growth in book value per share or return on equity; business strategy; financial and operating targets or plans; incurred losses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; expansion and growth of our business and operations; and future capital expenditures.
These statements are based on certain assumptions and analyses made by Flagstone in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including: the risks described in our Annual Report or Form 10-Q; claims arising from catastrophic events, such as hurricanes, earthquakes, floods or terrorist attacks; the continued availability of capital and financing; general economic, market or business conditions; business opportunities (or lack thereof) that may be presented to it and pursued; competitive forces, including the conduct of other property and casualty insurers and reinsurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to Flagstone, its competitors or its clients; an economic downturn or other economic conditions adversely affecting its financial position; recorded loss reserves subsequently proving to have been inadequate; other factors, most of which are beyond Flagstone's control.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by Flagstone will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Flagstone or its business or operations. Flagstone assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.
Monday, July 23, 2007
Findley Davies Announces New Principals
-- Findley Davies, Inc., a human resources consulting firm, announces the promotions of Kimberlie England, Kyle Pifher, and Steven Parsons to Principals of the Firm.
Kimberlie K. England - Kimberlie joined Findley Davies in November 1998 as a consultant specializing in employee benefit and communication consulting assignments. As the National Practice Leader of the Findley Davies Communication Solutions consulting practice, Kimberlie and her team assist client organizations to communicate effectively and interactively with employees to implement change and achieve positive results. In addition, she provides expert and objective advice on talent management strategies.
Kimberlie is certified as a Professional in Human Resources (PHR) by the Society for HR Management. She has also earned a Certified Employee Benefit Specialist (CEBS) designation by the IFEBP and the Wharton School of the University of Pennsylvania. Kimberlie received her BBA in Human Resources Management from the University of Toledo and her MBA in Health Care Management. Kimberlie and her husband, Ron, live in Ottawa Hills, Ohio with their two boys, Liam and Graham.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070720/CLF057-a)
Kyle J. Pifher - Kyle joined Findley Davies in March 1998 as a Senior Administrator in the Defined Contribution Recordkeeping and Administration practice. In 2002, Kyle was appointed to Practice Leader, where he has been dedicated to providing clients with creative, customized retirement solutions. The practice continues to focus on exceptional client service and complete design flexibility. In addition to his management responsibilities, Kyle is actively engaged with clients on strategic retirement plan design, implementation, and ongoing administration. Other areas of focus involve retirement plan analysis and plan provider assessments.
Kyle obtained his Bachelor of Science in Business Administration, with a specialization in Finance from Bowling Green State University. Since 2000 he has volunteered as a Director for the Jamie Farr Owens Corning Classic LPGA, an annual event that has raised millions of dollars for local charities. Kyle and his wife, Karla, live in Perrysburg, Ohio with their two daughters, Teegan and Quinlan.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070720/CLF057-b)
Steven G. Parsons - Steve joined Findley Davies in February 2004 as a Senior Consultant for the Actuarial Practice. Steve has been an actuary in the field of employee benefits for twenty years providing actuarial consulting to both the health and welfare and pension areas. Steve is focused on helping clients with their healthcare strategies and mid to long term retirement plans. Steve's recent projects have been the development and assistance in developing of interactive technologies for employee benefits, which have included defined benefit administration tools and interactive healthcare tools.
Steve is a Fellow of Consulting Actuaries, a Member of the American Academy of Actuaries, and an Enrolled Actuary admitted to practice under ERISA by the Joint Board for the Enrollment of Actuaries. He received his Bachelor of Arts degree from Ohio Wesleyan University, where he graduated Cum Laude and was a member of the Omicron Delta Kappa National Honor Society. Steve and his wife, Lori, live in Avon Lake, Ohio with their two sons, Michael and Thomas.
About Findley Davies
Findley Davies is an independent, fee-for-service human resources consulting, actuarial and administrative services firm specializing in health and group benefits, retirement plans, compensation and rewards management, communication solutions and HR technology. Since the firm's founding in 1969, Findley Davies remains committed to serving its clients with an uncommon level of personalized service and consulting excellence delivered with the highest possible ethical standards. The firm's experienced consulting team adds value by helping companies align their people strategies with their business objectives to drive performance.
For more information about Findley Davies, please visit our website http://www.findleydavies.com.
Kimberlie K. England - Kimberlie joined Findley Davies in November 1998 as a consultant specializing in employee benefit and communication consulting assignments. As the National Practice Leader of the Findley Davies Communication Solutions consulting practice, Kimberlie and her team assist client organizations to communicate effectively and interactively with employees to implement change and achieve positive results. In addition, she provides expert and objective advice on talent management strategies.
Kimberlie is certified as a Professional in Human Resources (PHR) by the Society for HR Management. She has also earned a Certified Employee Benefit Specialist (CEBS) designation by the IFEBP and the Wharton School of the University of Pennsylvania. Kimberlie received her BBA in Human Resources Management from the University of Toledo and her MBA in Health Care Management. Kimberlie and her husband, Ron, live in Ottawa Hills, Ohio with their two boys, Liam and Graham.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070720/CLF057-a)
Kyle J. Pifher - Kyle joined Findley Davies in March 1998 as a Senior Administrator in the Defined Contribution Recordkeeping and Administration practice. In 2002, Kyle was appointed to Practice Leader, where he has been dedicated to providing clients with creative, customized retirement solutions. The practice continues to focus on exceptional client service and complete design flexibility. In addition to his management responsibilities, Kyle is actively engaged with clients on strategic retirement plan design, implementation, and ongoing administration. Other areas of focus involve retirement plan analysis and plan provider assessments.
Kyle obtained his Bachelor of Science in Business Administration, with a specialization in Finance from Bowling Green State University. Since 2000 he has volunteered as a Director for the Jamie Farr Owens Corning Classic LPGA, an annual event that has raised millions of dollars for local charities. Kyle and his wife, Karla, live in Perrysburg, Ohio with their two daughters, Teegan and Quinlan.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070720/CLF057-b)
Steven G. Parsons - Steve joined Findley Davies in February 2004 as a Senior Consultant for the Actuarial Practice. Steve has been an actuary in the field of employee benefits for twenty years providing actuarial consulting to both the health and welfare and pension areas. Steve is focused on helping clients with their healthcare strategies and mid to long term retirement plans. Steve's recent projects have been the development and assistance in developing of interactive technologies for employee benefits, which have included defined benefit administration tools and interactive healthcare tools.
Steve is a Fellow of Consulting Actuaries, a Member of the American Academy of Actuaries, and an Enrolled Actuary admitted to practice under ERISA by the Joint Board for the Enrollment of Actuaries. He received his Bachelor of Arts degree from Ohio Wesleyan University, where he graduated Cum Laude and was a member of the Omicron Delta Kappa National Honor Society. Steve and his wife, Lori, live in Avon Lake, Ohio with their two sons, Michael and Thomas.
About Findley Davies
Findley Davies is an independent, fee-for-service human resources consulting, actuarial and administrative services firm specializing in health and group benefits, retirement plans, compensation and rewards management, communication solutions and HR technology. Since the firm's founding in 1969, Findley Davies remains committed to serving its clients with an uncommon level of personalized service and consulting excellence delivered with the highest possible ethical standards. The firm's experienced consulting team adds value by helping companies align their people strategies with their business objectives to drive performance.
For more information about Findley Davies, please visit our website http://www.findleydavies.com.
Monday, July 2, 2007
MAx new york life
Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business.
In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital is Rs. 657 crore, which is more than the norm laid down by IRDA.
Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, which comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control on quality of training.
Max New York Life invests significantly in its training programme and each agent is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the marketplace. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured programme spread over 500 hours in two years. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers.
201 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in 2005. MDRT is an exclusive congregation of the world’s top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business.Having set a best in class agency distribution model in place, the company is spearheading a major thrust into additional distribution channels to further grow its business. The company is using a five-pronged strategy to pursue alternative channels of distribution. These include the franchisee model, rural business, direct sales force involving group insurance and telemarketing opportunities, bancassurance and corporate alliances.
Max New York Life offers a suite of flexible products. It now has 26 life insurance products and 8 riders that can be customised to over 400 combinations enabling customers to choose the policy that best fits their need.
In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital is Rs. 657 crore, which is more than the norm laid down by IRDA.
Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, which comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control on quality of training.
Max New York Life invests significantly in its training programme and each agent is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the marketplace. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured programme spread over 500 hours in two years. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers.
201 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in 2005. MDRT is an exclusive congregation of the world’s top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business.Having set a best in class agency distribution model in place, the company is spearheading a major thrust into additional distribution channels to further grow its business. The company is using a five-pronged strategy to pursue alternative channels of distribution. These include the franchisee model, rural business, direct sales force involving group insurance and telemarketing opportunities, bancassurance and corporate alliances.
Max New York Life offers a suite of flexible products. It now has 26 life insurance products and 8 riders that can be customised to over 400 combinations enabling customers to choose the policy that best fits their need.
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