More than 5,700 federally subsidized policies in Colorado could be hit with annual premium increases in the years ahead despite a federal law signed Friday that rolls back rate hikes for many homeowners whose premiums recently soared by thousands of dollars overnight.
"They made it very clear to our residents that if you chose to remain in the flood plain, they would see a significant increase in their insurance premiums," said Victoria Simonsen, town administrator for Lyons, where more than 200 of the community's 960 homes were damaged or destroyed.
Nationwide, up to 1.1 million policies face increases, according to an Associated Press analysis of records from the Federal Emergency Management Agency. The government is trying to shrink a $24 billion shortfall in the National Flood Insurance Program created by long-running subsidies and a series of catastrophic storms.
Top Oil Companies To Invest In Right Now: American International Group Inc.(AIG)
American International Group, Inc. is an international insurance organization. The company operates property and casualty insurance networks worldwide and conducts activities in the U.S. life insurance and retirement services industry. It also involves in commercial aircraft leasing and residential mortgage guaranty insurance businesses. The company, through Chartis Inc., provides various property and casualty insurance products under commercial and consumer categories worldwide. These products include surplus lines, executive liability/directors? and officers? liability, employment practices, excess casualty, and travel/assistance lines. American International Group, through SunAmerica Financial Group, offers a suite of life insurance and retirement products and services, including term life, universal life, accident and health, fixed and variable deferred annuities, fixed payout annuities, mutual funds, and financial planning products and services to individuals and grou ps in the United States. The company, through International Lease Finance Corporation, operates as an aircraft lessor that acquires commercial jet aircraft from various manufacturers and other parties, and leases those aircraft to airlines worldwide. It also sells aircraft from its fleet to other leasing companies, financial services companies, and airlines, as well as provides management services to third-party owners of aircraft portfolios. American International Group, through United Guaranty Corporation, issues residential mortgage guaranty insurance that covers mortgage lenders from the first loss for credit defaults on high loan-to-value conventional first-lien mortgages for the purchase or refinance of one- to four-family residences in the U.S. and internationally. The company was founded in 1967 and is based in New York, New York.
Advisors' Opinion:- [By John Grgurich]
But that good news on Tuesday was followed by not-so-good news on Wednesday, with a California judge clearing the way for insurance giant American International Group (NYSE: AIG ) �to sue B of A over more than $7 billion in securities fraud. More bad news broke that same day, with a judge ruling that the federal government is allowed to move forward in parts of a lawsuit against B of A over bad mortgages it sold to Freddie Mac and Fannie Mae. �
- [By Jessica Alling]
American International Group (NYSE: AIG ) has recently spent close to $600 million expanding its presence in China in a joint venture with the PICC Group, initiated in the fourth quarter of 2012. The company reported a 10% return in the first quarter from its investment and re-upped its involvement. But due to the rapid expansion plan, investors might be a bit concerned this morning, sending the insurer down 4.2% so far in trading. AIG's plan in China hinges on the continued growth of the emerging middle class and discretionary income for both insurance and retirement products and services. If the Chinese economy slows to a crawl, the returns seen by the insurer in the first quarter may not be matched for quite a while.
- [By John Grgurich]
B of A has been particularly volatile this week, with the share price at one point hitting a high of $13.10, and a low of 12.73%. On top of other anxiety-producing issues -- like news that the Fed will require all banks to begin abiding by the Basel III capital requirements in January -- B of A investors are also eagerly awaiting the outcome of the trial between their favorite superbank, AIG (NYSE: AIG ) , and other big investors.
Top 10 Insurance Companies To Own In Right Now: Mapfre SA (MAP)
Mapfre SA is a Spain-based holding company active in the insurance industry. It provides insurance services to businesses, professionals and individuals. The range of the Company�� products and services includes insurance policies of direct life, property and casualty, health, automotive and third party liability, among others. In addition, Mapfre SA is active in the management of pension funds, retirement plans and investment funds, as well as the provision of healthcare services in Spain. The Company is a parent of Grupo Mapfre, which comprises a number of entities active in the insurance, reinsurance, financial and real estate sectors with operations established worldwide. The Company operates such subsidiaries as Mapfre Familiar, Mapfre Vida, Mapfre Emperesas, MSG Portugal, Mapfre America, Mapfre Internatcional, Mapfre Re, Mapfre Global Risks and Mapfre Asistencia, among others. Advisors' Opinion:- [By Ruth David]
Bankia, a Valencia-based bank that took state aid, did the third-biggest placing last quarter, when it dumped a 979 million-euro stake in Mapfre (MAP), Spain�� largest insurer. Bankia said the sale was a step in implementing its parent company�� strategy for the three years through 2015.
Top 10 Insurance Companies To Own In Right Now: Kemper Corp (KMPR)
Kemper Corporation (Kemper), formerly Unitrin, Inc., incorporated in 1990, is a diversified insurance holding company, with subsidiaries that provide life, health, automobile, homeowners and other insurance products to individuals and small businesses. The Company is engaged, through its subsidiaries, in the property and casualty insurance, life and health insurance and automobile finance businesses. The Company conducts its operations through four operating segments: Kemper Preferred (Preferred), Unitrin Specialty (Specialty), Unitrin Direct (Direct) and Life and Health Insurance. On September 14, 2011, its subsidiary, Fireside Bank sold its loan portfolio to a subsidiary of Consumer Portfolio Services, Inc.
Property and Casualty Insurance Business
The Company's property and casualty insurance business operations are primarily conducted through the Preferred, Specialty and Direct segments. In addition, the Life and Health Insurance segment�� career agents also sell property insurance to its customers. Its insurance subsidiaries operating in the Preferred, Specialty and Direct segments provide automobile, homeowners, fire, and other types of property and casualty insurance to individuals and commercial automobile insurance to businesses. During the year ended December 31, 2011, automobile insurance in these segments accounted for 54% of its consolidated insurance premiums earned from continuing operations, and 47% of its consolidated revenues from continuing operations. During 2011, homeowners insurance in these segments accounted for 14% of its consolidated insurance premiums earned from continuing operations, and 11% of its consolidated revenues from continuing operations.
Preferred and Specialty segments distribute their products through independent agents who are paid commissions for their services. Direct segment distributes its products directly to consumers and through employer-sponsored voluntary benefit programs and other affinity relationships.! Preferred, based in Jacksonville, Florida, conducts business in 38 states and the District of Columbia. During 2011, the states, which provided over half of the premium revenues in Preferred segment included New York (19%), California (12%), North Carolina (13%) and Texas (10%). Preferred segment primarily sells preferred and standard risk automobile and homeowners insurance. During 2011, Preferred�� insurance products accounted for 53% of the aggregate insurance premium revenues of the Company�� property and casualty insurance business. Its products are marketed by approximately 2,700 independent insurance agents. Specialty, based in Dallas, Texas, conducts business in 21 states, principally in the southwest and western United States. During 2011, the states, which provided more than three-fourths of the premium revenues in Specialty segment included California (42%), Texas (18%), Washington (8%), Louisiana (4%) and Oregon (3%). Specialty provides personal and commercial automobile insurance. During 2011, Specialty�� insurance products accounted for 28% of the aggregate insurance premium revenues of the Company�� property and casualty insurance business. Specialty�� products are marketed through approximately 8,000 independent agents and brokers.
Direct, based in Chicago, Illinois, markets personal automobile, homeowners and renters insurance through a range of direct-to-consumer Websites, including its own Websites, marketing partners, employer and other affinity-sponsored relationships. The Direct segment�� automobile insurance products are available in 48 states and the District of Columbia. During 2011, the states, which provided approximately two-thirds of the premium revenues in Unitrin Direct segment included Florida (12%), New York (15%), California (10%), Texas (5%), Connecticut (5%), Michigan (8%), Pennsylvania (5%) and Georgia (5%). During 2011, Direct�� insurance products accounted for 14% of the aggregate insurance premium revenues of its property and casualty i! nsurance ! business.. Direct also offers homeowners and renters insurance across 47states and the District of Columbia, complementing its direct automobile insurance business. The Company manages its exposure to catastrophes and other natural disasters through a combination of geographical diversification, restrictions on the amount and location of new business production in certain regions, and reinsurance. To limit its exposures to catastrophic events, the Company maintains various primary catastrophe reinsurance programs for its property and casualty insurance businesses.
Life and Health Insurance Business
The Company�� Life and Health Insurance segment consists of Kemper�� wholly owned subsidiaries, United Insurance Company of America (United Insurance), The Reliable Life Insurance Company (Reliable), Union National Life Insurance Company (Union National Life), Mutual Savings Life Insurance Company (Mutual Savings Life), United Casualty Insurance Company of America (United Casualty), Union National Fire Insurance Company (Union National Fire), Mutual Savings Fire Insurance Company (Mutual Savings Fire) and Reserve National Insurance Company (Reserve National). As discussed below, United Insurance, Reliable, Union National Life, Mutual Savings Life, United Casualty, Union National Fire and Mutual Savings Fire (the Kemper Home Service Companies) distribute their products through a network of employee, or career, agents. Reserve National distributes its products through a network of exclusive independent agents. Both these career agents and independent agents are paid commissions for their services. During 2011, the states, which provided approximately two-thirds of the Life and Health Insurance segment�� premium revenues included Texas (21%), Louisiana (11%), Alabama (7%), Mississippi (6%), Illinois (4%), Florida (4%), Georgia (4%), Missouri (4%), and North Carolina (4%). During 2011, life insurance accounted for 18% of the Company�� consolidated insurance premiums earned from ! continuing! operations, and 16% of its consolidated revenues from continuing operations.
The Kemper Home Service Companies, based in St. Louis, Missouri, focus on providing individual life and health insurance products to customers of modest incomes who desire basic protection for themselves and their families. Their product is ordinary life insurance, including permanent and term insurance. Face amounts of these policies are lower than those of policies sold to higher income customers by other companies in the life insurance industry. Approximately 79% of the Life and Health Insurance segment�� premium revenues are generated by the Kemper Home Service Companies. The Life and Health Insurance segment�� career agents also distribute certain property insurance products. Reserve National, based in Oklahoma City, Oklahoma, is licensed in 35 states throughout the south, southwest and midwest, and specializes in the sale of Medicare Supplement insurance and limited health insurance coverages, such as fixed indemnity, dental and vision, and accident-only plans, primarily to individuals in rural areas where access to a multitude of health plan options is less prevalent.
The Company's life and health insurance companies utilize reinsurance arrangements. Included among the segment�� reinsurance arrangements is excess of loss reinsurance coverage specifically designed to protect against losses arising from catastrophic events under the property insurance policies distributed by the Kemper Home Service Companies��agents and written by Kemper�� subsidiaries, United Casualty, Union National Fire and Mutual Savings Fire, and reinsured by Kemper�� subsidiary, Trinity Universal Insurance Company (Trinity), or written by Capitol County Mutual Fire Insurance Company (Capitol), a mutual insurance company owned by its policyholders, and its subsidiary, Old Reliable Casualty Company (ORCC), and reinsured by Trinity.
Advisors' Opinion:- [By Rich Duprey]
The property and casualty business of insurance company Kemper� (NYSE: KMPR ) has a new bean counter.
On Monday, the Chicago-based insurance company�announced�that Elizabeth "Libbie" Bock�will take on the role of CFO for the P&C division, where she would be�responsible for all aspects of operations, reporting, control, planning and analysis, financial management, and competitive analysis.
Top 10 Insurance Companies To Own In Right Now: United Insurance Holdings Corp (UIHC)
United Insurance Holdings Corp. (UIHC), incorporated on May 22, 2007, is a holding company for United Property and Casualty Insurance Company and its affiliated companies. Its business is conducted principally through four wholly-owned subsidiaries, including United Property and Casualty Insurance Company (UPC), which writes insurance policies; United Insurance Management, L.C. (UIM), the managing general agent that manages substantially all aspects of UPC's business, Skyway Claims Services, LLC (SCS), a claims adjusting company that provides services to UPC; and UPC Re. UPC Re provides reinsurance protection to UPC.
The Company offers standardized policies for a range of exposures, and its policies include coverage options for standard single-family homeowners, tenants (renters), and condominium unit owners. It also writes flood policies. The Company has authorization to write a commercial line of business in Florida that includes auto and multi-peril coverage but the Company does not write commercial business. The Company offers standardized policies for a broad range of exposures, and its policies include coverage options for standard single-family homeowners, tenants (renters), and condominium unit owners.
The Company competes with Citizens Property Insurance Corporation, State Farm Florida Insurance Company, Universal Property & Casualty Insurance Company, St. Johns Insurance Company, Inc., United Services Automobile Association, American Coastal Insurance Company, Florida Peninsula Insurance Company, Security First Insurance Company, Homeowners Choice Property & Casualty Insurance Company, Inc., United Property & Casualty Insurance Company, Tower Hill Prime Insurance Company, Federal Insurance Company, USAA Casualty Insurance Company, Castle Key Insurance Company, American Integrity Insurance Company of Florida, Tower Hill Signature Insurance Company, ASI Assurance Corp., Tower Hill Preferred Insurance Company, Chartis Property Casualty Company and Universal Insurance C! ompany of North America.
Advisors' Opinion:- [By Louis Navellier]
United Insurance Holdings (UIHC) is a great example of a best of the best stock that should climb the wall of worry this summer. Writing homeowners and flood insurance might not be the most exciting business sin the word but the fundamentals of this company are really exciting.
- [By , Zacks Investment Research]
United Insurance Holdings Corp (UIHC) is a holding company that focuses primarily on providing homeowners’ insurance in Florida, South Carolina, Massachusetts, Rhode Island and North Carolina. It is headquartered in St. Petersburg, Fla., and has a market cap of $348 million.
Top 10 Insurance Companies To Own In Right Now: Tryg A/S (TRYG)
Tryg A/S, formerly TrygVesta A/S, is a Denmark-based insurance company. It is the parent company within the Tryg Group, which supplies insurance services in the Nordic countries. The Company is organized in four business areas, namely Private, Commercial, Industry and Sweden. Private sells insurance products to private individuals in Denmark and Norway. Commercial sells insurance products to small and medium-sized companies in Denmark and Norway. Industry sells insurance products to industrial customers under the Tryg brand in Denmark and Norway and the Moderna brand in Sweden. Sweden sells insurance products to private individuals in Sweden under the Moderna brand name. As of December 31, 2012, the Company had one wholly owned subsidiary, Tryg Forsikring A/S. On May 1, 2013, it sold its Finnish branch. Advisors' Opinion:- [By Sofia Horta e Costa]
Commodity producers slid as the release fueled concern about the slowdown in the world�� second-biggest economy. Burberry Group Plc (BRBY) gained 4.8 percent after the company�� spring-summer collection helped increase retail sales in its fiscal first quarter by more than analysts had estimated. Tryg A/S (TRYG) added 3.3 percent after posting better-than-forecast pretax profit as cost cuts offset increased weather-related claims.
Top 10 Insurance Companies To Own In Right Now: Prudential Financial Inc.(PRU)
Prudential Financial, Inc., through its subsidiaries, offers various financial products and services in the United States, Asia, Europe, and Latin America. The company operates through three divisions: The U.S. Retirement Solutions and Investment Management, The U.S. Individual Life and Group Insurance, and The International Insurance and Investments. The U.S. Retirement Solutions and Investment Management division provides individual variable and fixed annuity products, as well as offers retirement investment and income products and services to retirement plan sponsors in the public, private, and not-for-profit sectors. This division also provides investment management and advisory services to the public and private marketplace. The U.S. Individual Life and Group Insurance division offers individual variable life, term life, and universal life insurance products; and group life, long-term and short-term group disability, long-term care, and group corporate-, bank-and trus t-owned life insurance products to institutional clients. This division also sells accidental death and dismemberment, and other ancillary coverages, as well as provides plan administrative services; and offers preferred provider and indemnity dental coverage plans to clients. The International Insurance and Investments division provides international individual life insurance products in Japan, Korea, and other foreign countries; and offers proprietary and non-proprietary asset management, investment advice, and services to retail and institutional clients internationally. In addition, the company engages in real estate brokerage franchise business, which involves marketing its franchises to the real estate companies. Further, it provides institutional clients and government agencies with various services in connection with the relocation of their employees. Prudential Financial, Inc. was founded in 1875 and is headquartered in Newark, New Jersey.
Advisors' Opinion:- [By Kingkarn Amjaroen]
After almost all major insurance companies, including American International Group (NYSE: AIG ) and MetLife (NYSE: MET ) reported their quarterly earnings, Prudential Financial (NYSE: PRU ) was among the last companies in the sector that reported their results last Thursday: And they were not as bad as many would want you to believe.
- [By Dimitra DeFotis]
Many other insurers are trading lower today, chief among them Aflac (AFL), down 3.65%. CNO Financial (CNO) fell 1%. The best performer: life insurance giant Prudential (PRU), whose shares rose more than 1%.
Top 10 Insurance Companies To Own In Right Now: AIA Group Ltd (AAIGF.PK)
AIA Group Limited is an investment holding company. The Company and its subsidiaries are engaged in provision of products and services to individuals and businesses for their insurance, protection, savings, investment and retirement needs. The Company operates life insurance business, providing life, pensions, and accident and health products to customers in its local market, and distributes related investment and other financial services products. The Company serves more than 100,000 corporate clients with more than 13 million group insurance scheme members. It has operations in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Indonesia, Vietnam, India, Australia, Taiwan, New Zealand, Macau and Brunei. As of November 30, 2012, its subsidiaries included American International Assurance Company, Limited (AIA Co.), American International Assurance Company (Bermuda) Limited (AIA-B), AIA Australia Limited and PT AIA Financial, among others. Advisors' Opinion:- [By Holly LaFon]
Berkowitz�� top holdings continue to be: American International Group Inc. (AIG), AIA Group Ltd. (AAIGF.PK), Sears Holdings Corp. (SHLD), Berkshire Hathaway Inc. (BRK.B) and Brookfield Asset Management Inc. (BAM).
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