XL Group reports net loss for Q4
XL Group plc has reported a net loss attributable to ordinary shareholders for the fourth quarter ended December 31, 2011 was $515.54 million, or $1.62 per diluted share, for the fourth quarter ended December 31, 2011, compared to a net income attributable to ordinary shareholders of $188.12 million, or $0.57 per diluted share, for the fourth quarter ended December 31, 2010.
Total revenues for the fourth quarter ended December 31, 2011 were $1.73 billion, compared to $1.59 billion, for the corresponding period of 2010.
Net loss attributable to ordinary shareholder for the year ended December 31, 2011 was $474.76 million, or $1.52 per diluted share, compared to a net income attributable to ordinary shareholders of $585.47 million, or $1.73 per diluted share, for the year ended December 31, 2010.
Total revenues for the fourth quarter ended December 31, 2011 were $6.7 billion, compared to $6.4 billion, for the corresponding period of 2010.
CEO, Mike McGavick, said: "XL was clearly impacted in 2011, like companies throughout the property and casualty industry, by a year that suffered from one of the largest aggregate worldwide catastrophe losses in history, including, most recently, the devastating Thailand floods. While we believe XL's catastrophe loss profile, relative to our peers, showed the effectiveness of our risk management process, we also again experienced an unacceptable level of non-catastrophe insurance losses in isolated underwriting areas. We have added new leaders and talented teams to these areas, and are sharply focused on delivering improved results."
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Read More»EDITORIAL: Let’s Help Hamilton Pay for Demolition
By The Chronicle, Centralia, Wash.
Feb. 21--The fire that gutted one of the oldest buildings in Centralia last week was a disaster for the residents, businesses and property owner.
The aftermath of that fire could also have been a disaster for the entire downtown Centralia community if the fire-ravaged building had been allowed to stand because the cost of demolition was too great.
Thankfully, owner Linda Hamilton swiftly organized and paid for demolition of her building.
The two-story wreck has been reduced to a pile of rubble, which is being removed with the goal of clearing out the space.
The loss of the building devastated many lives and is still painful and emotional for those who live and work in the downtown area, or who visit the historic Hub City.
Still, consider how much worse the situation would be if the shell were allowed to stand, or if emergency mitigation to stabilize or remove the free-standing walls were all that were done.
The past decade of concentration on downtown Centralia revitalization has taken firm hold. Old buildings have been restored with a sheen and a polish that gives pride to the whole community. Live music, charming restaurants and delightful places to shop are attracting people to downtown Centralia from outside the area and from around Lewis County.
Fortunately, because of Hamilton's devotion to moving forward, we won't have to worry about what message our town would send to visitors by allowing a charred ruin to anchor the central intersection.
Hamilton's bill to demolish the building is $90,000; her insurance covered only $10,000 for the demolition.
The Centralia Downtown Association is organizing a fundraiser to help recoup those $80,000 in uncovered costs.
"The C.D.A. wants to acknowledge Linda's commitment to preserving the historic feel and appearance of our historic downtown and agrees with her decision that this site must be completely cleared, to avoid erosion of its charm," the group wrote in announcing the fundraiser.
The event will be held at the Aerie Ballroom, just a stone's throw from the site of the former Dr. Matz building. The March 1 event begins at 6 p.m. and will include food, beverages, entertainment and a silent auction.
Read More»Aviva introduces new initiative for family protection needs
Aviva plc, an insurance group, has introduced a new initiative to help advisers overcome barriers when discussing family protection with their clients, to engage with consumers and raise awareness of protection needs.
Advisers will have access to a wealth of support materials on how to facilitate these conversations - including written guides and video case studies - along with information on potential life stage triggers and how to pinpoint clients' hidden protection needs. By identifying client requirements in a positive way, advisers can help customers feel empowered to safeguard their families' futures.
The materials also examine the most common objections that advisers can expect from their clients, along with guidance on how to overcome these obstacles. All messages have been designed explicitly with a focus on families rather than finances, to resonate with consumers and help advisers create empathy with their clients.
Louise Colley, head of protection sales and marketing for Aviva, said: "Family life is such a compelling topic, it really helps to get consumers engaged - so we're helping advisers to shift the focus of conversation away from finances and on to families. We want to show how together we can protect the precious things that are unique to each individual family. By providing a financial cushion, as well as giving invaluable peace of mind, we can help to keep those special moments special - whatever the future holds."
Colley adds: "We genuinely care about the wellbeing of families across the UK so we've been working closely with bereavement charity Grief Encounter to understand the true impact of being financially under-protected. Hearing about emotional impacts death can have on children - particularly when their family has no form of financial protection - has spurred us on even more to make sure we help advisers get the importance of family protection across to their clients. The materials will cover the traditional soft skills with a new spin."
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Read More»Everest Re Q4 net income decreases
Everest Re Group, Ltd., a provider of reinsurance and insurance in US, has reported a net income of $41.04 million, or $0.76 per diluted share, for the fourth quarter ended December 31, 2011, compared to $302.53 million, or $5.51 per diluted share, for the fourth quarter ended December 31, 2010.
Total revenues for the fourth quarter ended December 31, 2011 were $1.28 billion, compared to $1.26 billion, for the corresponding period of 2010.
Net loss for the twelve months ended December 31, 2011 was $80.49 million, or $1.49 per diluted share, compared to a net income of $610.75 million, or $10.70 per diluted share, for the twelve months ended December 31, 2010.
Total revenues for the twelve months ended December 31, 2011 were $4.69 billion, compared to $4.70 billion, for the twelve months ended December 31, 2010.
Chairman and CEO, Joseph V. Taranto said: "While catastrophe losses have had a significant impact on our results this year, our balance sheet remains strong with capital still in excess of $6 billion, a testament to the strength of our franchise. This served us well during January renewals as we constructed a portfolio that enjoyed better rates and terms and, accordingly, we are optimistic about the prospects for 2012."
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Read More»San Jose softens pension proposal
By John Woolfolk, San Jose Mercury News, Calif.
Feb. 22--San Jose officials Tuesday called for softening a proposed June ballot measure to trim city worker pensions while acknowledging they failed to reach a deal with employee unions to slow growing retirement costs, ensuring a tough election fight that could draw national interest.
A divided City Council had approved a June ballot measure in December but held off sending it to the registrar of voters to allow for changes based on mediation talks with workers. City Manager Debra Figone said that unless the council votes to change or withdraw the ballot language, it will go to the registrar as it was approved in December.
But Figone recommended Tuesday that the council, at its March 6 meeting, soften the language approved in December to reflect union concerns that arose in mediation. The city must submit the language by March 9 to meet the deadline for the June 5 primary election.
The new proposal would reduce additional amounts that employees would have to pay toward their pensions to cover accumulated debt in the retirement system, and make benefits for new hires slightly more generous.
Figone called the revised ballot measure "a critical step toward reducing retirement costs" that is needed to protect the city's "viability and public safety" while maintaining "fair" retirement benefits for its workers.
But union leaders, who have amped up criticism of the city's pension approach in recent weeks, were not impressed. Earlier this
month, they accused Mayor Chuck Reed and other top city officials of stoking public outrage and stampeding employees into concession talks by claiming the city's $245 million retirement bill could balloon to $650 million by 2015, a figure union leaders say wasn't based on solid independent research. The official projection was $400 million but is expected to drop to account for layoffs and pay cuts last year.
"There are 650 million reasons why we oppose this latest ballot measure, and it starts with it being premised on a bogus pension cost projection coming out of the mayor's office," said Nancy Ostrowski, who leads a union of city engineers and architects.
San Jose has emerged as a central battleground in a public employee pension cost debate that has gripped state and local government officials nationwide and outraged both taxpayers and unions.
Read More»Car hits, damages building at Maidencreek cemetery
By Reading Eagle, Pa.
Feb. 22--The maintenance building of a cemetery at Route 73 and Park Road in Maidencreek Township was damaged early Tuesday when an unidentified driver who fled the scene lost control of a car, which traveled nearly 300 feet over lawns before slamming into the structure, Northern Berks Regional police said.
The crash apparently occurred shortly before 1 a.m., when neighbors heard a loud noise, but it went undiscovered until a Met-Ed crew found the unoccupied vehicle about 3 a.m. after responding to a related power outage that affected a few nearby customers, Police Chief Scott W. Eaken said.
According to Eaken:
The car was traveling west on Route 73 when the driver lost control and the vehicle entered a gap between two guide rails at the rear entrance of the Maidencreek Church Cemetery.
Based on the lack of skid marks, it appeared the driver did not attempt to brake before the crash.
The vehicle was heavily damaged, as were the garage doors, part of a wall and some equipment inside.
Blandon Fire Company volunteers shored up the building. Fire police directed traffic.
The car was registered to a Maidencreek man who told police he hadn't been driving the car.
Darlene Reinert, who co-owns the cemetery with her husband, John, said they had recently installed new garage doors for the maintenance building, which also houses the office.
"You see on the news that vehicles are always crashing into buildings, but I never thought it would happen to me," she said.
An insurance appraiser was trying to determine whether the building can be repaired, but Darlene Reinert said it likely will have to come down due to structural damage.
Eaken said the police investigation has been completed.
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(c)2012 the Reading Eagle (Reading, Pa.)
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