Mark Dwelle News
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Allstate Corp., the largest publicly traded U.S. auto and home insurer, reported fourth-quarter profit that beat analysts’ estimates after superstorm Sandy. Shares gained in extended trading.
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Travelers Cos. posted the biggest gain in the Dow Jones Industrial Average after fourth-quarter profit beat estimates on higher income from its investment portfolio, increased sales and a benefit from reserves.
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Allstate Corp., the largest publicly traded U.S. auto and home insurer, said catastrophes cost $1.08 billion before taxes in October as superstorm Sandy lashed states including New York and New Jersey.
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New Zealand’s deadliest earthquake in eight decades, which toppled buildings and trapped workers in Christchurch, the country’s second-largest city, may lead to higher prices for reinsurance in the Asia-Pacific region.
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Berkshire Hathaway Inc.’s Franklin “Tad” Montross faulted Wall Street and private-equity firms for creating rival sellers of reinsurance that he said may not have the backing of their founders in three to five years.
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Chubb Corp., which mocked rivals for receiving federal aid during the 2007-2009 financial crisis, is leading the largest publicly traded U.S. insurance firms by producing the highest risk-adjusted return.
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Allstate Corp. is leading property and casualty insurers to the best start since 2003 amid a decline in tornadoes and forecasts for fewer major hurricanes.
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Fidelity National Financial Inc., the largest U.S. title insurer, is weighing restaurant investments after exiting some insurance businesses at a profit, Chief Executive Officer George Scanlon said.
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Travelers Cos., the lone insurer in the Dow Jones Industrial Average, posted a second-quarter profit on lower costs tied to natural disasters.
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Allstate Corp., Travelers Cos. and Chubb Corp. fell as a weather system that’s expected to form from Hurricane Sandy threatens to lash the U.S. East Coast, knock out power and cause travel delays.
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