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Reinsurance Group of America latest news:
Travelers' stock slips after hurricane loss estimates, suspension of buyback program
Shares of Travelers Companies Inc. fell 0.5% in morning trade Tuesday, after the insurer said it would suspend its share repurchase program as it assesses losses from Hurricanes Harvey and Irma. Late Monday, the company said it estimated catastrophe pre-tax losses relating to Harvey, including recoveries from reinsurance, in the range of $375 million to $750 million. Before temporarily suspending the share repurchase program, the company said it had spent $328 million to buy back 2.6 million shares in the current quarter. MKM Partners analyst Harry Fong reiterated his neutral rating and $130 fair value estimate on the stock, but slashed his third-quarter earnings-per-share estimate to 25 cents from $2.27 and his 2017 EPS outlook to $6.80 from $8.80. "We added in the full $750 million of [catastrophe] losses into our third-quarter estimate; that may be conservative for Harvey, but we know the company will likely have a loss as big if not bigger for Hurricane Irma," Fong wrote in a note to clients. Travelers' stock has lost 2.8% over the past three months, while the SPDR S&P Insurance ETF has edged up 0.2% and the Dow Jones Industrial Average has tacked on 2.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
CORRECTED-Insurer Lancashire expects limited claims payout from Harvey
Aug 30 (Reuters) - Property and casualty insurer and
reinsurer Lancashire Holdings is only exposed to the
first $40 million of claims in its main Bermuda property
reinsurance account and does not expect to pay out huge amounts
from Tropical Storm Harvey, its head of investor relations said.
BRIEF-Root9B announces Notice of Foreclosure sale of its assets
Root9B Holdings Inc(RTNB): * Says as result of default on secured debt, received foreclosure notice from agent of co's secured creditors. * Says to satisfy co's outstanding secured indebtedness, Centriole Reinsurance intends to sell substantially all of co's assets at auction.
BRIEF-Third Point Reinsurance Ltd says Robert Bredahl appointed as ceo of co(USA) - SEC Filing
* Third Point Reinsurance Ltd says effective as of aug 3,
j. Robert Bredahl appointed as ceo of Third Point Reinsurance
(Usa) Ltd - SEC Filing
BRIEF-Reinsurance Group Of America Q2 earnings per share $3.54
* Reinsurance Group Of America reports second-quarter
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