XL Capital Ltd. (XL) last week announced its plans to expand its international operations in China. XL has received approval from the China Insurance Regulatory Commission (CIRC) to start preparatory work to set up a Property and Casualty (P&C) company in China.   The China Insurance Regulatory Commission is an agency of China authorized by the State Council to regulate the country’s insurance products and services market and maintain legal and stable operations in the insurance industry.   XL has got permission from CIRC to prepare for China operations till the second half of 2010. After the initial preparations are done, if the company receives license, it will establish an insurance subsidiary that will serve both local and international corporations in China, as well as its existing clients with operations in China.   Year till date, gross premium generated from the P&C operations was $4.9 billion, down from ...

StanCorp Financial Group Inc.’s (SFG) third quarter earnings of $1.21 per share were just a penny ahead of the Zacks Consensus Estimate of $1.20 per share. The company had earned $1.46 per share in the year-ago quarter. High unemployment rate and rising joblessness continue to impact the company’s earnings. Quarterly results reflect higher-than-expected claims activity and reduced premiums in the group insurance business. However, the company benefited from the expense reduction initiatives. Insurance Services segment reported income before income taxes of $84.3 million compared to $103.4 million in the year-ago quarter. The decrease was driven by unfavorable claims experience and a drop in premiums in the group insurance business, partially offset by comparatively favorable claims experience in the individual disability insurance business. Results for this segment were also hurt by a 50 basis point reduction in the discount rate to 4.75% for the newly established disability ...

The Wyncrest Group Inc. is focused on designing insurance products customized to provide risk management solutions to carefully selected specialty markets where conventional lines don’t exist. These contracts are offered through the company’s separate subsidiaries or in some cases patented and licensed.

Wyncrest’s specialty construction liability solutions are typically structured as a captive insurance company hosted in tax friendly country like Panama so the insured can enjoy certain tax benefits. They offer a solution to difficult problems like asbestos liability coverage required by governments for drywall contractors while controlling claim risk.

The company’s warranty products are sold directly through its wholly owned domestic Southwest Financial Group subsidiary. Started 1992, the subsidiary today has over 22,000 clients and 285 reps accross the US. SFG has penetrated valuable market segments in certain ethnic communities and state teachers unions.

Let us hear your thoughts: The Wyncrest Group Inc. Message Board

CHICAGO, Sept. 21 /PRNewswire-FirstCall/ — The Wyncrest Group, Inc. (Pink Sheets: WNCG) today announced that it expects commissions earned from the sales of insurance and other financial products by its Dallas-based realtor and financial services target acquisition will be $5 million in 2009. During 2008, it generated gross premium sales of $15 million, resulting in $100,000 of EBITDA. Keith Lanzara, President of Wyncrest, commented, “We believe this piece of the puzzle complements our existing business lines well, and further helps to broaden our geographical and product offering diversity with the addition of nearly two dozen new sales representatives to our team.”

About Wyncrest Group

The Wyncrest Group is a publicly traded company based in Chicago, Illinois, which provides insurance products and services through its Southwest Financial Group subsidiary (SFG) and Wyncrest Offshore Services. SFG has been in business for 21 years, has 18,000 clients, and sells through 85 representatives nationwide.

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Class Action Suits Against Conseco

A number of law firms have filed a class action lawsuit against Conseco Inc. (CNO) on behalf of purchasers of its common stock between August 4, 2005 and March 17, 2008.

Shalov Stone Bonner & Rocco LLP, Izard Nobel LLP and Coughlin Stoia Geller Rudman & Robbins LLP charged Conseco and certain of its officers and directors with violations of the federal securities laws.  

The lawsuits are a consequence of a disclosure by Conseco on March 17, 2008 that it did not maintain effective controls over the accounting and disclosure of insurance policy benefits and the liabilities for insurance products, and that it would therefore restate its financial results for the years ended December 31, 2004 and 2006, along with affected Selected Consolidated Financial Data for 2003 and 2004, and quarterly financial information for 2006 as well as the first three quarters of 2007.

The complaint

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RNR, RenaissanceRe Holdings Ltd.

AFG, American Financial Group Inc.

 

DrStockPick Watch List!

DrStockPick Watch List! for Wednesday July 29, 2009

 

My Picks for Wednesday July 29, 2009 are:

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AFG, American Financial Group Inc.

AFG is an insurance holding company, based in Cincinnati, Ohio with assets in excess of $25 billion. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of traditional fixed, indexed and variable annuities and a variety of supplemental insurance products.

Today after Closing Bell, AFG reported Record Second Quarter and Six Month Core Net Operating Earnings attributable

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a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_T9VXVyuEITg/SSzhuXNGTuI/AAAAAAAAAl8/tRtxMxNVyqA/s1600-h/Memphis.jpg"img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 320px; height: 212px;" src="http://2.bp.blogspot.com/_T9VXVyuEITg/SSzhuXNGTuI/AAAAAAAAAl8/tRtxMxNVyqA/s320/Memphis.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5272837450363195106" //abr /If there is half as much future as there is history for Tennessee, then it is a bright future. And according to several independent organizations, Tennessee is one of the best states in the country to do business. The future is looking bright! Here are some interesting facts about the state:br /br /1. The state offers several incentives for new businesses and businesses relocating to Tennessee. They include, tax credits and tax exemptions.br /2. 80% of the state land is used for agricultural and forestry purposes.br /3. Tennessee most important crops are tobacco, soybeans, and cotton.br /4. The agricultural industry produces more than $2.5 billion in cash receipts.br /5. In a report issued by the American Legislative Exchange Council Tennessee is the 5th best economy in the country.br /6. Tennessee mining ...

When you think of Oregon, you don't normally think of the stock market. However, Portland is the home of a couple of well known Fortune 500 companies. Here are some interesting facts about Oregon:1. Oregon has no sales tax.2. It produces 95% of the domestic hazelnuts in the United States.3. It is the third largest producer of wine in the U.S. with 303 wineries.4. It is the largest producer of softwood lumber in the U.S.5. It has one of the largest salmon-fishing industries in the world.7. Portland has the largest number of breweries of any city in the world.7. Oregon has the 27th largest Gross State Product in the U.S.8. Oregon is one of six states with a revenue limit. 9. 55% of state revenues are spent on public education.10. Last year, Moodys increased ...

MedeFile International Incorporated announced that it has signed a collaborative marketing agreement with The Benefit Source Inc. This agreement unites MedeFile, one of the nation’s leaders in portable electronic medical records solutions, with The Benefit Source Inc, an independent brokerage firm offering group and individual health insurance to customers nationwide. The deal is advantageous to both parties and will provide reliable, cost saving, medical data for thousands of clients.

The details of the agreement will have an immediate impact on Medefile because The Benefit Source will begin to actively market the MedeFile System to both its existing business clients and prospects. Since it’s founding in 1992, The Benefit Source has been offering employers comprehensive medical, dental, business, life, property and casualty policies from a variety of carriers. The Benefit Source distinguishes itself from competitors by educating business owners and corporate executives

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