Allianz Reports Revenue, Operating Profit and Net Income Growth for 2012

February 22, 2013Email ThisPrintNewslettersTweetArticleComments

Germany’s Allianz Group, Europe’s largest insurer, reported strong results for the financial year 2012. Revenues reached

View the Original article

Main Street America Reports 2012 Results

February 13, 2013Email ThisPrintNewslettersTweetArticleComments

The Main Street America Group announced today its 2012 financial results included an 11.9 percent return on equity, $978 million net written premium, surplus growth of $71 million and net income of $56.7 million for the fiscal year ended Dec. 31, 2012.

The company squeaked out an underwriting profit, reporting a 99.9 combined ratio for 2012.

The 11.9 percent return on equity was driven by investment returns of $83.2 million. The company’s return on equity in 2011 was 2.7 percent.

Net income of $56.7 million was an 80 percent gain over the prior year ($31.5 million) when, the company said, its results were heavily affected by $63 million in catastrophe losses. In 2012, the company sustained $23 million in catastrophe losses.

The combined ratio of 99.9 was an improvement over the company’s 2011 catastrophe-heavy 106.7 combined ratio.

Commercial lines, which the insurer said accounts for 58 percent of its net written premium, achieved a 92.6 combined ratio and 8.5 percent premium growth. Its surety unit posted a 90.5 combined ratio and 15 percent premium growth. Overall, the company’s four regions achieved a 98.5 combined ratio and 3.9 percent direct premium growth.

Net written premium of $978 million was a 10 percent increase over the prior year ($889 million).

View the Original article

New York Judge Orders Anonymous Blogger into Court Over Business Reports

May 14, 2012Email ThisPrintNewslettersTweetArticle2 CommentsA New York judge has ordered an anonymous blogger to appear in court next week over accusations that the blog Alfredlittle.com wrote false reports about a Chinese company to drive down the stock.

The blogger was served with a subpoena via email to appear in state Supreme Court in New York on May 16, according to a court filing on Friday.

The blogger could not be identified or reached for comment.

Deer Consumer Products, a Chinese appliance maker listed on the NASDAQ exchange, last year sued “Alfred Little” and several unnamed contributors for defamation.

The lawsuit, which also names the investor website, claims that Alfredlittle.com falsely accused Deer of engaging in fraudulent land transactions in China, driving down its stock price. The lawsuit sought to recover as much as $100 million in trading profits.

Bloggers have gained attention for accusing U.S.-listed Chinese companies of fraud while at the same time shorting their stock. The companies have hit back with lawsuits, saying the bloggers are distorting facts to make money. The U.S. Securities and Exchange Commission has taken action against several China-based companies that are listed on U.S. exchanges for violations of U.S. securities law.

The lawsuit brought by Deer Consumer Products is one of a trio of cases brought against “Alfred Little” in New York. Similar cases were filed by Silvercorp Metals Inc., a Chinese silver producer, and Sino Clean Energy, a producer of a coal-based slurry used as fuel.

According to the lawsuit brought by Deer Consumer Products, the company’s stock went from $11.03 to $7.90 during nine days in March 2011, while short interest rose by more than 500,000 shares. The company’s stock closed at $3.01 on Friday, down 7 percent on the day.

Attorney Joseph Johnson of Eaton & Van Winkle, who said he represents an individual who uses the name Alfred Little, declined to comment.

Eaton & Van Winkle has sought to have the lawsuit dismissed, saying its client is operating outside New York state and therefore outside the court’s jurisdiction.

At a hearing on Wednesday, attorney John Bostany, who represents Deer Consumer Products, told the judge that a second contributor may have ties to New York. Justice Carol Edmead then directed “Alfred Little” to provide that contributor’s email address so a subpoena could be served.

In a ruling on Thursday, the judge ordered that individual to appear to help determine whether she has jurisdiction over the case. She said the courtroom would be closed for the appearance.

Edmead also ordered “Alfred Little” to provide Deer with documents identifying the owner of Alfredlittle.com.

Martin Garbus, another lawyer at Eaton & Van Winkle, has said in court papers that his client’s comments have helped save U.S. investors from “frauds” perpetrated by Chinese companies.

The SEC suspended trading in PUDA Coal, one of the companies targeted by the bloggers, last year. The agency brought a lawsuit against PUDA Coal in February, accusing it of defrauding investors into believing they were investing in a Chinese coal business that was in fact an empty shell, according to an SEC press statement.

Florence Harmon, a spokeswoman for the SEC, declined to comment on whether Alfredlittle.com had any influence in the PUDA Coal case.

 

Copyright 2012 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: East NewsTopics: alfredlittle.com, blogger liability, media liabilityHave a hot lead? Email us at newsdesk

View the Original article

California State Fund Reports Drop in Net Premiums

April 12, 2012Email ThisPrintNewslettersTweetArticleComments

California’s State Compensation Insurance Fund released its annual report on Thursday showing just over $1 billion dollars in net premiums earned, a drop from 2010’s figures.

State Fund reported adjusted actual net premiums earned of $1.002 billion for the year. That’s down from 2010’s reported $1.136 billion. Losses incurred fell from $850 million in 2010 to $752 million in 2011, and loss adjustment expenses incurred fell from $521 million in 2010 to $393 million last year.

Despite the drop in premiums earned, State Fund President and CEO Tom Rowe said California’s government-controlled workers’ comp insurer of last resort was showing improved results and was starting to reap the benefits of cost-cutting measures implemented late last year.

“Our financial summary reveals well-executed pricing disciplines, and improving results from the most experienced claims team in the marketplace,

View the Original article