S&P: Affirms QBE’s Ratings; Praetorian Upgraded to Core Status

July 2, 2008

  • July 2, 2008 at 8:51 am
    IL Agent says:
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    This is expected news – though interesting as so many other carriers are being downgraded, and results are deteriorating. QBE is gaining strength and I’ve heard they continue to look for acquisitions. This market is getting crazy!

  • July 2, 2008 at 11:59 am
    watching says:
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    IL Agent, are you talking about Cincy? they were just downgraded, and things don’t look good. Another told me that they are losing $20 million per quarter on investments in Fifth Third Bank. Hard times coming for Cincy?

  • July 3, 2008 at 5:00 am
    Wisconsin Rick says:
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    We’re big with General Casualty in Wisconsin, and do not like what they are doing to us in Personal Lines. I have a friend in Illinois, and it sounds as though GC is getting out of construction there. (probably smart in Workers’ Compensation) But we’re hanging on tight here because General Casualty is still very competitive and they have a lot of good products coming from all of the QBE stuff. My partners and I also want to know who they are buying next. We heard it could be a carrier with bonds capability?

  • July 4, 2008 at 7:30 am
    HarryK says:
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    My partners and I just returned from visiting several of our carriers. An annual trip designed to gather carrier information and direction. Here are tidbitss that we gathered during our visits. Cincinnati appears to be headed for significant concerns and could be driven by their financial issues. Safeco will likely exist West, as the lead LRAM carrier for Liberty, but will probably be consumed in the Midwest and EAst by other LRAM carriers. Safeco may also beocme the direct marketing arm for LM, similar to a GEICO or e-surance carrier. QBE is looking for another purchase and it could be a carrier like Selective – strong in the east, or Fireman’s Fund with strong brand recognition and platform. They just missed on an $8 billion deal in Australia, so they have the ability for a $1B to $6B deal in the US. West Bend also will have some financial issues because they are likely headed for a combined over 100 again, and maybe as high as 105 or more. Look out for Hanover, they will continue to strengthen and might also be looking at some acquisition or merger opportunities. they are strong. Travelers is in great shape but not looking to buy, which is a surprise.



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