There are several more – especially regionals – that need to be looked at by AM Best and S&P. How does cincy keep their Best rating after all that they have disclosed in 2008? My guess is that AM Best can’t figure out the mess, because cincy can’t even figure it out.
CINCINNATI – Property and casualty insurer Cincinnati Financial Corp. said Tuesday its 2008 results will be hurt by investments in troubled financial institutions Lehman Brothers, Fannie Mae, Freddie Mac and AIG.
The company said it is making “modest revisions” to its full-year outlook as a consequence of recent events, including the economy’s decline. It said it will disclose more specifics at an investor conference later this week and at investor meetings next week.
Full-year investment income is now expected to decline more than 10 percent from 2007, the company said.
President and CEO Kenneth Stecher also said in the statement that continued pressure on the economy and insurance prices is weighing on its property and casualty business. He said the company’s earlier estimate that full-year 2008 premiums would decline no more than 5 percent now appears overly optimistic, although he did not provide a new estimate.
Boy. That kind of response to a downgrade, blasting the rating agency for (as I read it) being incompetent at what they do, is sure gonna make S&P even more anxious to raise Liberty when things start getting better. Sheesh.
Or was it supposed to be a shot across the bow for the other rating agencies?
I was hired by Liberty Mutual Group to establish their Marine Risk Engineering program in April 2006 for a subsidiary ‘Liberty International Underwriters’ and I can verify that they have been gobbling up opportunities left and right. LIU posted strong earnings repeatedly and suffered no losses during my tenure. I resigned in June 2008 because upper Management treated Risk like it was non-existant. They virtually ignored my pleadings for support which after 1 1/2 years I gave up and moved on.
I know they’re close to their financial limits on coverages and currently have no ‘real’ Risk programs in effect.
If they were to experience multiple large losses they could be in serious trouble. As for the ‘Responsibility’ commercial, I don’t put much faith in its accuracy after witnessing the things I did during my tenure.
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There are several more – especially regionals – that need to be looked at by AM Best and S&P. How does cincy keep their Best rating after all that they have disclosed in 2008? My guess is that AM Best can’t figure out the mess, because cincy can’t even figure it out.
Who is Allianz getting ready to add to the fold? I’ve heard rumblings that they are the next ones to pull the trigger? Who are they looking to buy?
CINCINNATI – Property and casualty insurer Cincinnati Financial Corp. said Tuesday its 2008 results will be hurt by investments in troubled financial institutions Lehman Brothers, Fannie Mae, Freddie Mac and AIG.
The company said it is making “modest revisions” to its full-year outlook as a consequence of recent events, including the economy’s decline. It said it will disclose more specifics at an investor conference later this week and at investor meetings next week.
Full-year investment income is now expected to decline more than 10 percent from 2007, the company said.
President and CEO Kenneth Stecher also said in the statement that continued pressure on the economy and insurance prices is weighing on its property and casualty business. He said the company’s earlier estimate that full-year 2008 premiums would decline no more than 5 percent now appears overly optimistic, although he did not provide a new estimate.
Boy. That kind of response to a downgrade, blasting the rating agency for (as I read it) being incompetent at what they do, is sure gonna make S&P even more anxious to raise Liberty when things start getting better. Sheesh.
Or was it supposed to be a shot across the bow for the other rating agencies?
I was hired by Liberty Mutual Group to establish their Marine Risk Engineering program in April 2006 for a subsidiary ‘Liberty International Underwriters’ and I can verify that they have been gobbling up opportunities left and right. LIU posted strong earnings repeatedly and suffered no losses during my tenure. I resigned in June 2008 because upper Management treated Risk like it was non-existant. They virtually ignored my pleadings for support which after 1 1/2 years I gave up and moved on.
I know they’re close to their financial limits on coverages and currently have no ‘real’ Risk programs in effect.
If they were to experience multiple large losses they could be in serious trouble. As for the ‘Responsibility’ commercial, I don’t put much faith in its accuracy after witnessing the things I did during my tenure.