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Bernstein Dumps Insurers (ACE, ALL, CB, CNA, TRV, XL, AIG)

247wallst — Tue, 06 Jan 2009 07:56:26 +0000

Financial stocks may have enjoyed sizable bounces from their lows in November and December, but not all analysts are following them up. The insurrance sector and some of the re-insurance names have been downgraded by Bernstein. Here are the following calls we have seen from their report:

ACE Limited (NYSE: ACE) downgraded to Market Perform from Outperform.
Allstate (NYSE: ALL) downgraded to Market Perform from Outperform.
Chubb (NYSE: CB) downgraded to Underperform from Outperform.
CNA Financial (NYSE: CNA) downgraded to Market Perform from Outperform.
Travelers (NYSE: TRV) downgraded to Market Perform from Outperform.
XL Capital (NYSE: XL) downgraded to Market Perform from Outperform.

Perhaps the best call in timing (yes, that is facetious) comes inAmerican International Group (NYSE: AIG), where its shares weredowngraded to Market Perform from Outperform. Great timing there.

Most of these are so far off of highs that you would wonder why these were even rated as "Outperform" in the first place.

Jon C. Ogg
January 6, 2009

Posted in Analyst Calls, Financial Stocks Tagged: ACE, AIG, ALL, CB, CNA, TRV, XL

Insurers Sell Risk Management Via Verisk IPO (HIG, TRV, CNA, AFG, AIG, ACE)

247wallst — Wed, 13 Aug 2008 14:08:44 +0000

A company called Verisk Analytics Inc. has filed to come public via an initial public offering in a securities sale of up to $750 million worth of class A common stock. The company did not provide any reference on the shares being offered nor any price indications. This is an amalgamated risk management company that is actually owned by many insurance and financial companies as follows:

Hartford Financial Services Group Inc. (NYSE: HIG)
The Travelers Companies, Inc. (NYSE: TRV)
CNA Financial Corporation (NYSE: CNA)
American Financial Group, Inc. (NYSE: AFG)
American International Group, Inc. (NYSE: AIG)
ACE Group Holdings, Inc. (NYSE: ACE)

Verisk is a New Jersey-based risk management company, and the companylisted Merrill Lynch and Morgan Stanley as the only two underwriters.The company did not list the ticker nor which exchange it would list on.

According to the company’s filing, Verisk will not receive any proceedsfrom this offering since all of the shares being sold are being sold byselling stockholders. The amount listed was not given, but we’d again notethat many public insurance companies are listed as owners.

Verisk generated $802.195 million in 2007 revenues, which grew from$730.133 million in 2006. In Q1-2008, its revenues were $215.618million versus $198.834 million in Q1-2007.

Jon C. Ogg
August 13, 2008

The 52-Week Low Club (AIG)(PRU)(ALL)(NURO)

247wallst — Mon, 11 Feb 2008 15:58:41 +0000

American International Group (NYSE: AIG) Warns about more potentia write-offs and bad financial controls. Falls to $44.52 from 52-week high of $72.97.

PNM Res (NYSE: PNM) Numbers miss Wall St. estimates. Drops to $13.31 from 52-week high of $34.28.

CNA Financial (NYSE: CNA) Profits drop on investment losses. Shares sell off to $25.17 from 52-week high of $51.96.

Prudential NYSE: PRU) Industry woes and still slipping from earnings. Down to $66.76 from 52-week high of $103.27.

UBS (NYSE: UBS), Allstate (NYSE: ALL), and HSBC (NYSE: HBC) also all hit new lows.

Neurometrix (NASDAQ:NURO) Appears one of the company’s medical devices did not get approval. Falls to $5.25 from 52-week high $12.10.

Syntax Brillian NASDAQ: BRLC) Delays filing results. Drops to $1.88 from 52-week high of $9.08.

Douglas A. McIntyre