Article Abstract:
Three securities analysts, Vincent J Dowling of Dowling & Partners, Weston M Hicks of Sanford C Bernstein & Co Inc, and Alice D Schroeder of Paine Webber, told the Third Annual Producers' Forum in Philadelphia, PA in Oct 1998 that property/casualty insurance company stocks were poor picks in the short term. The industry suffers from overcapitalization and property/casualty insurance companies' inability to use its capital to create significant new business. However, there are exceptions in the industry; companies that offered good investment prospects are American International Group Inc. and Progressive Insurance Group in the US, and the Bermudian insurers Ace, Exel, Mutual Risk Management Ltd. and Partner Reinsurance Co Ltd.
User Contributions:
Comment about this article or add new information about this topic:
Article Abstract:
Victor Palmieri is a turnaround specialist in the insurance industry. Known as a demanding taskmaster, he resolves financial issues among a variety of groups with competing claims. Some of his salvage efforts include the reorganizations of Mutual Life Benefit Life Insurance Co, Confederation Life Insurance Co, ITT Levitt and Colorado-Ute Electric Assn. Palmierri has also formed a business alliance with turnaround specialist Jay Alix called Alix-Palmieri Associates to combine their resources and skills in working with insurance and electric utility firms.
User Contributions:
Comment about this article or add new information about this topic:
Article Abstract:
Executive search firms have noticed that insurance companies no longer require their CEOs to come from the insurance industry. The main requirement has become leadership ability as opposed to functional knowledge. Hence, a number of CEOs have been hired from the financial services sector. For example, former Chase Manhattan Bank Corp. manager Edward D. Miller has been hired as president and CEO of Equitable Cos.
User Contributions:
Comment about this article or add new information about this topic: