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News Article | December 12, 2016
Site: www.businesswire.com

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'A+' Insurer Financial Strength (IFS) ratings for Cincinnati Financial Corporation's (CINF) three standard market property and casualty insurance subsidiaries and its life insurance subsidiary. Fitch has also affirmed the following ratings for CINF: The Rating Outlook is Stable. A full list of ratings follows at the end of this press release. The ratings have been affirmed because performance has been in line with expectations and no ratings triggers were activated. CINF's very strong capitalization supports the company's growth initiatives and includes conservative operating subsidiary capitalization; sizable holding company cash and invested assets of $2.2 billion compared with total debt and bank borrowings of $806 million; and a moderate financial leverage ratio (FLR) of 10.7% at Sept. 30, 2016. The property/casualty (P/C) group's score on Fitch Ratings' Prism capital model was 'Very Strong' at year-end 2015. CINF's strong financial performance improved since 2012 due largely to benefits from pricing and underwriting actions, but the company's underwriting performance continues to be affected by catastrophes and weather events. Catastrophe losses were 7.6% of net premiums earned for nine months 2016 and 4.7% for the same period in 2015, compared with an average of 6.9% for 2011 - 2015, and the company's 10-year average of 5.9%. The CAGR of CINF's net written premiums (NWP) of 8% from 2011 -2015, approximately double the 3.8% estimated for the P/C industry, was due to organic expansion into new territories and measured appointment of new agents, as well as rising insurance premium rates. Private and commercial auto and homeowners insurance lines, where growth has been fastest relative to the industry, are also those where CINF has successfully increased prices. In addition, CINF has implemented claims management and risk management tools, such as predictive models, to improve pricing and risk selection. These initiatives are anticipated to promote lower loss ratios over time. Fitch believes CINF's reserves are adequate and well managed. CINF reported favorable prior-year reserve development in each of the last 27 years. CINF's P/C reserve leverage, at 1.0x at year-end 2015, and capital exposure to reserve redundancies or deficiencies are relatively moderate. CINF's investment allocation to equities remains nearly double industry norms, which creates an exposure to potential capital declines from stock market volatility. A focus on common stock investments that have a demonstrated ability to pay increasingly higher dividends provides some stability in the investment contribution to earnings. CINF has ample liquidity to cover its insurance reserves through its high-quality, liquid bond portfolio. For the first nine months of 2016, CINF reported a GAAP combined ratio of 94.4% and operating EBIT interest coverage of 14.4x. The key rating triggers that could lead to a downgrade are a combined ratio exceeding 105% on a sustained basis, evidence of deteriorating profitability on recent growth or failure to maintain a P/C Prism score in the 'very strong' category. CINF's holding company ratings benefit from narrow notching from the IFS rating. A reduction in holding company cash and marketable securities to less than $1 billion, sustained reductions in either GAAP operating or statutory fixed-charge coverage below 5x to 6x and an FLR maintained materially greater than 15% could cause the narrow notching to revert to standard notching. Key rating triggers that could lead to an upgrade include improvement in underwriting performance and catastrophe risk management evidenced by sustained low-90% combined ratios, while maintaining current very strong capitalization levels. Fitch has affirmed the following ratings with a Stable Outlook: Additional information is available at 'www.fitchratings.com'. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2016 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001


Mei B.,CINF | Seger B.,CINF | Pedersen T.,Technical University of Denmark | Malizia M.,CINF | And 3 more authors.
Journal of Physical Chemistry Letters | Year: 2014

Sputter deposition of Ir/IrOx on p+-n-Si without interfacial corrosion protection layers yielded photoanodes capable of efficient water oxidation (OER) in acidic media (1 M H2SO4). Stability of at least 18 h was shown by chronoamperomety at 1.23 V versus RHE (reversible hydrogen electrode) under 38.6 mW/cm2 simulated sunlight irradiation (λ > 635 nm, AM 1.5G) and measurements with quartz crystal microbalances. Films exceeding a thickness of 4 nm were shown to be highly active though metastable due to an amorphous character. By contrast, 2 nm IrOx films were stable, enabling OER at a current density of 1 mA/cm2 at 1.05 V vs. RHE. Further improvement by heat treatment resulted in a cathodic shift of 40 mV and enabled a current density of 10 mA/cm2 (requirements for a 10% efficient tandem device) at 1.12 V vs. RHS under irradiation. Thus, the simple IrOx/Ir/p+-n-Si structures not only provide the necessary overpotential for OER at realistic device current, but also harvest ∼100 mV of free energy (voltage) which makes them among the best-performing Si-based photoanodes in low-pH media. © 2014 American Chemical Society.


News Article | November 18, 2016
Site: www.prnewswire.com

CINCINNATI, Nov. 18, 2016 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced that, at today's regular meeting, the board of directors declared a 48-cents-per-share regular quarterly cash dividend. The dividend is payable January 17, 2017, to shareholders of record...


News Article | November 15, 2016
Site: www.prnewswire.com

CINCINNATI, Nov. 15, 2016 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its lead property casualty insurance subsidiary, The Cincinnati Insurance Company, began marketing personal lines products in Colorado by expanding the availability of its...


News Article | February 21, 2017
Site: www.prnewswire.com

CINCINNATI, Feb. 21, 2017 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its lead property casualty insurance subsidiary, The Cincinnati Insurance Company, began marketing personal lines products in Texas by expanding the availability of its Executive...


News Article | February 21, 2017
Site: marketersmedia.com

LONDON, UK / ACCESSWIRE / February 21, 2017 / Active Wall St. blog coverage looks at the headline from Hamilton, Bermuda based XL Group Ltd. (NYSE: XL) as the Company announced on February 17, 2017, that its Board of Directors had authorized the buyback up to $1 billion of its common share. Register with us now for your free membership and blog access at: One of XL Group's competitors within the Property & Casualty Insurance space, Cincinnati Financial Corp. (NASDAQ: CINF), reported on February 08, 2017, its Q4 and full-year 2016 results. AWS will be initiating a research report on Cincinnati Financial in the coming days. Today, AWS is promoting its blog coverage on XL; touching on CINF. Get all of our free blog coverage and more by clicking on the links below: XL Group was founded in 1986 and is a holding Company, which provides insurance and reinsurance services through its subsidiaries. It operates through XL Catlin brand which offers property, casualty, specialty insurance, and reinsurance products to industrial, commercial, and professional firms, insurance Companies and other enterprises. Its operations are spread across more than 100 locations in over 30 countries and are supported by a workforce of more than 7,000 people. About the New Share Buyback program Under the new buyback program, the Company plans to use its cash reserves to make share purchased from the open market or through privately negotiated transactions. Various factors like market conditions, legal requirements, etc. will influence the timing, form, and amount of share buybacks by the Company. The Company's Board holds the right to modify, extend, or completely terminate the share buyback program, at any time. With the announcement of the new share buyback program, the previous buyback program which had a balance of approximately $349 million was annulled. XL Group has a strong share buyback program and over the years the Company has increased value for its shareholder's manifold. XL Group had announced a similar share buyback of $1 billion each in February 2014, August 2015, and May 2016. In February 2012, the Company had announced a share buyback of $750 million and $850 million in February 2013. Share buybacks for the full year ended December 31, 2016, was approximately 30.2 million shares, or $1.1 billion, compared to buyback of 12.4 million shares, or $466.7 million, during the same period in 2015. On February 16, 2017, the Company also announced a quarterly dividend of $0.22 per share payable on March 31, 2017. The dividend is $0.02 higher than the quarterly dividend of $0.20 paid by the Company earlier in January 2017. Based on the current announcement, the annualized dividend paid is $0.88 per share. Apart from this, the Board also approved on February 16, 2017, dividends for various categories of Preference shares of its wholly-owned subsidiary, XLIT Ltd. XLIT's Series D Preference Ordinary Shares will receive a dividend of $10.4730 per share which will be paid on April 18, 2017. XLIT's Series E Preference Ordinary Shares will receive a dividend of $32.50 per share which will be paid on April 18, 2017. On February 01, 2016, XL Group announced its Q4 2016 and FY16 results for the quarter and year ending on December 31, 2016. The Company's net income attributable to common shareholders was $304.7 million, or $1.12 per share, for Q4 2016 and $441.0 million, or $1.56 per share, for FY16. The figures exclude the contributions from the GreyCastle Life Retro Arrangements. The Company reported operating net income of $128.4 million, or $0.47 per share, for Q4 and $460.7 million, or $1.63 per share, for the year. This was lower than the net income of $195.0 million for Q4 2015. The difference was largely due to the greater catastrophe losses incurred in 2016 viz., the Hurricane Matthew and the recent earthquake activity in New Zealand. On Friday, February 17, 2017, the stock closed the trading session at $40.95, marginally climbing 0.76% from its previous closing price of $40.64. A total volume of 1.77 million shares have exchanged hands. XL Group's stock price surged 10.23% in the last three months, 23.54% in the past six months, and 22.97% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 9.90%. The stock is trading at a PE ratio of 25.59 and has a dividend yield of 1.95%. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / February 21, 2017 / Active Wall St. blog coverage looks at the headline from Hamilton, Bermuda based XL Group Ltd. (NYSE: XL) as the Company announced on February 17, 2017, that its Board of Directors had authorized the buyback up to $1 billion of its common share. Register with us now for your free membership and blog access at: One of XL Group's competitors within the Property & Casualty Insurance space, Cincinnati Financial Corp. (NASDAQ: CINF), reported on February 08, 2017, its Q4 and full-year 2016 results. AWS will be initiating a research report on Cincinnati Financial in the coming days. Today, AWS is promoting its blog coverage on XL; touching on CINF. Get all of our free blog coverage and more by clicking on the links below: XL Group was founded in 1986 and is a holding Company, which provides insurance and reinsurance services through its subsidiaries. It operates through XL Catlin brand which offers property, casualty, specialty insurance, and reinsurance products to industrial, commercial, and professional firms, insurance Companies and other enterprises. Its operations are spread across more than 100 locations in over 30 countries and are supported by a workforce of more than 7,000 people. About the New Share Buyback program Under the new buyback program, the Company plans to use its cash reserves to make share purchased from the open market or through privately negotiated transactions. Various factors like market conditions, legal requirements, etc. will influence the timing, form, and amount of share buybacks by the Company. The Company's Board holds the right to modify, extend, or completely terminate the share buyback program, at any time. With the announcement of the new share buyback program, the previous buyback program which had a balance of approximately $349 million was annulled. XL Group has a strong share buyback program and over the years the Company has increased value for its shareholder's manifold. XL Group had announced a similar share buyback of $1 billion each in February 2014, August 2015, and May 2016. In February 2012, the Company had announced a share buyback of $750 million and $850 million in February 2013. Share buybacks for the full year ended December 31, 2016, was approximately 30.2 million shares, or $1.1 billion, compared to buyback of 12.4 million shares, or $466.7 million, during the same period in 2015. On February 16, 2017, the Company also announced a quarterly dividend of $0.22 per share payable on March 31, 2017. The dividend is $0.02 higher than the quarterly dividend of $0.20 paid by the Company earlier in January 2017. Based on the current announcement, the annualized dividend paid is $0.88 per share. Apart from this, the Board also approved on February 16, 2017, dividends for various categories of Preference shares of its wholly-owned subsidiary, XLIT Ltd. XLIT's Series D Preference Ordinary Shares will receive a dividend of $10.4730 per share which will be paid on April 18, 2017. XLIT's Series E Preference Ordinary Shares will receive a dividend of $32.50 per share which will be paid on April 18, 2017. On February 01, 2016, XL Group announced its Q4 2016 and FY16 results for the quarter and year ending on December 31, 2016. The Company's net income attributable to common shareholders was $304.7 million, or $1.12 per share, for Q4 2016 and $441.0 million, or $1.56 per share, for FY16. The figures exclude the contributions from the GreyCastle Life Retro Arrangements. The Company reported operating net income of $128.4 million, or $0.47 per share, for Q4 and $460.7 million, or $1.63 per share, for the year. This was lower than the net income of $195.0 million for Q4 2015. The difference was largely due to the greater catastrophe losses incurred in 2016 viz., the Hurricane Matthew and the recent earthquake activity in New Zealand. On Friday, February 17, 2017, the stock closed the trading session at $40.95, marginally climbing 0.76% from its previous closing price of $40.64. A total volume of 1.77 million shares have exchanged hands. XL Group's stock price surged 10.23% in the last three months, 23.54% in the past six months, and 22.97% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 9.90%. The stock is trading at a PE ratio of 25.59 and has a dividend yield of 1.95%. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


News Article | February 21, 2017
Site: www.accesswire.com

LONDON, UK / ACCESSWIRE / February 21, 2017 / Active Wall St. blog coverage looks at the headline from Hamilton, Bermuda based XL Group Ltd. (NYSE: XL) as the Company announced on February 17, 2017, that its Board of Directors had authorized the buyback up to $1 billion of its common share. Register with us now for your free membership and blog access at: One of XL Group's competitors within the Property & Casualty Insurance space, Cincinnati Financial Corp. (NASDAQ: CINF), reported on February 08, 2017, its Q4 and full-year 2016 results. AWS will be initiating a research report on Cincinnati Financial in the coming days. Today, AWS is promoting its blog coverage on XL; touching on CINF. Get all of our free blog coverage and more by clicking on the links below: XL Group was founded in 1986 and is a holding Company, which provides insurance and reinsurance services through its subsidiaries. It operates through XL Catlin brand which offers property, casualty, specialty insurance, and reinsurance products to industrial, commercial, and professional firms, insurance Companies and other enterprises. Its operations are spread across more than 100 locations in over 30 countries and are supported by a workforce of more than 7,000 people. About the New Share Buyback program Under the new buyback program, the Company plans to use its cash reserves to make share purchased from the open market or through privately negotiated transactions. Various factors like market conditions, legal requirements, etc. will influence the timing, form, and amount of share buybacks by the Company. The Company's Board holds the right to modify, extend, or completely terminate the share buyback program, at any time. With the announcement of the new share buyback program, the previous buyback program which had a balance of approximately $349 million was annulled. XL Group has a strong share buyback program and over the years the Company has increased value for its shareholder's manifold. XL Group had announced a similar share buyback of $1 billion each in February 2014, August 2015, and May 2016. In February 2012, the Company had announced a share buyback of $750 million and $850 million in February 2013. Share buybacks for the full year ended December 31, 2016, was approximately 30.2 million shares, or $1.1 billion, compared to buyback of 12.4 million shares, or $466.7 million, during the same period in 2015. On February 16, 2017, the Company also announced a quarterly dividend of $0.22 per share payable on March 31, 2017. The dividend is $0.02 higher than the quarterly dividend of $0.20 paid by the Company earlier in January 2017. Based on the current announcement, the annualized dividend paid is $0.88 per share. Apart from this, the Board also approved on February 16, 2017, dividends for various categories of Preference shares of its wholly-owned subsidiary, XLIT Ltd. XLIT's Series D Preference Ordinary Shares will receive a dividend of $10.4730 per share which will be paid on April 18, 2017. XLIT's Series E Preference Ordinary Shares will receive a dividend of $32.50 per share which will be paid on April 18, 2017. On February 01, 2016, XL Group announced its Q4 2016 and FY16 results for the quarter and year ending on December 31, 2016. The Company's net income attributable to common shareholders was $304.7 million, or $1.12 per share, for Q4 2016 and $441.0 million, or $1.56 per share, for FY16. The figures exclude the contributions from the GreyCastle Life Retro Arrangements. The Company reported operating net income of $128.4 million, or $0.47 per share, for Q4 and $460.7 million, or $1.63 per share, for the year. This was lower than the net income of $195.0 million for Q4 2015. The difference was largely due to the greater catastrophe losses incurred in 2016 viz., the Hurricane Matthew and the recent earthquake activity in New Zealand. On Friday, February 17, 2017, the stock closed the trading session at $40.95, marginally climbing 0.76% from its previous closing price of $40.64. A total volume of 1.77 million shares have exchanged hands. XL Group's stock price surged 10.23% in the last three months, 23.54% in the past six months, and 22.97% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 9.90%. The stock is trading at a PE ratio of 25.59 and has a dividend yield of 1.95%. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


News Article | December 13, 2016
Site: www.businesswire.com

OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of The Cincinnati Insurance Company, the lead property/casualty company, and its subsidiaries, The Cincinnati Indemnity Company, The Cincinnati Casualty Company and The Cincinnati Specialty Underwriters Insurance Company (Wilmington, DE), which are collectively referred to as The Cincinnati Insurance Companies (CIC). Additionally, A.M. Best has affirmed the Long-Term ICR of “a-” and the Long-Term Issue Credit Ratings (Long-Term IR) of the companies’ publicly traded parent, Cincinnati Financial Corporation (CINF) [NASDAQ:CINF]. The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Fairfield, OH, except where specified. The affirmation of CIC’s ratings reflect the group’s superior risk-adjusted capitalization and historically conservative loss reserving standards that have resulted in recognition of the substantial favorable development of prior accident-year loss reserves. The ratings also reflect the group’s historically strong operating earnings, which have improved in recent years. In addition, the ratings recognize the strong distribution network within its targeted regional markets that is centered on cultivating strong, long-term relationships with local independent insurance agencies. Lastly, CIC benefits from the financial flexibility afforded by CINF, which maintains modest financial leverage and is a source of additional liquidity through its access to capital markets and lines of credit. The positive rating factors are partially offset by the variability in CIC's earnings in the earliest year of the recent five-year period relative to its similarly rated commercial lines peers, primarily due to significant natural catastrophe losses on underwriting results. The group also continues to address the below-average performance on its personal and commercial automobile lines of business. The group has recognized the need for re-underwriting, which includes rate increases and improving pricing precision, aided by utilization of predictive analytics. The group's market profile continues to improve but still remains somewhat geographically concentrated. As a result, the group remains more exposed to potential economic, legislative and judicial changes than its more geographically diversified peers. This geographic concentration also leaves the group susceptible to catastrophe and non-catastrophe weather-related losses, as evidenced in recent accident years. Additionally, CIC maintains high common stock leverage relative to its peers. While the stock holdings are composed of dividend-paying stocks that enhance investment income, they expose risk-adjusted capitalization to equity market fluctuations, most recently in 2015. The outlook reflects CIC’s ability to withstand variability in the group’s underwriting and operating performance due to its superior level of risk-adjusted capitalization, as well as A.M. Best’s expectation that management’s initiatives will result in sustained improvement in underwriting and operating results. The following Long-Term IRs have been affirmed with a stable outlook: Cincinnati Financial Corporation— -- “a-” on $28.0 million 6.90% senior unsecured debentures, due 2028 -- “a-” on $371 million 6.125% senior unsecured notes, due 2034 -- “a-” on $391 million 6.92% senior unsecured debentures, due 2028 This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.


NEW YORK, November 22, 2016 /PRNewswire/ -- Stock-Callers.com has initiated reports coverage on these Property and Casualty Insurance firms: First American Financial Corp. (NYSE: FAF), Cincinnati Financial Corp. (NASDAQ: CINF), Allied World Assurance Co. Holdings AG (NYSE: AWH), and...

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