Paul Newsome, Sandler O'Neill & Partners

The Travelers Companies Inc (TRV) - Paul Newsome at Sandler O'Neill & Partners

Chubb Corp and Travelers Cos, US property and casualty insurers that stayed profitable during the credit crisis, are benefiting from gains in private equity investments as financial markets recover from 2008 lows Earnings results suggest "alternative investments did very well in the fourth quarter," said Paul Newsome, an analyst at Sandler O'Neill & Partners LP "Fourth quarter 2008 was right in the middle of the financial crisis so just about every investment class was doing very poorly and alternative investments were doing very poorly" Private equity funds gained value during the second half of 2009 in a global stock market rally 

The Chubb Corporation (CB) - Paul Newsome at Sandler O'Neill & Partners

Chubb Corp and Travelers Cos, US property and casualty insurers that stayed profitable during the credit crisis, are benefiting from gains in private equity investments as financial markets recover from 2008 lows Earnings results suggest "alternative investments did very well in the fourth quarter," said Paul Newsome, an analyst at Sandler O'Neill & Partners LP "Fourth quarter 2008 was right in the middle of the financial crisis so just about every investment class was doing very poorly and alternative investments were doing very poorly" Private equity funds gained value during the second half of 2009 in a global stock market rally 

Hartford Financial Services Group (HIG) - Paul Newsome at Sandler O'Neill & Partners

The company reported profits and maintained a share buyback program throughout the credit crisis as competitors American International Group Inc and Hartford Financial Services Group Inc took government aid The insurer is seeking to retain customers as corporations cut costs amid the recession and industry rates decline "The fact that they continue to be respectfully profitable despite the difficult environment is noteworthy," Paul Newsome, an analyst at Sandler O'Neill & Partners LP, said in an interview before results were released "Chubb has been among the most disciplined in the industry 

The Chubb Corporation (CB) - Paul Newsome at Sandler O'Neill & Partners

"The fact that they continue to be respectfully profitable despite the difficult environment is noteworthy," Paul Newsome, an analyst at Sandler O'Neill & Partners LP, said in an interview before results were released "Chubb has been among the most disciplined in the industry They are willing to let business go and keep their profit margins up" The insurer posted a $162 million realized investment loss after taxes in the fourth quarter of 2008 that included a $125 million loss from so called alternative investments, which include private equity and distressed debt partnerships The results are reported on a three month lag 

The Travelers Companies Inc (TRV) - Paul Newsome at Sandler O'Neill & Partners

The insurer's book value was $5125 a share on Sept 30 It's "good underwriting discipline that's allowed them to hold onto profitable business and avoid the bad stuff," said Paul Newsome, an analyst at Sandler O'Neill & Partners LP, said in an interview before the results were released Travelers has raised prices in all three of its business segments in the last nine months of 2009 even as rates dropped industrywide 

American International Group, Inc. (AIG) - Paul Newsome at Sandler O'Neill & Partners

wouldn't be felt until the company's first quarter report AIG has also had more success in retaining customers than some had assumed during its darkest days In fact, its drive to win new business has given competitors a run for their money, according to anecdotal evidence from industry executives and analyst notes But given the moderation in fixed income trading last quarter, as credit markets continued to ease and spreads continued to rationalize, P&C profits may not have been anything to marvel at In a recent report on the P&C sector, Sandler O'Neill analyst Paul Newsome noted that the industry's book values appeared "mostly flat" last quarter 

The Allstate Corporation (ALL) - Paul Newsome at Sandler O'Neill & Partners

Sandler O'Neill & Partners maintains buy; offers new estimate for 2011 earnings Sandler O'Neill analyst Paul Newsome noted Allstate shares trade at 94% of book value "It is unusual for a company that consistently delivers reasonable [returns on equity] (projected at 12% in 2010) to trade below book value," he wrote in a Dec 29 note The insurance company is expected to report earnings per share of $425 in 2010 and $440 in 2011, but Newsome warns that "Allstate's earnings can range widely" Depending on catastrophic losses and investment returns, Allstate's earnings could vary from $119 per share to $764 per share 

American International Group, Inc. (AIG) - Paul Newsome at Sandler O'Neill & Partners

The unit assembled its own senior management team and hired a separate public relations staff Chartis's Reach Chartis, which combines the US and overseas property casualty operations of AIG, has 34,000 employees and more than 40 million clients in over 160 countries and jurisdictions Coverage offered by the New York based insurer includes commercial buildings, corporate boards, airplanes and homes "Public valuations for property casualty companies are very low by historic standards, so anybody thinking about doing a public offering right now would really have to think twice about that," said Paul Newsome , an insurance analyst at Sandler O'Neill Partners LP The unit was renamed twice this year to distance itself from AIG It was called AIU Holdings in March and Chartis in July 

Swiss Reinsurance Company Ltd. (RUKN) - Paul Newsome at Sandler O'Neill & Partners

NEW YORK (Bloomberg) — Warren Buffett's Berkshire Hathaway Inc and Swiss Reinsurance Co are among reinsurers that posted a second straight increase in policyholders' surplus in the US as weather related claims dropped and prices rose. The combined surplus of 19 reinsurers climbed 12 percent in the three months ended to $74.1 billion, the Reinsurance Association of America said today in a report. The surplus, a measure of assets minus liabilities, has improved for two quarters after shrinking in the previous six. "Prices going up helped," Paul Newsome, an analyst at Sandler O'Neill & Partners LP, said yesterday in an interview.  

MidAmerican Energy Holdings Company - Paul Newsome at Sandler O'Neill & Partners

NEW YORK (Bloomberg) — Warren Buffett's Berkshire Hathaway Inc and Swiss Reinsurance Co are among reinsurers that posted a second straight increase in policyholders' surplus in the US as weather related claims dropped and prices rose. The combined surplus of 19 reinsurers climbed 12 percent in the three months ended to $74.1 billion, the Reinsurance Association of America said today in a report. The surplus, a measure of assets minus liabilities, has improved for two quarters after shrinking in the previous six. "Prices going up helped," Paul Newsome, an analyst at Sandler O'Neill & Partners LP, said yesterday in an interview.  

Berkshire Hathaway Inc. (BRK.A) - Paul Newsome at Sandler O'Neill & Partners

NEW YORK (Bloomberg) — Warren Buffett's Berkshire Hathaway Inc and Swiss Reinsurance Co are among reinsurers that posted a second straight increase in policyholders' surplus in the US as weather related claims dropped and prices rose. The combined surplus of 19 reinsurers climbed 12 percent in the three months ended to $74.1 billion, the Reinsurance Association of America said today in a report. The surplus, a measure of assets minus liabilities, has improved for two quarters after shrinking in the previous six. "Prices going up helped," Paul Newsome, an analyst at Sandler O'Neill & Partners LP, said yesterday in an interview.  

American International Group, Inc. (AIG) - Paul Newsome at Sandler O'Neill & Partners

AIG accessed about $2.1 billion from its Treasury facility on Aug. 13 and told the government today it would draw down another $2.1 billion, the New York based company said in a regulatory filing. AIG got the $29.8 billion facility in April as part of its fourth bailout. "It shows that they're still having trouble getting cash to continue to run their operations" without government support, said Sandler O'Neill Partners LP analyst Paul Newsome . "That's despite the fact you've had some really favorable things happen, like the credit markets getting better." .