Platinum Underwriters Holdings Ltd. (PTP.N: Quote, Profile, Research), a Bermuda-based property and casualty reinsurer, posted a 11 percent rise in quarterly profit, helped by growing investment income and lower expenses.
The company earned $90.7 million, or $1.34 a share, in the latest second quarter, compared with $81.7 million, or $1.24 a share, a year ago.
For the second quarter, analysts' consensus view was for earnings of $1.20 a share, excluding items, according to Reuters Estimates.
Net investment income for the quarter rose more than 20 percent to $54.7 million, while net premium earned fell more than 12 percent to $295.9 million.
Total expenses for the quarter was $251.4 million compared with $291.9 million a year ago. (Reporting by Ratul Ray Chaudhuri in Bangalore)
Thursday, August 2, 2007
Thursday, July 26, 2007
Allstate Workplace Division Sponsors Clinical Trial for Breast Cancer Vaccine
Allstate Workplace Division, a subsidiary of The Allstate Corporation, has funded a grant for $220,426 through Gateway for Cancer Research (formerly known as Cancer Treatment Research Foundation) to support a Phase I Clinical Trial of a vaccine that may fight Stage IV breast cancer.
"This cutting edge vaccine may be an enormous breakthrough in breast cancer research, offering a greater chance of survival for women with late stage breast cancer as well as a possible vaccination for people at high risk of being diagnosed with this devastating disease," says David A. Bird, President of Allstate Workplace Division.
The trial will evaluate the safety and efficacy of a new Mammaglobin-A DNA vaccine to be used in Stage IV breast cancer patients. Mammaglobin-A is a protein involved in normal breast development and is found almost exclusively in breast tissue. It is present at much higher levels in breast cancer and has become a reliable marker for the presence of the disease.
William E. Gillanders, MD, of Washington University School of Medicine in St. Louis, MO, is the primary researcher. Dr. Gillanders and his team have developed a new drug that binds with the breast cancer-related protein Mammaglobin-A to create a complex antigen, a sign to the body's immune system that a foreign body is present. This new complex antigen is expected to activate a cancer patient's immune system to begin killing off the breast cancer cells. In the clinical trial, women with Stage IV breast cancer will be given this new vaccine and then will be evaluated for effects on the cancer cells as well as any adverse reactions.
Allstate Workplace Division, a premier provider of cancer insurance since 1969, has been a sustaining corporate contributor to Gateway for Cancer Research since 2004 and donates money to its fund relative to the volume of cancer policies sold. Cancer insurance policies from Allstate Workplace Division represent about 20 percent of all Allstate Workplace Division policies written.
Gateway for Cancer Research is a not-for-profit 501(c)(3) organization dedicated to curing cancer through funding patient-centered clinical studies that impact those battling cancer. Thanks to generous underwriting of operational expenses, 99 cents of every dollar donated to Gateway for Cancer Research goes directly to fund cancer research programs. For more information about Gateway for Cancer Research, visit www.gatewaycr.org/allstategifts.cfm.
Allstate Workplace Division is the marketing name used by American Heritage Life Insurance Company, Jacksonville, Fla., a wholly owned subsidiary of The Allstate Corporation. American Heritage Life Insurance Company is licensed in 49 states, District of Columbia and Puerto Rico. Worksite products are sold exclusively through independent agents and brokers. Customers and Independent produces can access information about the company's products and services by visiting www.allstateatwork.com.
The Allstate Corporation (NYSE: ALL - News) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow through approximately 14,800 exclusive agencies and financial representatives in the U.S. and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at allstate.com and 1-800 Allstate®. Encompass® and Deerbrook® Insurance brand property and casualty products are sold exclusively through independent agents. The Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers.
"This cutting edge vaccine may be an enormous breakthrough in breast cancer research, offering a greater chance of survival for women with late stage breast cancer as well as a possible vaccination for people at high risk of being diagnosed with this devastating disease," says David A. Bird, President of Allstate Workplace Division.
The trial will evaluate the safety and efficacy of a new Mammaglobin-A DNA vaccine to be used in Stage IV breast cancer patients. Mammaglobin-A is a protein involved in normal breast development and is found almost exclusively in breast tissue. It is present at much higher levels in breast cancer and has become a reliable marker for the presence of the disease.
William E. Gillanders, MD, of Washington University School of Medicine in St. Louis, MO, is the primary researcher. Dr. Gillanders and his team have developed a new drug that binds with the breast cancer-related protein Mammaglobin-A to create a complex antigen, a sign to the body's immune system that a foreign body is present. This new complex antigen is expected to activate a cancer patient's immune system to begin killing off the breast cancer cells. In the clinical trial, women with Stage IV breast cancer will be given this new vaccine and then will be evaluated for effects on the cancer cells as well as any adverse reactions.
Allstate Workplace Division, a premier provider of cancer insurance since 1969, has been a sustaining corporate contributor to Gateway for Cancer Research since 2004 and donates money to its fund relative to the volume of cancer policies sold. Cancer insurance policies from Allstate Workplace Division represent about 20 percent of all Allstate Workplace Division policies written.
Gateway for Cancer Research is a not-for-profit 501(c)(3) organization dedicated to curing cancer through funding patient-centered clinical studies that impact those battling cancer. Thanks to generous underwriting of operational expenses, 99 cents of every dollar donated to Gateway for Cancer Research goes directly to fund cancer research programs. For more information about Gateway for Cancer Research, visit www.gatewaycr.org/allstategifts.cfm.
Allstate Workplace Division is the marketing name used by American Heritage Life Insurance Company, Jacksonville, Fla., a wholly owned subsidiary of The Allstate Corporation. American Heritage Life Insurance Company is licensed in 49 states, District of Columbia and Puerto Rico. Worksite products are sold exclusively through independent agents and brokers. Customers and Independent produces can access information about the company's products and services by visiting www.allstateatwork.com.
The Allstate Corporation (NYSE: ALL - News) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow through approximately 14,800 exclusive agencies and financial representatives in the U.S. and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at allstate.com and 1-800 Allstate®. Encompass® and Deerbrook® Insurance brand property and casualty products are sold exclusively through independent agents. The Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers.
Sunday, July 22, 2007
ABN works councils support merger with Barclays
ABN AMRO's Dutch and European works councils have backed the takeover bid for the Dutch bank from Britain's Barclays (BARC.L: Quote, Profile, Research), ABN said on Friday.
ABN has agreed an all-share offer from Barclays worth about 63 billion euros (42.3 billion pounds) but a rival consortium led by Royal Bank of Scotland (RBS.L: Quote, Profile, Research) has offered 71.1 billion euros.
In many Dutch merger deals, employers are considered stakeholders with a say in the process.
ABN said it welcomed the backing its Dutch and European works councils, adding that it had earlier reached an agreement with trade unions about the planned deal with Barclays.
The Dutch works council has not yet decided whether it would support or reject the RGS consortium's plan for ABN as its proposals were not yet clear, a spokeswoman for ABN's Dutch works council said.
Barclays has said it plans to avoid compulsory redundancies when cutting 23,600 jobs if it buys ABN, including 10,800 positions moved to low-cost locations. The total would represent almost 11 percent of the banks' combined workforce.
RBS, Spain's Santander (SAN.MC: Quote, Profile, Research) and Belgian-Dutch Fortis (FOR.BR: Quote, Profile, Research) could eliminate 19,000 jobs globally if they buy ABN, the consortium has said.
ABN has agreed an all-share offer from Barclays worth about 63 billion euros (42.3 billion pounds) but a rival consortium led by Royal Bank of Scotland (RBS.L: Quote, Profile, Research) has offered 71.1 billion euros.
In many Dutch merger deals, employers are considered stakeholders with a say in the process.
ABN said it welcomed the backing its Dutch and European works councils, adding that it had earlier reached an agreement with trade unions about the planned deal with Barclays.
The Dutch works council has not yet decided whether it would support or reject the RGS consortium's plan for ABN as its proposals were not yet clear, a spokeswoman for ABN's Dutch works council said.
Barclays has said it plans to avoid compulsory redundancies when cutting 23,600 jobs if it buys ABN, including 10,800 positions moved to low-cost locations. The total would represent almost 11 percent of the banks' combined workforce.
RBS, Spain's Santander (SAN.MC: Quote, Profile, Research) and Belgian-Dutch Fortis (FOR.BR: Quote, Profile, Research) could eliminate 19,000 jobs globally if they buy ABN, the consortium has said.
Tuesday, July 10, 2007
Adhesive blamed in Boston Big Dig tunnel collapse
U.S. transportation investigators on Tuesday blamed the fatal collapse in Boston's Big Dig tunnel last year on a ceiling adhesive that was not strong enough, and determined contractors and authorities probably could have taken steps to avert the disaster.
The National Transportation Safety Board concluded the epoxy slowly deformed and fractured over years, causing anchors supporting 20 concrete ceiling panels to give way last July 10. Tons of concrete crashed onto the roadway of the Interstate 90 connector, crushing a car and killing a motorist.
The $15 billion Big Dig highway and tunnel project -- the costliest public works project in U.S. history -- has faced construction problems and other controversy over the past two decades.
Investigators found the construction industry had a "general lack of understanding" about how the ceiling adhesive would perform in the long term, and that the contractors on the tunnel project failed to identify problems when they arose.
"A different anchor adhesive could have been chosen and the accident might have been prevented," according to the safety board's final report on the accident.
Massachusetts transportation officials also failed to establish a timely tunnel inspection program that likely would have revealed the deficiencies before the collapse occurred, investigators said.
State officials
The National Transportation Safety Board concluded the epoxy slowly deformed and fractured over years, causing anchors supporting 20 concrete ceiling panels to give way last July 10. Tons of concrete crashed onto the roadway of the Interstate 90 connector, crushing a car and killing a motorist.
The $15 billion Big Dig highway and tunnel project -- the costliest public works project in U.S. history -- has faced construction problems and other controversy over the past two decades.
Investigators found the construction industry had a "general lack of understanding" about how the ceiling adhesive would perform in the long term, and that the contractors on the tunnel project failed to identify problems when they arose.
"A different anchor adhesive could have been chosen and the accident might have been prevented," according to the safety board's final report on the accident.
Massachusetts transportation officials also failed to establish a timely tunnel inspection program that likely would have revealed the deficiencies before the collapse occurred, investigators said.
State officials
Subscribe to:
Posts (Atom)