New York, March 9 (FinanceEnquiry.com) – Fitch Ratings stated that QBE Insurance Group Limited’s (QBE) ratings will not be affected by its planned acquisition of HSBC Holdings’ (NYSE: HBC) general insurance businesses in Argentina and Hong Kong.
The ratings agency sees the impact of the likely USD420 million transaction on QBE’s credit metrics to be relatively neutral. Generally, goodwill and other intangibles of approximately USD230 million will aid in increasing deductions from the group’s capital base. Larger offsetting factors are expected to more likely result in some improvement in the group’s capital ratios, as the deal is not expected to be completed until mid 2012.
Unil June 30, 2012, QBE will finalize a AUD600 million share placement to fund the buy back of USD500 million of lower tier 2 subordinated debt. The company will also have profited from involvement in the dividend reinvestment plan and have 6 months of powerful group earnings.
The Argentinean business is likely to generate annual gross written premiums (GWP) of approximately USD450 million, while the smaller Hong Kong business will generate around USD75 million in Gross World Product (GWP) annually. The Argentinean business will boost QBE’s presence in Argentina along with supporting the group’s growth ambitions in Latin America, whereas the Hong Kong business will provide some scale benefit to QBE as a more complementary business to the group’s existing Hong Kong business.
New York, May 20 (FinanceEnquiry.com) – Seeing that investors expect China would put into use reforms in order to refresh slumping economy of the nation, Hong Kong shares soared to their uppermost level in 3-...Automobile Sales Ascend across Europe - May 17, 2013
New York, May 17 (FinanceEnquiry.com) – Being enhanced by healthy requirement in the UK, latest car sales across Europe soared in the earlier month for the initial time in 18 months. As compared with a year...Nikkei Rises on US expansion Optimisms; Watchfulness on Feeble Global Expansion Caps Asian Shares - May 7, 2013
New York, May 7 (FinanceEnquiry.com) – Even though refreshed anticipations for a stable US recovery drove Japanese equities to a near five-year crest, still Asian shares were capped on May 7 by warning...Deutsche Bank Securities Reiterates BUY Rating on Allegiant Travel Company (NASDAQ: ALGT), Target Price Raised - April 25, 2013
New York, April 17 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their BUY rating on the shares of Freeport-McMoRan Copper & Gold Inc (NYSE: FCX). The 12-month target price is set...Asian Shares Plunge, Commodities Drop; China Economic Expansion Eases Suddenly - April 15, 2013
New York, April 15 (FinanceEnquiry.com) – As soon as economic expansion of China all of a sudden eased in the 1Q with lower gains in factory-production, Asian stocks fell from the uppermost level in...US House Costs Soared in Feb by Biggest Amount In Seven Years - April 4, 2013
New York, April 4 (FinanceEnquiry.com) – Providing the proof that the housing improvement reinforced prior to the crucial spring-buying period, US house costs soared in the month of February by the biggest...Asian Shares and the Euro Plunge - April 1, 2013
New York, April 1 (FinanceEnquiry.com) – Asian shares and the euro skidded on the very first day of the month in uneven trade with exchanges closed in more than a few Asian markets, together with Australia...Deutsche Bank Securities Reiterates HOLD Rating on James River Coal Co (NASDAQ: JRCC), Target Price Reduced - March 11, 2013
New York, March 12 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their HOLD rating on the shares of James River Coal Co (NASDAQ: JRCC). The 12-month target price has been reduced to...