On Thursday, Wells Fargo & Co (NYSE:WFC)’s shares declined -0.44% to $54.80.
A.M. Best has commented that the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Zurich Insurance Company Limited (ZIC) (Switzerland) and its rated associates are unchanged following the declarement that Zurich Insurance Group Ltd’s (Switzerland) U.S. non-life partner, Zurich American Insurance Company (ZAIC) (New York), will acquire 100% of Rural Community Insurance Agency Inc. (RCIA) and its wholly owned partner, Rural Community Insurance Company (RCIC) (Anoka, MN), together known as Rural Community Insurance Services (RCIS) from Wells Fargo & Company (Wells Fargo) (WFC), a financial services organisation in the United States.
This rating commentary follows Zurich’s declarement on 18 December 2015, that the group has reached a definitive agreement to acquire a 100% stake in RCIS, which will be funded with cash for a value of about USD 675 million. A.M. Best believes that the scale of the acquisition is unlikely to have a negative impact on Zurich’s rating fundamentals. RCIS wrote gross written premium (GWP) of about USD 2 billion contrast with Zurich’s stated GWP of USD 55 billion in 2014. ZAIC is fully owned by ZIC, the main operating company of the Zurich group of companies (together known as Zurich), whilst RCIS is ultimately owned by Wells Fargo.
The transaction is in line with Zurich’s planned objectives to precedingitise investments in business segments where the group maintains a distinct competitive advantage. The purchase is predictable to exceed Zurich’s hurdle rate of 10% return on investment in 2017, thereby enhancing the diversity of the group’s General Insurance portfolio and strengthening its earnings. The acquisition of RCIS is aligned with the group’s formerly declared plans to deploy about USD 3 billion of excess capacity by 2016.
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, in addition to time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards.
Corning Incorporated (NYSE:GLW)’s shares gained 0.05% to $18.56.
One of Corning Incorporated`s newest high-tech innovations - Corning Iris(TM) Glass - is assisting high-profile Chinese company LeTV launch a large and remarkably thin TV with brilliant, lifelike images.
Iris Glass forms the light-guide plate (LGP) for LeTV`s new 70-inch television - the Super TV Max 70 - now accessible in China. The Iris Glass substrate is a key component for edge-lit technology because it distributes and directs light through the front of the TV, enabling vibrant pictures. The Super TV Max 70 is the first TV design in China to incorporate Iris Glass.
“Corning is delighted to support LeTV`s strategy of bringing the latest innovative products to consumers,” said Andrew Beck, director, Iris Glass program. “Recently`s declarement is yet another example of Corning`s ability to leverage a core technology and a proprietary manufacturing process to produce a remarkably thin TV that delivers a bright, immersive viewing experience.”
Historically, display designers have used plastic light guide plates, which are highly susceptible to heat and humidity. This leads to design trade-offs resulting in thicker sets and wider bezels. Iris Glass not only becomes a third piece of glass in the TV design, but it also eliminates design compromises by offering optically pure glass which is both dimensionally and thermally stable. This enables brands and designers to achieve significantly thinner sets and bezels than were formerly attainable using plastic.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials worldwide. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
Men’s Wearhouse Inc (NYSE:MW)‘s shares dipped -2.40% to $15.03. Men’s Wearhouse Inc (NYSE:MW) is now worth about $728.12 million. The share price has made a 1.49% gain in the past 5 days and has lost -65.91% since 2015 kicked off. Analysts are forecasting EPS growth of -0.11% for next fiscal year and 8.30% growth in the next 5 years. The stock trades with a beta of 1.11. The stock price is below by -68.35% as contrast to the average price over the last 200 days. The company has 42.30% gross margins.
The Men’s Wearhouse, Inc. operates as a specialty apparel retailer in the United States, Puerto Rico, and Canada. The company operates in two segments, Retail and Corporate Apparel. The Retail segment offers suits, suit separates, sport coats, slacks, formalwear, business casual, sportswear, outerwear, dress shirts, dress pants, overcoats, ties, shoes, and accessories for men in classic, modern, and slim fits in various sizes; and a selection of tuxedo rental products.
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