Vesta explains dividend in cash, is negative for Fitch
Alabama-based Vesta Insurance Group, a holding company for various insurance and financial services companies, announced its Board of Directors declared a quarterly cash dividend of $ 0,025 per share for the period ending June 30, 2002 .
The dividend is payable on August 30 shareholders of the note of 16 August.
Meanwhile, Fitch Ratings has affirmed “BBB-” the financial capacity of insurers ratings of insurance companies operating subsidiaries. Fitch with a “BBB-” rating by Florida Select Insurance Company (Florida Select), but also reaffirmed VTA “BB-” rating and the priority commitments “B +” Capital Securities rating of Vesta Capital Trust I. At the same time, Fitch changed its rating Outlook negative to positive.
The action of the rating considers VTA of progress in restoring a number of negative events in the years 1998 and 1999. Fitch continues to believe that the strategy VTA is useful if the situation in the group and the positive views of the management base their ability to adapt to changing competitive conditions. VTA considerably expanded its owner insurance operations for the year 2001 with the acquisition of Florida Select. VTA also expanded its non-standard automobile insurance with the company, investing in Instant Auto Insurance Holdings, Inc (Instant car). In addition, VTA to develop more profitable Specialty Insurance Business Informatics began in 2000. VTA finance the acquisition by Florida, selected an offer of secondary storage and brought to repurchase their commitments and priorities Trust Preferred Securities. These two measures have contributed to a reduction of financial leverage.
However, progress VTA has been hampered by a number of positive developments and this gap led to the change in the rating Outlook. In 2001, VTA have experienced the loss of large reserves in its continued development of reinsurance and commercial insurance. This reserve development of $ 30 million added to losses. In addition, an increase of the loss of gravity of injury, drivers uninsured and under-insured motorists tarpaulins VTA increased compared to the loss of his car shop in 2001. More Vesta Insurance Group created a $ 25 million in 2001, free for a settlement of securities Class Action Lawsuit. Positive, the liquidation value Caps VTA is the responsibility on the costume and is partially offset by an application pending VTA has voted against its principal director ‘and Officers (D & O) insurer. VTA expects its assertion is adjudicated in the years 2002 and received damage is recognized as a benefit, if resolved.
On 18 July 2002, ATV announced that he had provided an arbitration decision in ATV’s dispute with reinsurers F & G Re, Inc ( “F & G trip). VTA The jury awarded half of the $ 30 million sought , Plus a refund of $ 1, 4 million of interest. This leads to a Vesta Insurance Group recognized $ 13.6 million pretax loss. VTA also announced that his compensation of $ 6.2 million in catastrophe losses and we are a Net loss from ordinary activities for the second quarter of 2002.
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