With a few exceptions (young company, etc.) late reporters tend not to do as well versus expectations as earlier reporters do.? Well, in issue 10 of this this series, it feels like the cat dragged in many of these reports.

Life

Alas, but a company that has given me a hard time many times over.? Scottish Re missed earnings badly.? Oh, they’re solvent now, just ask Cerberus or Mass Mutual, or the banks that are extending finance to them.? Will they be able to write significant new business at present?? Not likely for a while.? Will they make money in 2007?? That is anyone’s guess.

Primary Casualty

ProAssurance beat (the only one today) and AmComp missed.? In general, medmal did well this quarter, so good for PRA, which had flat premiums.? AmComp, if anything wrote less business, which might be conservative, but hurt current earnings.? That hasn’t been a recipe for stock price outperformance.

Financial

American Capital Access and Primus Guaranty both missed.? In general, I feel there is little franchise value to these companies that deal in credit default swaps and suchlike.? Much of the reason for the miss is rising credit spreads through the quarter.? That very well may revert over the next quarter.

Personal Lines

Bristol West misses badly, with the loss ratio up.? Since Zurich sees enough value to buy this company out, I only wish them well.? They will need all the good wishes that they can get.? National Atlantic, a company that my employer has a large investment in, met estimates today, but had better revenues than expected.? More of the business mix moves to homeowners and small business commercial, and away from auto.? How many insurance companies do you know that have growing revenues, trade at a single digit forward earnings multiple, and trade below book (and book is conservative)?? Don’t think too hard here, there aren’t many.

Earnings season is drawing to a close.? There are a few more companies to go, and I will bring them to you over the next few days.

Full Disclosure: very long NAHC

Earnings season finally slows down.? Here’s some commentary on what companies reported on Tuesday.

Life

Protective Life beats and raises.? Last quarter, many parties got hung up on an accounting adjustment, and drove the stock down.? This quarter there is no adjustment, but instead an improvement in margins, so PL guides up.? Conseco misses; the clean-up of their administration systems persists, though these adjustments should be over with the second quarter report.? The old LTC block is still an albatross.? The sale of the annuity lines to Swiss Re with an expanded buyback may provide some price support tomorrow, but perhaps at a lower level.

Universal American misses, but the stock goes up because of the purchase of a private Pharmacy Benefits Manager, MemberHealth.? It certainly seems like they got a favorable p;rice, but they had to issue a lot of stock to make the deal work.

The Bermudans

Allied World beats handily.? The price action tomorrow may be muted by their conservatism in not writing so much premium in the first quarter.

Brokers

Marsh Mac misses on higher revenues overall. I don’t think they have worked out how to replace lost contingent fee income from their brokerage businesses.

Primary Casualty

HCC beats on higher revenues; all segments show some improvement?? The big news is that they see opportunities to grow profitably at present.? Wonderful news if true.

Now to bed; I am? beat.

Full disclosure: long AWH CNO