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...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...Shinichiro Funabiki, chief executive of Mitsui Sumitomo Insurance, told the Financial Times the company had decided to focus its investment plans on the UK because of London’s primacy in analysing complex...
...The company agreed last month to acquire Kuvare Asset Management for $750mn, extending its reach into the life insurance sector, a market coveted by many private investment groups....
...Many of the businesses now underwrite their own debt deals, lending either directly to companies or against a host of assets....
...such as life sciences and insurance....
...“Ajit is the person that is by far the most trusted . . . He’s made a shit ton of money for the company.” Buffett’s fascination with the insurance industry dates back more than 70 years....
...Led by Marc Puig — the group’s chair, CEO and a third-generation member of the family — the company is transitioning its ownership structure....
...Buffett in recent years has talked about how he shares similar views on capital allocation to Abel, who rose through the company’s utility business and now has oversight over all of its non-insurance operations...
...Its existing UK operation is the sixth largest in car and home insurance, according to the company....
...Global commercial insurance prices, which include everything from property to management liability, have risen for 25 consecutive quarters, according to data provided by broker Marsh....
...Regulatory scrutiny of the special risks presented by private equity ownership of life insurance companies has climbed, after Italy’s Eurovita — another life insurer majority owned through Cinven funds —...
...Last year, private equity stalwart TPG attempted to jump on the insurance bandwagon by acquiring the credit specialist Angelo Gordon for $2.7bn. For acquirers, the payoff remains uncertain....
...The restrictions set out by the Federal Deposit Insurance Corporation on Thursday would apply to any takeover that created a bank with more than $50bn in assets, and increase for any deal above $100bn....
...The increased optimism from Apollo comes as the firm, which manages nearly $700bn, said it was registering large demand to issue high-rated loans that will be purchased by its insurance arm Athene and other...
...Buffett’s longevity means putative successors have either died or fallen by the wayside....
...Larry Kellner, chair of the company, will also not stand for re-election to the board. He will be replaced by former Qualcomm chief executive Steve Mollenkopf....
...Porticoes Capital will seek to take over banks closed by the Federal Deposit Insurance Corporation, the US regulator, according to an official filing....
...The end of merger talks comes as Cigna prioritises stock buybacks. The insurer announced plans on Sunday to increase stock repurchases by $10bn....
...There are also social costs when the Federal Deposit Insurance Corporation is forced, by law, to sell failed banks to multi-trillion-dollar mega banks who can offer a better price than smaller bidders....
...Apollo’s interest in PIC was first reported by Sky News. PIC and CVC declined to comment. Reinet did not immediately respond to a request for comment....
...A federal judge ruled in 2017 that a merger between Humana and Aetna was anti-competitive, followed by a similar decision weeks later on a tie-up between Anthem and Cigna....
...Last week, it announced it had made a new loan to executive networking company World 50 and while filings show it was already a lender to the company, a person close to Barings described it as a “net new...
...In some cases, brokers say, companies have been able to buy insurance to cover more than $1bn of tax payments in the event they lose a dispute with the US Internal Revenue Service....
...Spacs and their sponsors typically raise cash by listing on the stock market before then seeking a merger with a private company....
...They will also retain access to unfathomably cheap credit thanks to Berkshire’s insurance business, the firepower that makes the company so successful and one of the main reasons investors cite for keeping...
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