Hints and tips:
...First: the insurance sector is continuing to pay large ransoms to hackers, on behalf of companies, even though the governments of countries such as the US and UK have urged them to stop, arguing that this...
...In the filing, IAG also claims that Marsh, the world’s biggest insurance broker and the company that placed Greensill’s cover with insurers, “ought reasonably to have known” that the wording of a key 2019...
...“We suffer from a lot of churn like the rest of the industry, we lose talent to private equity and tech, so we are eager to understand if we can stop that by offering a better work-life balance,” said Manolo...
...Trümper and his team warned Braun and the other executives that a planned repackaging of the loan would be a breach of their fiduciary duty....
...Swiss Life told the FT that its subsidiary in Singapore was holding the stake in Delphinium Capital as part of a “unit-linked life insurance product”, which was set up in 2017....
...It also sells personal insurance such as motor — where claims fell last year as drivers stayed at home — and has an employee benefits business....
...Hartford Financial Services Group on Tuesday rejected a $65-a-share offer from Chubb, saying it “would not be in the best interests of the company”....
...Key to the success of the PUFG case was centralising the process under an administrator, including officials from the central bank and the banking regulator....
...And since “the exposure of UK investors, including insurance companies [and banks], to these shifts is potentially huge”, he warned of a potential future market panic if investors suddenly woke up to these...
...Mr Beilinson is also lead independent director of Apollo’s life insurance affiliate, Athene Holding, which has been trying to dispel investors’ concerns about governance....
...Both companies are based in the US state of Connecticut, and The Hartford said it expects “modest expense efficiencies”....
...In the US, The Hartford insurance company’s reverse mentoring project is so successful that two patents have been written and filed as a result of multigenerational collaboration....
...In February, Aspen’s chief executive described the previous year’s performance as “unacceptable” and said the company was taking steps to make sure it did not happen again....
...“Going into the last cycle, leveraged loans and high-yield bonds were mainly held by institutions,” said Bruce Bennett of Jones Day, referring to the banks and insurance companies that previously dominated...
...Two of Axa Equitable’s largest businesses have sharply fallen out of favour in recent years: active asset management, in the form of its subsidiary AllianceBernstein, and retail life insurance products....
...The $2bn it will receive on the sale comprises $1.4bn cash, as well as a dividend and the stake in the buying company. The Hartford will record a $3.2bn post-tax loss on the deal....
...• Jac McLean will join New York Life Investment Management in June as head of US distribution, a new role at the $316bn asset management arm of the US insurer....
...When Cornell Capital, a company started by a former Goldman Sachs executive Henry Cornell, bought the life and annuities business of The Hartford in December, in partnership with Bob Diamond’s Atlas Merchant...
...Ex-Barclays chief Bob Diamond’s private equity group has signed its biggest ever deal, buying a $100bn book of US life insurance business....
...Investment consultants, which oversee at least £1.6tn in pension and insurance assets, play a vital role in the retirement incomes of millions of people....
...However, executives are concerned costs will continue to prove higher than expected as improved life expectancy puts insurers on the hook for longer — even though it is decades since the use of asbestos...
...Depending on the size of future claims, Berkshire could be on the hook for as much as $20bn worth of insurance payouts....
...The results from the Hartford, which sells mutual funds as well as property and casualty insurance and group benefit policies, are the latest sign of a squeeze on the industry’s profits....
...Life insurers MetLife and Prudential Financial are expected to follow up this week with declines in adjusted net income of about 15 per cent at both companies....
...Standard & Poor’s cautioned in a report that a new “fiduciary” retirement standard published this week would hit sales of some of life insurance companies’ principal products....
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