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...The pair had partnered in a multibillion-dollar unsolicited takeover attempt of annuity specialist American Equity Investment Life, which the latter fended off....
...Additional reporting by James Fontanella-Khan and Harriet Clarfelt in New York...
...One of the largest penalties imposed on a New York corporation, the judgment has deepened the former president’s ballooning legal costs, which he is struggling to cover while mounting a campaign for the...
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...Apollo, Carlyle and KKR are studying separate bids for Pension Insurance Corporation ahead of a deadline this week, as big private capital groups look for a way into the thriving market for UK corporate...
...The private capital groups have built up substantial investments or tie-ups in the life insurance sector....
...Its life insurance peers are closer to parity. One investor concern is the capital-hungry nature of bulk annuity business....
...Private capital groups have swept into life insurance since the financial crisis, with firms as big as Apollo, Blackstone and KKR either acquiring life insurers — providers of annuities and other products...
...Two massive conglomerates with substantial interests in Napa Valley are Constellation Brands, based in New York State, and Australia’s wine giant Treasury Wine Estates....
...Zurich, one of Europe’s biggest insurers, struck a deal to sell its German legacy life insurance back book — including annuity and endowment products — to Viridium in 2022....
...“People hear pay cheque for life, they think ‘great’. Then they hear the word annuity,” Ackerly said....
...The new limits being proposed by the Federal Deposit Insurance Corporation would raise new hurdles for any corporate combination that would result in a bank with more than $50bn in assets, significantly...
...The group has hailed recent momentum in the US, where it says it has sold record numbers of individual life insurance policies this year while cumulative volume from bulk pension deals since 2015 has passed...
...Additional reporting by Josh Noble and James Fontanella-Khan in New York...
...In 2019 Standard Life was fined £30mn for mis-selling annuities to customers over the phone between 2008 and 2016....
...That bond was underwritten by a subsidiary of the Chubb corporation....
...The New York-based group more than doubled the amount of investments it made to $25bn from $11bn a year ago....
...’s life....
...The US Federal Deposit Insurance Corporation is working on proposals aimed at ensuring asset managers do not seek too much influence over the banks in which they hold large stakes....
...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 Federal Deposit Insurance Corporation on Thursday said the number of weak US banks had risen by eight to 52 in the final three months of 2023, the biggest jump since the demise of SVB....
...The Federal Deposit Insurance Corporation, which released the numbers on Thursday as part of its quarterly review, does not name the individual banks that are on its so-called problem bank list....
...Canada Life reported annuity sales doubling to £441mn in the first half of the year, compared with the same period in 2022....
...New York mayor Eric Adams said the police had made 108 arrests. Columbia also suspended the students who had occupied part of its main campus for more than 30 hours....
...In 2009, Mnuchin led a group of private equity investors that bought IndyMac, a mortgage lender that failed in the 2008 financial crisis, from the Federal Deposit Insurance Corporation....
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